iShares S&P GSCI Commodity-Indexed Trust 10-K

Item 9A. Controls and Procedures.   The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.   There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.   Management’s Report on Internal Control over Financial Reporting   The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a‑15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.   30 Table of Contents   Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.   The principal executive officer and principal financial officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020. Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. In making its assessment, the Sponsor’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control – Integrated Framework (2013). Based on their assessment and those criteria, the principal executive officer and principal financial officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2020.   The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.   Changes in Internal Control over Financial Reporting   There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.     Item 9B. Other Information.   Not applicable.   31 Table of Contents   PART III   Item 10. Directors, Executive Officers and Corporate Governance.   The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.   Paul Lohrey is the President and Chief Executive Officer of the Sponsor and Mary Cronin is the Chief Financial Officer of the Sponsor.   The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Mary Cronin and Paul Lohrey.   Paul Lohrey , CFA , 58, became a principal of the Sponsor in April 2014 and has served as its President and Chief Executive Officer since November 2015. Since May 2016, Mr. Lohrey has served as an officer of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014. Mr. Lohrey joined BlackRock, a global asset management firm, as a Managing Director, performing supervisory and managerial functions, in June 2010. Prior to joining BlackRock, Mr. Lohrey served as Chief Investment Officer, Europe, performing supervisory and managerial functions, for The Vanguard Group, an asset management firm, from October 2008 to May 2010. He also held various positions in equity and fixed income portfolio management while at Vanguard from August 1994. Mr. Lohrey earned a Bachelor of Arts in economics from Duke University in 1984 and an MBA in finance from the University of Chicago in 1986.   Belinda Ng Castaneda, 38, became a principal of the Sponsor on June 20, 2019. Mrs. Castaneda became a principal of BlackRock Institutional Trust Company, N.A. on June 19, 2019 and of BlackRock Fund BFA on June 20, 2019. Mrs. Castaneda serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions on such entities’ Business Continuity Management Program Operations Team. In that role, Mrs. Castaneda is responsible for running global program level tasks including metrics, reporting and data analysis along with development and administration of their business continuity planning system. From February 2016 to the present, Mrs. Castaneda has served as a Vice President of BlackRock, Inc. and each of the foregoing entities, all of which are affiliates of BlackRock, Inc., performing supervisory and managerial functions on the firm’s Business Continuity Management Program Operations Team. In that role, Mrs. Castaneda is responsible for running global program level tasks including metrics, reporting and data analysis along with development and administration of the firm’s business continuity planning system. From January 2012 to February 2016, Mrs. Castaneda served as an Associate of BlackRock Inc. as a Business Continuity Program Manager. From February 2009 to January 2012, Mrs. Castaneda served as an Analyst of BlackRock, Inc. performing operational support to the firm’s Business Continuity Management team. Prior to joining BlackRock, Inc., Mrs. Castaneda served in a data analyst function at H5, Inc. a data analytics technology firm, from July 2006 to February 2009. Prior to that, Mrs. Castaneda was an office automation assistant at the U.S. Department of Health and Human Services, where she focused on the Employee Human Resource and Payroll System (i.e., PeopleSoft software) from July 2002 to July 2006. Mrs. Castaneda earned a Bachelor of Science in Business Administration from San Jose State University, in 2005.   Mary Cronin (formerly, Miley), 43, became a principal of the Sponsor in April 2019 and serves as its Director and Chief Financial Officer. Since May 2012, Ms. Cronin has served as a Director of BlackRock, performing supervisory and managerial functions. Prior to joining BlackRock, Ms. Cronin served in an accounting operations and financial reporting function supporting the registered funds and UCITS funds at Dodge & Cox, an asset management firm, from November 2008 to April 2012. Prior to that, Ms. Cronin was an audit Senior Manager at PricewaterhouseCoopers LLP where she focused on the audits of registered investment companies from September 1999 to October 2008. Ms. Cronin earned a Bachelor of Science in business administration from California Polytechnic State University, San Luis Obispo, in 1999, and is a certified public accountant (inactive).   