FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of securities using fair value hierarchy

The following table summarizes the valuation of BNO’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	30,347,000	$	30,347,000	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		2,196,530		2,196,530		—		—

Schedule of fair value of derivative instruments

Fair Value of Derivative Instruments

	Condensed
	Statements of	Fair Value		Fair Value
	Financial	at September 30,		at December 31,
Derivatives not Accounted for as Hedging Instruments	Condition Location	2021		2020
Futures - Commodity Contracts	Assets	$	13,465,360	$	2,196,530

Schedule of effect of derivative instruments on condensed statements of operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the nine months ended				For the nine months ended
		September 30, 2021				September 30, 2020
				Change in				Change in
	Location of	Realized		Unrealized		Realized		Unrealized
	Gain (Loss)	gain (Loss)		Gain (Loss) on		Gain (Loss)		Gain (Loss) on
	on Derivatives	on Derivatives		Derivatives		in Derivatives		Derivatives
Derivatives not Accounted	Recognized in	Recognized in		Recognized in		Recognized in		Recognized in
for as Hedging Instruments	Income	Income		Income		Income		Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	147,368,380			$	63,479,920
	Change in unrealized gain (loss) on open positions			$	11,268,830			$	(7,628,810)