Derivative Instruments

3 Months Ended

Mar. 31, 2021

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	March 31, 2021					December 31, 2020
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	—	$	(9,187,346	)	$	10,807,637	$	—

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2021 and December 31, 2020 Statements of Financial Condition.

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

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	March 31,
Risk Exposure/Derivative Type	Recognized in Income	2021			2020
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	8,670,535		$	13,623,558
	Net Change in Unrealized Gain (Loss)		(19,994,983	)		(10,233,621	)
Total		$	(11,324,448	)	$	3,389,937

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

Invesco DB Gold Fund 10-Q