Ann Frechette , CPA, 52, became a principal of the Sponsor on April 13, 2020. Ms. Frechette became a principal of BlackRock Advisors, LLC on April 9, 2020 and of BFA, BlackRock Institutional Trust Company, N.A., BlackRock International Limited, BlackRock Investment Management, LLC, and BlackRock Financial Management, Inc. on April 13, 2020. Ms. Frechette serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions as head of a Global Financial Reporting team that prepares financial statements for various pooled investment vehicles managed by such entities. From May 2016 to the present, Ms. Frechette has served as a Managing Director of BlackRock, Inc. and each of the foregoing entities, all of which are affiliates of BlackRock, Inc., performing supervisory and managerial functions as head of the Global Financial Reporting team that prepares financial statements for various pooled investment vehicles managed by affiliates of BlackRock, Inc. From April 2013 to May 2016 Ms. Frechette served as the Managing Director of BlackRock, Inc. responsible for performing supervisory and managerial functions for the U.S. Registered Active Funds Financial Reporting team that prepares financial statements. From April 2006 to April 2012, Ms. Frechette served as the Global Director of Internal Audit at Citco Fund Services, a provider of banking, cash management, fund administration, and trust services, where her responsibilities included managing that firm’s audit team’s risk-based audits and SOC 1 project. From October 2002 to April 2006, Ms. Frechette served as a Senior Vice President at PNC Global Investment Servicing, a provider of processing, technology and business intelligence services to asset managers, broker/dealers and financial advisors, where she worked both in internal audit and the finance area within the transfer agency. From September 1991 to October 2002, Ms. Frechette served as a Senior Manager in the audit division of Ernst & Young’s financial services industry practice. Ms. Frechette graduated with honors from Drexel University with a Bachelor of Science in accounting in 1991 and was initially licensed as a certified public accountant in 1993.   Philip Jensen , 62, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee. In June 2001, Mr. Jensen joined Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and Chief Operating Officer. Mr. Jensen received his Bachelor of Science from San Francisco State University and is a certified public accountant (inactive). Timothy Kane, 40, became a principal of the Sponsor on June 28, 2019. Mr. Kane became a principal of BlackRock Financial Management, Inc. on June 27, 2019 and of BlackRock Advisors, LLC, BFA and BlackRock Institutional Trust Company, N.A. on June 28, 2019. Mr. Kane serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions in his capacity as Global Head of Enterprise Resilience, including Business Continuity, Crisis Management and Disaster Recovery in Technology and Enterprise Services on a team that team is responsible for ensuring recoverability and resiliency when faced with crisis situations. From February 2014 to the present, Mr. Kane has served as a Director of BlackRock, Inc. and each of the foregoing entities, all of which are affiliates of BlackRock, Inc., performing supervisory and managerial functions in his capacity as the Global Head of Enterprise Resilience, including Business Continuity, Crisis Management and Disaster Recovery in Technology and Enterprise Services on a team that team is responsible for ensuring recoverability and resiliency when faced with crisis situations. Prior to joining BlackRock, Inc., Mr. Kane served as the Deputy Global Head of Crisis Management supporting the Business Continuity function at Deutsche Bank, multinational investment bank and financial services firm, from January 2009 to January 2014. Prior to that, Mr. Kane was the Director of Information Technology at the New York City Office of Emergency Management where he focused on agency's technology needs from December 2006 to December 2008. Mr. Kane earned a Bachelor of Science in Geographic Information Science from Salisbury University in 2002.   32 Table of Contents   Peter Landini , 69, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee. In January 2003, Mr. Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager. Mr. Landini received his Bachelor of Science in accounting from Santa Clara University and an MBA in finance from Golden Gate University. Mr. Landini is a certified financial planner and is a member of the Financial Planning Association.   Kimun Lee , 74, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee. Mr. Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr. Lee has served as a member of the board of trustees of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the board of trustees of FundX Investment Trust, a mutual fund company. Until January 2005, Mr. Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr. Lee received his Bachelor of Arts from the University of the Pacific and an MBA from University of Nevada, Reno. He also completed the executive education program on corporate governance at Stanford Graduate School of Business.   Charles Park , 53, became a principal of the Advisor in December 2012 and has served as Chief Compliance Officer for the Advisor since August 2006. Mr. Park became a principal of BlackRock Advisors, LLC, a commodity pool operator and commodity trading advisor registered with the CFTC, in June 2014 and has served as its Chief Compliance Officer since June 2014. Mr. Park became a principal of BlackRock Financial Management, Inc., an investment management company, in September 2016 and has served as Chief Compliance Officer of BlackRock Financial Management, Inc. since September 2016 and performs supervisory and managerial functions. He became a principal of BlackRock Investment Management, LLC, an investment management company, in September 2016 and has served as Chief Compliance Officer of BlackRock Investment Management, LLC since September 2016 and performs supervisory and managerial functions. Mr. Park