FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of valuation of BNO's securities using fair value hierarchy

At December 31, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	62,750,000	$	62,750,000	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts	$	2,337,370	$	2,337,370	$	—	$	—

At December 31, 2024	Total		Level I		Level II		Level III
Short-Term Investments	$	75,000,000	$	75,000,000	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts	$	2,601,040	$	2,601,040	$	—	$	—

Summary of fair value of derivative instruments

	Statements of
Derivatives not Accounted	Financial	Fair Value at		Fair Value at
for as Hedging	Condition	December 31,		December 31,
Instruments	Location	2025		2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	2,337,370	$	2,601,040

Summary of effect of derivative instruments on the statements of operations

For the year ended

For the year ended

For the year ended

December 31, 2025

December 31, 2024

December 31, 2023

Change in

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Accounted for

on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

in Derivatives

Derivatives

as Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

$

(6,622,950)

$

1,237,760

$

5,488,970

Change in unrealized gain (loss) on open commodity futures contracts

$

(263,670)

$

3,782,570

$

(16,427,730)