Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Summary of the Tiered Valuation Input Levels

The following is a summary of the tiered valuation input levels as of March 31, 2016:

	Level 1		Level 2		Level 3		Total
United States Treasury Obligations	$	—	$	91,977,743	$	—	$	91,977,743
Commodity Futures Contracts ^(a)	$	5,498,831	$	—	$	—	$	5,498,831

(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2015:

	Level 1			Level 2		Level 3		Total
United States Treasury Obligations	$	—		$	135,984,580	$	—	$	135,984,580
Commodity Futures Contracts ^(a)	$	(13,891,219	)	$	—	$	—	$	(13,891,219	)

(a)	Unrealized appreciation (depreciation).

Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses

The Fair Value of Derivative Instruments is as follows:

	March 31, 2016					December 31, 2015
Risk Exposure/Derivative Type	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts ^(a)	$	6,905,200	$	(1,406,369	)	$	1,026,775	$	(14,917,994	)

(a)	Values are disclosed on the March 31, 2016 and December 31, 2015 Statement of Financial Condition under Net unrealized appreciation (depreciation) on Commodity Futures Contracts.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Three Months Ended March 31,
Risk Exposure/Derivative Type	Location of Gain or (Loss) on Derivatives Recognized in Income	2016			2015
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(15,633,425	)	$	(14,326,530	)
	Net Change in Unrealized Gain (Loss)		19,390,050			4,976,562
Total		$	3,756,625		$	(9,349,968	)

Summary of Average Monthly Notional Value of Commodity Future Contracts Outstanding

The table below summarizes the average monthly notional value of commodity futures contracts outstanding during the period:

For the Three Months Ended

March 31,

2016

2015

Average Notional Value

103,737,102

197,433,170

Summary of Gross and Net Amounts of Offsetting Assets and Liabilities

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2016, net by contract:

									Gross Amounts Not Offset in the Statement of Financial Condition
	Gross Amounts Recognized ^(a)			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition		Financial Instruments ^(b)		Cash Collateral Pledged ^(b)		Net Amount
Assets
Commodity Futures Contracts	$	6,905,200		$	(1,406,369	)	$	5,498,831	$	—	$	—	$	5,498,831
Liabilities
Commodity Futures Contracts	$	(1,406,369	)	$	1,406,369		$	—	$	—	$	—	$	—

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2015, net by contract:

										Gross Amounts Not Offset in the Statement of Financial Condition
	Gross Amounts Recognized ^(a)			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts Presented in the Statement of Financial Condition			Financial Instruments ^(b)		Cash Collateral Pledged ^(b)		Net Amount
Assets
Commodity Futures Contracts	$	1,026,775		$	(1,026,775	)	$	—		$	—	$	—	$	—
Liabilities
Commodity Futures Contracts	$	(14,917,994	)	$	1,026,775		$	(13,891,219	)	$	13,891,219	$	—	$	—

(a)	Includes cumulative appreciation (depreciation) of futures contracts.

(b)	As of March 31, 2016 and December 31, 2015, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.