was a principal of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014, from December 2012 to February 2014, performing supervisory and managerial functions. Mr. Park joined BlackRock Institutional Trust Company, N.A., a commodity pool operator and commodity trading advisor registered with the CFTC, in August 2006, and performs supervisory and managerial functions. Mr. Park has also served as the Chief Compliance Officer of the iShares business since August 2006 and of BlackRock SEC-registered funds since June 2014. Mr. Park was a principal of the Sponsor from December 2012 to April 2015 and since August 4, 2016, performing supervisory and managerial functions. Prior to joining BlackRock Institutional Trust Company, N.A., in August 2006, Mr. Park served as Chief Compliance Officer of American Century Investment Management, Inc., an exempt commodity pool operator and an exempt commodity trading advisor, from October 1995 to July 2006. Mr. Park earned a Bachelor of Arts in economics from the University of Michigan in 1989 and a Juris Doctor from the University of Michigan in 1992.   Greg Savage , 49, became a principal and associated person of the Sponsor in July 2012 and performs supervisory and managerial functions. Since March 2009, Mr. Savage was a principal and associated person, performing supervisory and managerial functions, of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014. Mr. Savage has served as a Senior Portfolio Manager and Team Leader for BlackRock Fund Advisors, an investment advisor registered with the SEC and a commodity trading advisor registered with the CFTC, since September 2007 and became a principal and associated person of that entity in March 2009. Mr. Savage also served as a Portfolio Manager for BFA from March 2001 to September 2007. Mr. Savage served as a Transition Services Manager for BlackRock Institutional Trust Company, N.A., a national banking association and commodity trading advisor registered with the CFTC, from June 1999 to March 2001 and became an associated person of that entity in June 2007. Mr. Savage received his Bachelor of Science in accounting from the University of Colorado at Boulder and is a CFA charterholder. He has the FINRA Series 7, 63 and 3 licenses.   The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers, including its Chief Executive Officer, President, Chief Financial Officer and Treasurer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them. The Code of Ethics is available by writing the Sponsor at 400 Howard Street, San Francisco, CA 94105 or calling the Sponsor at (415) 670-2000. The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote (1) honest and ethical conduct (including the ethical handling of actual or apparent conflicts of interest), (2) full, fair, accurate, timely and understandable disclosure in public reports, documents and communications, (3) compliance with applicable laws and governmental rules and regulations, (4) the prompt internal reporting of violations of the Code of Ethics and (5) accountability for adherence to the Code of Ethics.   33 Table of Contents   Item 11. Executive Compensation.   The Trust has no employees, officers or directors. The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s Fee. For the year ended December 31, 2020, the Trust has incurred a Sponsor’s Fee of $5,005,767.     Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.   Securities Authorized for Issuance under Equity Compensation Plans   Not applicable.   Security Ownership of Certain Beneficial Owners and Management   Not applicable.     Item 13. Certain Relationships and Related Transactions, and Director Independence.   See Item 11 above.     Item 14. Principal Accounting Fees and Services.   Audit and Non-Audit Fees   The table below summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2020 and 2019.       2020     2019   Audit fees   $ 61,800     $ 61,800   Audit-related fees (a)     2,000       250   Tax fees (b)     268,250       278,830   All other fees     —       —       $ 332,050     $ 340,880     (a) Amount represents fees billed for review of the regulatory filings. (b) PricewaterhouseCoopers LLP provides certain tax compliance and reporting services to the Trust, including processing beneficial ownership information as it relates to the preparation of tax reporting packages and the subsequent delivery of related information to the IRS. Services also include assistance with tax reporting and related information using a web-based tax package product developed by PricewaterhouseCoopers LLP and a toll-free tax package support help line.   Approval of Independent Registered Public Accounting Firm Services and Fees   The audit committee of the Board of Directors of the Sponsor approved, prior to the commencement of the engagement, the engagement of and compensation to be paid to PricewaterhouseCoopers LLP as auditors of the Trust.   None of the hours expended on PricewaterhouseCoopers LLP’s engagement to audit the Trust’s financial statements for the year ended December 31, 2020 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.   34 Table of Contents   PART IV   Item 15. Exhibits, Financial Statement Schedules.   Financial Statements   See Index to Financial Statements on Page F-1 for a list of the financial statements being filed as part of this report.   Financial Statement Schedules   Schedules have been omitted since they are either not required, not applicable or the information has otherwise been included.   Exhibits   The following documents are filed herewith or incorporated herein and made a part of this Annual Report:   Exhibit No.   Description 3.1   Restated Certificate of Trust of iShares S&P GSCI™ Commodity-Indexed Trust is incorporated by reference to Exhibit 3.1(i) of registrant’s Current Report on Form 8-K on May 9, 2007       4.1   Third Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 of registrant’s Registration Statement No. 333‑193156 on January 2, 2014       4.2   Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 of registrant’s Current Report on Form 8-K on November 29, 2013       4.3   Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934       10.1   Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 of Registrant’s Registration Statement No. 333-193156 on January 2, 2014       10.2   Sublicense Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-126810 on May 26, 2006       10.3   Futures and Options Account Agreement is incorporated by reference to Exhibit 10.3 filed with registrant’s Registration Statement No. 333-193156 on January 2, 2014       10.4   Master Service Agreement is incorporated by reference to Exhibit 10.6 of registrant’s Current Report on Form 8-K on March 4, 2013       10.5   Service Module for Custodial Services is incorporated by reference to Exhibit 10.5 of registrant’s Registration Statement No. 333-193156 on January 2, 2014       10.6   Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.6 of registrant’s Registration Statement No. 333-193156 on January 2, 2014       10.7   Control Agreement is incorporated by reference to Exhibit 10.7 of registrant’s Post-Effective Amendment No. 1 to Registration Statement No. 333‑193156 on April 2, 2014       23.1   Consent of PricewaterhouseCoopers LLP       31.1   Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended       31.2   Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended       32.1   Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002       32.2   Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002       101.INS   Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.       101.SCH   Inline XBRL Taxonomy Extension Schema Document       101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document       101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document       101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document       101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document       104   Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)     Item 16. Form 10-K Summary.   None. 35 Table of Contents   iShares S&P GSCI™ Commodity-Indexed Trust Financial Statements Index     Page     Report of Independent Registered Public Accounting Firm F-2     Statements of Assets and Liabilities at December 31, 2020 and 2019 F-3     Statements of Operations for the years ended December 31, 2020, 2019 and 2018 F-4     Statements of Changes in Net Assets for the years ended December 31, 2020, 2019 and 2018 F-5     Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 F-6     Schedules of Investments at December 31, 2020 and 2019 F-7     Notes to Financial Statements F-9   36 Table of Contents     Report of Independent Registered Public Accounting Firm   To the Sponsor and Shareholders of iShares ® S&P GSCI ™ Commodity-Indexed Trust   Opinions on the Financial Statements and Internal Control over Financial Reporting   We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ® S&P GSCI ™ Commodity-Indexed Trust (the “Trust”) as of December 31, 2020 and 2019, and the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”). We also have audited the Trust’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).   In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019 , and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.   Basis for Opinions   The Sponsor’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.   We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.   Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.   Definition and Limitations of Internal Control over Financial Reporting   A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of management and Sponsor of the Trust; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.   Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.   Critical Audit Matters   Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters.     /s/ PricewaterhouseCoopers LLP   Philadelphia, Pennsylvania March 1, 2021   We have served as the Trust’s auditor since 2006.   F-2 Table of Contents     iShares S&P GSCI™ Commodity-Indexed Trust Statements of Assets and Liabilities At December 31, 2020 and 2019       December 31,       2020     201 9   Assets                 Cash   $ 20,622,531     $ 31,242,158   Short-term investments (a)     772,677,694       721,080,429   Short-term investments held at broker (restricted) (b)     42,290,413       29,438,936   Receivable for variation margin on open futures contracts (Note 9)     3,335,487       —   Total Assets     838,926,125       781,761,523                     Liabilities                 Sponsor’s fees payable     507,208       465,837   Payable for capital shares redeemed     11,072,297       —   Payable for variation margin on open futures contracts (Note 9)     —       5,952,581   Total Liabilities     11,579,505       6,418,418                     Commitments and contingent liabilities (Note 7)       —         —                     Net Assets   $ 827,346,620     $ 775,343,105                     Shares issued and outstanding (c)     67,250,000       47,750,000   Net asset value per Share (Note 2G)   $ 12.30     $ 16.24     (a) Cost of short-term investments: $772,661,613 and $720,991,393, respectively. (b) Cost of short-term investments held at broker (restricted): $42,287,936 and $29,427,850, respectively. (c) No par value, unlimited amount authorized.     See notes to financial statements.   F-3 Table of Contents     iShares S&P GSCI™ Commodity-Indexed Trust Statements of Operations For the years ended December 31, 2020, 2019 and 2018       Years Ended December 31,       2020     201 9     201 8   Investment Income                         Interest   $ 3,742,855     $ 21,394,995     $ 24,497,221   Total investment income     3,742,855       21,394,995       24,497,221                             Expenses                         Sponsor’s fees     5,005,767       7,353,186       10,502,114   Brokerage commissions and fees     1,013,439       1,015,967       1,422,790   Total expenses     6,019,206       8,369,153       11,924,904   Net investment income (loss)     ( 2,276,351 )     13,025,842       12,572,317                             Net Realized and Unrealized Gain (Loss)                         Net realized gain (loss) from:                         Short-term investments     62,112       96,367       3,343   Futures contracts     ( 204,137,367 )     25,617,934       ( 11,940,106 ) Net realized gain (loss)     ( 204,075,255 )     25,714,301       ( 11,936,763 ) Net change in unrealized appreciation/depreciation on:                         Short-term investments     ( 81,566 )     38,916       77,730   Futures contracts     22,817,921       136,157,900       ( 190,921,734 ) Net change in unrealized appreciation/depreciation     22,736,355       136,196,816       ( 190,844,004 ) Net realized and unrealized gain (loss)     ( 181,338,900 )     161,911,117       ( 202,780,767 )                           Net increase (decrease) in net assets resulting from operations   $ ( 183,615,251 )   $ 174,936,959     $ ( 190,208,450 )                           Net increase (decrease) in net assets per Share (a)   $ ( 3.09 )   $ 2.79     $ ( 2.29 )   (a) Net increase (decrease) in net assets per Share based on average shares outstanding during the year.     See notes to financial statements.   F-4 Table of Contents     iShares S&P GSCI™ Commodity-Indexed Trust Statements of Changes in Net Assets For the years ended December 31, 2020, 2019 and 2018       Years Ended December 31,       2020     2019     2018   Net Assets, Beginning of Year   $ 775,343,105     $ 1,209,866,609     $ 1,393,408,765                             Operations:                         Net investment income (loss)     ( 2,276,351 )     13,025,842       12,572,317   Net realized gain (loss)     ( 204,075,255 )     25,714,301       ( 11,936,763 ) Net change in unrealized appreciation/depreciation     22,736,355       136,196,816       ( 190,844,004 ) Net increase (decrease) in net assets resulting from operations     ( 183,615,251 )     174,936,959       ( 190,208,450 )                           Capital Share Transactions:                         Contributions for Shares issued     366,906,034       180,290,776       277,791,824   Distributions for Shares redeemed     ( 131,287,268 )     ( 789,751,239 )     ( 271,125,530 ) Net increase (decrease) in net assets from capital share transactions     235,618,766       ( 609,460,463 )     6,666,294                             Increase (decrease) in net assets     52,003,515       ( 434,523,504 )     ( 183,542,156 )                           Net Assets, End of Year   $ 827,346,620     $ 775,343,105     $ 1,209,866,609                             Shares issued and redeemed                         Shares issued     31,850,000       11,950,000       17,100,000   Shares redeemed     ( 12,350,000 )     ( 50,700,000 )     ( 16,000,000 ) Net increase (decrease) in Shares issued and outstanding     19,500,000       ( 38,750,000 )     1,100,000       See notes to financial statements.   F-5 Table of Contents     iShares S&P GSCI™ Commodity-Indexed Trust Statements of Cash Flows For the years ended December 31, 2020, 2019 and 2018       Years Ended December 31,       2020     2019     2018   Cash Flows from Operating Activities                         Net increase (decrease) in net assets resulting from operations   $ ( 183,615,251 )   $ 174,936,959     $ ( 190,208,450 ) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:                         Purchases of short-term investments     ( 3,958,461,167 )     ( 6,476,139,465 )     ( 14,886,123,153 ) Sales/maturities of short-term investments     3,897,733,626       6,946,868,283       15,054,622,653   Accretion of discount     ( 3,740,655 )     ( 21,386,248 )     ( 24,490,437 ) Net realized (gain) loss on short-term investments     ( 62,112 )     ( 96,367 )     ( 3,343 ) Net change in unrealized appreciation/depreciation on short-term investments     81,566       ( 38,916 )     ( 77,730 ) Change in operating assets and liabilities:                         Receivable for variation margin on open futures contracts     ( 3,335,487 )     920,643       4,637,434   Payable for variation margin on open futures contracts     ( 5,952,581 )     5,952,581       —   Sponsor’s fees payable     41,371       ( 340,100 )     ( 41,821 ) Brokerage commissions and fees payable     —       ( 8,046 )     2,171   Net cash provided by (used in) operating activities     ( 257,310,690 )     630,669,324       ( 41,682,676 )                           Cash Flows from Financing Activities                         Contributions for Shares issued     366,906,034       180,290,776       281,055,224   Distributions for Shares redeemed     ( 120,214,971 )     ( 789,751,239 )     ( 271,125,530 ) Net cash provided by (used in) financing activities     246,691,063       ( 609,460,463 )     9,929,694   Net increase (decrease) in cash and cash equivalents     ( 10,619,627 )     21,208,861       ( 31,752,982 )                           Cash                         Beginning of year                         Unrestricted – cash     31,242,158       10,033,297       41,786,279                             End of year                         Unrestricted – cash   $ 20,622,531     $ 31,242,158     $ 10,033,297     See notes to financial statements.   F-6 Table of Contents     iShares S&P GSCI™ Commodity-Indexed Trust Schedules of Investments At December 31, 2020 and 2019   December 31, 2020   Security Description   Face Amount     Fair Value   U.S. Treasury bills (a)(b) :                 0.05% – 0.08% due 1/05/21   $ 53,000,000     $ 52,999,993   0.06% – 0.10% due 1/07/21     112,000,000       111,999,720   0.07% – 0.08% due 1/12/21     30,000,000       29,999,734   0.07% – 0.10% due 1/14/21     155,000,000       154,998,062   0.07% due 1/19/21     40,000,000       39,999,333   0.07% – 0.11% due 1/21/21     60,000,000       59,998,725   0.08% – 0.09% due 1/28/21     50,000,000       49,998,084   0.07% – 0.09% due 2/04/21     26,000,000       25,998,769   0.06% – 0.07% due 2/09/21     73,000,000       72,996,715   0.11% due 2/11/21     75,000,000       74,995,250   0.07% – 0.11% due 2/18/21     60,000,000       59,995,125   0.09% due 2/25/21     16,000,000       15,998,440   0.10% due 3/04/21     10,000,000       9,998,853   0.07% due 3/11/21     29,000,000       28,996,012   0.08% due 3/23/21     19,000,000       18,996,912   0.06% due 4/15/21     7,000,000       6,998,380   Total U.S. Treasury bills (Cost: $ 814,949,549 )             814,968,107                     Total Investments – 98.50%             814,968,107   Other Assets, Less Liabilities – 1.50%             12,378,513   Net Assets – 100.00%           $ 827,346,620     (a) A portion of the above U.S. Treasury bills are posted as margin for the Trust’s Index Futures positions as described in Note 2D. (b) Rates shown are discount rates paid at the time of purchase.   As of December 31, 2020, the open S&P GSCI-ER futures contracts were as follows:       Number of Contracts   Expiration Date   Current Notional Amount     Net Unrealized Appreciation (Depreciation)       45,779   March 15, 2021   $ 827,249,420       42,452,572     F- 7 Table of Contents   December 31, 2019   Security Description   Face Amount     Fair Value   U.S. Treasury bills (a)(b) :                 1.56% due 01/07/20   $ 50,000,000     $ 49,990,521   1.54%  – 1.87% due 01/16/20     85,000,000       84,953,805   1.62% due 01/21/20     50,600,000       50,560,743   1.87% due 01/23/20     50,000,000       49,957,125   1.55% due 01/30/20     100,000,000       99,886,820   1.56% due 02/04/20     15,000,000       14,978,480   1.88%  – 1.93% due 02/06/20     70,000,000       69,898,597   1.55% due 02/13/20     65,000,000       64,887,198   1.55% due 02/20/20     30,000,000       29,938,138   1.81% due 02/27/20     15,000,000       14,964,767   1.53%  – 1.61% due 03/12/20     75,000,000       74,780,885   1.55% due 03/26/20     25,000,000       24,912,048   1.55% due 04/16/20     35,000,000       34,845,071   1.55%  – 1.61% due 04/23/20     55,000,000       54,737,729   1.51% due 05/07/20     15,000,000       14,920,003   1.55% due 05/14/20     16,400,000       16,307,435   Total U.S. Treasury bills (Cost: $ 750,419,242 )             750,519,365                     Total Investments – 96.80%             750,519,365   Other Assets, Less Liabilities – 3.20%             24,823,740   Net Assets – 100.00%           $ 775,343,105     (a) A portion of the above U.S. Treasury bills are posted as margin for the Trust’s Index Futures positions as described in Note 2D. (b) Rates shown are discount rates paid at the time of purchase.   As of December 31, 2019, the open S&P GSCI-ER futures contracts were as follows:       Number of Contracts   Expiration Date   Current Notional Amount     Net Unrealized Appreciation (Depreciation)       32,510   March 16, 2020   $ 773,217,840       19,634,651       See notes to financial statements.   F- 8 Table of Contents   iShares S&P GSCI™ Commodity-Indexed Trust Notes to Financial Statements December 31, 2020     1 - Organization   The iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that was organized under the laws of the State of Delaware on July 7, 2006 and commenced operations on July 10, 2006. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation.   BlackRock Institutional Trust Company, N.A. is the trustee of the Trust (the “Trustee”). The Trust is governed by the Third Amended and Restated Trust Agreement, dated as of December 31, 2013 ( the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust Company (the “Delaware Trustee”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.   The Trust holds long positions in exchange-traded index futures contracts of various expirations (“Index Futures”) on the S&P GSCI™ Excess Return Index (“S&P GSCI‑ER”). In order to collateralize its Index Futures positions and to reflect the U.S. Treasury component of the S&P GSCI™ Total Return Index (the “Index”), the Trust also holds “Collateral Assets,” which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”).   The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodity futures. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.   The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock,Inc (“BlackRock”). BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, serves as the commodity trading advisor of the Trust and is registered with the CFTC.   The Trust qualifies as an investment company solely for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.     2 - Significant Accounting Policies   A. Basis of Accounting   The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.   Certain statements and captions in the financial statements for the prior year have been changed to conform to the current financial statement presentation.   B. Investment in Index Futures   The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodity futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.   The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. Index Futures are exchange-traded index futures contracts on the S&P GSCI-ER, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed.   Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced settlement price on the CME or any such other futures exchange listing Index Futures (the “Exchange”). If there is no announced settlement price for a particular Index Futures contract on that day, the Trustee will use the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the statements of operations.   For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).   Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.   F- 9 Table of Contents   C. Cash   The Trust considers cash as currencies deposited in one or more bank account. Cash is presented on the Statements of Cash Flows as unrestricted cash.   D. Short-Term Investments   Short-term investments on the statements of assets and liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.   As of December 31, 2020 and December 31, 2019, the Trust had restricted short-term investments held at the broker of $ 42,290,413 and $ 29,438,936 , respectively, which were posted as margin for the Trust’s Index Futures positions.   E. Securities Transactions and Income Recognition   Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.   F. Income Taxes   The Trust is treated as a partnership for federal, state and local income tax purposes.   No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.   The Sponsor has analyzed the tax positions as of December 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability.   G. Calculation of Net Asset Value   The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of ( 1 ) the Trust’s Index Futures positions and Collateral Assets on that day, ( 2 ) the interest earned on those assets by the Trust and ( 3 ) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each business day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).   H. Distributions   Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders.     3 - Offering of the Shares   Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares (the “Baskets”) in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Only registered broker-dealers who have entered into an authorized participant agreement with the Trust (each, an “Authorized Participant”) may purchase or redeem Baskets. Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more Baskets. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.   It is possible that, from time to time, BlackRock and/or funds or other accounts managed by the Trustee or an affiliate (collectively, “Affiliates”) may purchase and hold Shares of the Trust. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Baskets through an Authorized Participant at any time some or all of the Shares of the Trust acquired for their own accounts. A large sale or redemption of Shares of the Trust by Affiliates could significantly reduce the asset size of the Trust, which might have an adverse effect on the Trust and the Shares that remain outstanding.     4 - Trust Expenses   The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the statements of operations as incurred.   The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives a fee from the Trust that accrues daily and is payable monthly in arrears at an annualized rate equal to 0.75 % of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.   The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: ( 1 ) the fees of the Trustee, the Delaware Trustee, the Advisor, the Trust Administrator, the processing agent and their respective agents, ( 2 ) NYSE Arca listing fees, ( 3 ) printing and mailing costs, ( 4 ) audit fees, ( 5 ) fees for registration of the Shares with the SEC, ( 6 ) tax reporting costs, ( 7 ) license fees and ( 8 ) legal expenses relating to the Trust of up to $ 100,000 annually.   F- 10 Table of Contents     5 - Related Parties   The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust.     6 - Indemnification   The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees, delegees and agents against, and hold each of them harmless from, any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic report, filed with the SEC relating to the Shares that is not materially altered by the Sponsor.   The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their ( 1 ) negligence, bad faith or willful misconduct or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.   The investment advisory agreement (the “Advisory Agreement”) between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Advisory Agreement or any actions taken in accordance with the provisions of the Advisory Agreement and incurred without their ( 1 ) negligence, bad faith or willful misconduct or ( 2 ) reckless disregard of their obligations and duties under the Advisory Agreement.     7 - Commitments and Contingent Liabilities   In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.     8 - Financial Highlights   The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2020, 2019 and 2018.       December 31,       20 20     201 9     2018   Net asset value per Share, beginning of year   $ 16.24     $ 13.99     $ 16.32                             Net investment income (loss) (a)     ( 0.04 )     0.21       0.15   Net realized and unrealized gain (loss) (b)     ( 3.90 )     2.04       ( 2.48 ) Net increase (decrease) in net assets from operations     ( 3.94 )     2.25       ( 2.33 ) Net asset value per Share, end of year   $ 12.30     $ 16.24     $ 13.99                             Total return, at net asset value (c)     ( 24.26 )%     16.08 %     ( 14.28 )%                           Ratio to average net assets:                         Net investment income (loss)     ( 0.34 )%     1.33 %     0.90 % Expenses     0.90 %     0.85 %     0.85 %   (a) Based on average Shares outstanding during the year. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments. (c) Based on the change in net asset value of a Share during the year.     9 - Investing in Index Futures   Substantially all of the Trust’s assets are invested in Index Futures. The Index Futures’ settlement value at expiration is based on the value of the S&P GSCI-ER at that time. Therefore, the value of the Trust will fluctuate based upon the value of the S&P GSCI-ER and the prices of futures contracts and commodities underlying the S&P GSCI-ER. The commodities markets have historically been extremely volatile. For the year ended December 31, 2020 and the year ended December 31, 2019, the average month-end notional amounts of open Index Futures were $ 668,432,601 and $ 960,422,151 , respectively.   F- 11 Table of Contents   The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of December 31, 2020 and December 31, 2019:     Asset Derivatives   Fair Value   Liability Derivatives   Fair Value   December 31, 2020                     Commodity contracts Receivable for variation margin on open futures contracts   $ 3,335,487   Payable for variation margin on open futures contracts   $ —                         December 31, 201 9                     Commodity contracts Receivable for variation margin on open futures contracts   $ —   Payable for variation margin on open futures contracts   $ 5,952,581     The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the years ended December 31, 2020, 2019 and 2018:     Statements of Operations Location   Net Realized Gain (Loss)     Net Change in Unrealized Appreciation/Depreciation   December 31, 2020                   Commodity contracts Net realized gain (loss) from futures contracts   $ ( 204,137,367 )   $ —     Net change in unrealized appreciation/depreciation on futures contracts     —       22,817,921                       December 31, 201 9                   Commodity contracts Net realized gain (loss) from futures contracts   $ 25,617,934     $ —     Net change in unrealized appreciation/depreciation on futures contracts             136,157,900                       December 31, 20 18                   Commodity contracts Net realized gain (loss) from futures contracts   $ ( 11,940,106 )   $ —     Net change in unrealized appreciation/depreciation on futures contracts     —       ( 190,921,734 )     10 - Investment Valuation   FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.   Investments in Index Futures are measured at fair value on the basis of that day’s settlement price for Index Futures as announced by the applicable Exchange. If there is no announced settlement price for a particular Index Futures contract on a Business Day, the Trustee uses the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation.    U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.   Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:   Level 1 –  Unadjusted quoted prices in active markets for identical assets or liabilities;   Level 2 –  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and   Level 3 –  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.   Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, which in turn could result in a difference between the Trust’s performance and the performance of the Trust’s underlying index.   F- 12 Table of Contents   The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of December 31, 2020 and December  31,   2019:       Level 1     Level 2     Level 3     Total   December 31, 20 20                                 Futures contracts (a)   $ 42,452,572     $ —     $ —     $ 42,452,572   U.S. Treasury bills     —       814,968,107       —       814,968,107                                     December 31, 2019                                 Futures contracts (a)   $ 19,634,651     $ —     $ —     $ 19,634,651   U.S. Treasury bills     —       750,519,365       —       750,519,365     (a) Shown at the unrealized appreciation (depreciation) on the contracts.   F- 13 Table of Contents       SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.   For purposes of CFTC Rule 4.22(h), to the best of the knowledge and belief of the undersigned, the information contained in the CFTC Annual Report set forth herein is accurate and complete.   iShares Delaware Trust Sponsor LLC, Sponsor of the iShares S&P GSCI™ Commodity-Indexed Trust (registrant)   /s/ Paul Lohrey Paul Lohrey Director, President and Chief Executive Officer (Principal executive officer)   Date: March 1, 2021     /s/ Mary Cronin Mary Cronin Director and Chief Financial Officer (Principal financial and accounting officer)   Date: March 1, 2021     /s/ Philip Jensen Philip Jensen Director   Date: March 1, 2021     /s/ Peter Landini Peter Landini Director   Date: March 1, 2021     /s/ Kimun Lee Kimun Lee Director   Date: March 1, 2021     * The registrant is a trust and the persons are signing in their respective capacities as officers or directors of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.   37