What changed in this filing

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Item 1. Financial Statements

2021-08-06 compared with 2021-05-04 · 164 added, 65 removed, 558 unchanged (29% of the section changed)

Financial Statements

iShares S&P GSCI ™

 Commodity-Indexed Trust

iShares S&P GSCI ™ 

Commodity-Indexed Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2021 and December 31, 2020

At June 30, 2021 and December 31, 2020

$ 15,484,229  

10 unchanged sentences

1,367,522,303  

838,926,125  

Sponsor’s fees payable

3 unchanged sentences

7,235,397  

Payable for variation margin on open futures contracts (Note 9)

11,072,297  

18 unchanged sentences

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2021 and 2020

For the three and six months ended June 30, 2021 and 2020

Three Months Ended

Investment Income

Six Months Ended

Investment Income  

$ 52,562  

$ 802,960  

$ 195,999  

$ 3,376,247  

Total investment income

Sponsor’s fees

52,562  

802,960  

195,999  

3,376,247  

Expenses  

Sponsor's fees

2,407,468  

984,873  

4,300,965  

2,300,279  

Brokerage commissions and fees

347,506  

237,503  

677,791  

467,129  

Total expenses

2,754,974  

1,222,376  

4,978,756  

2,767,408  

Net Investment income (loss)

Net Realized and Unrealized Gain (Loss)

( 2,702,412 )  

( 419,416 )  

( 4,782,757 )  

608,839  

Net Realized and Unrealized Gain (Loss)  

Net realized gain (loss) from:

Short-term investments

29,175  

61,104  

Futures contracts

119,959,860  

( 82,733,584 )  

322,900,525  

( 306,932,849 )

Net realized gain (loss)

119,960,219  

( 82,704,409 )  

322,901,151  

( 306,871,745 )

1 unchanged sentence

Short-term investments

( 69,406 )  

( 715,749 )  

( 71,633 )  

Futures contracts

62,102,165  

141,549,159  

( 25,457,145 )  

( 4,043,305 )

Net change in unrealized appreciation/depreciation

62,032,759  

140,833,410  

( 25,528,778 )  

( 4,128,899 )

Net realized and unrealized gain (loss)

181,992,978  

58,129,001  

297,372,373  

( 311,000,644 )

Net increase (decrease) in net assets resulting from operations

$ 179,290,566  

$ 57,709,585  

$ 292,589,616  

$ ( 310,391,805 )

Net increase (decrease) in net assets per Share (a)

$ 2.11  

$ 1.04  

$ 3.66  

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

1 unchanged sentence

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2021

Three Months Ended

March 31, 2021

For the three and six months ended June 30, 2021

June 30, 2021

Net Assets at December 31, 2020

10 unchanged sentences

1,114,035,126

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2021

1,359,450,396

Shares issued and redeemed

4 unchanged sentences

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2020

Three Months Ended

March 31, 2020

For the three and six months ended June 30, 2020

June 30, 2020

Net Assets at December 31, 2019

13 unchanged sentences

Net Assets at March 31, 2020

Net investment loss

Net realized loss

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2020

Shares issued and redeemed

6 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2021 and 2020

Three Months Ended

For the six months ended June 30, 2021 and 2020

Six Months Ended

Cash Flows from Operating Activities

21 unchanged sentences

Distributions for Shares redeemed

( 142,387,218

Net cash provided by (used in) financing activities

5 unchanged sentences

See notes to financial statements.

iShares S&P GSCI ™

 Commodity-Indexed Trust

iShares S&P GSCI ™ 

Commodity-Indexed Trust

Schedules of Investments (Unaudited)

At March 31, 2021 and December 31, 2020

March 31, 2021

At June 30, 2021 and December 31, 2020

June 30, 2021

Security Description

18 unchanged sentences

129,994,423  

0.01% –

0.04% due 8/05/21

7 unchanged sentences

89,993,962  

0.01% –

0.04% due 8/17/21

4 unchanged sentences

78,995,161  

0.01% –

0.05% due 8/24/21

10 unchanged sentences

161,985,115  

0.02% –

0.03% due 9/09/21

1 unchanged sentence

130,987,901  

0.03% due 9/16/21

100,000,000  

99,990,375  

0.02% due 9/21/21

50,000,000  

49,994,534  

Treasury bills (Cost:

4 unchanged sentences

Other Assets, Less Liabilities –

( 1,948,851 )

22,540,209  

Net Assets –

3 unchanged sentences

Rates shown are discount rates paid at the time of purchase.

As of March 31, 2021, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts  

As of June 30, 2021, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts

Expiration Date  

3 unchanged sentences

57,138  

June 15, 2021

September 16, 2021  

$ 1,356,501,830  

$ ( 45,106,738 )

$ 16,995,427  

December 31, 2020

71 unchanged sentences

As of December 31, 2020, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts  

Expiration Date  

10 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2021

June 30, 2021

1 - Organization

The iShares S&P GSCI™

17 unchanged sentences

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”).

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.

35 unchanged sentences

These investments are valued at fair value.

As of March 31, 2021 and December 31, 2020, the Trust had restricted short-term investments held at the broker of $ 49,426,968 and $ 42,290,413 , respectively, which were posted as margin for the Trust’s Index Futures positions.

As of June 30, 2021 and December 31, 2020, the Trust had restricted short-term investments held at the broker of $ 52,394,732 and $ 42,290,413 , respectively, which were posted as margin for the Trust’s Index Futures positions.

Securities Transactions and Income Recognition

5 unchanged sentences

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 March 31, 2021, 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.

The Sponsor has analyzed the tax positions as of June 30, 2021, 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.

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.

34 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2021 and 2020.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2021 and 2020.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

17 unchanged sentences

The commodities markets have historically been extremely volatile.

For the three months ended March 31, 2021 and the year ended December 31, 2020, the average month-end notional amounts of open Index Futures were $ 991,382,755 and $ 668,432,601 , respectively.

The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of March 31, 2021 and December 31, 2020:

For the six months ended June 30, 2021 and the year ended December 31, 2020, the average month-end notional amounts of open Index Futures were $ 1,135,731,909 and $ 668,432,601 , respectively.

The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of June 

2021 and December 31, 2020:

Asset Derivatives

Liability Derivatives

March 31, 2021

June 30, 2021

Commodity contracts

5 unchanged sentences

Payable for variation margin on open futures contracts

The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three months ended March 31, 2021 and 2020:

The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three and six months ended June 30, 2021 and 2020:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

Commodity contracts

1 unchanged sentence

Net change in unrealized appreciation/depreciation on futures contracts

Three Months Ended March 31, 2020

Three Months Ended June 30, 2020

Commodity contracts

Net realized gain (loss) from futures contracts

( 224,199,265

Net change in unrealized appreciation/depreciation on futures contracts

Six Months Ended June 30, 2021

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

Six Months Ended June 30, 2020

Commodity contracts

Net realized gain (loss) from futures contracts

( 306,932,849

Net change in unrealized appreciation/depreciation on futures contracts

10 - Investment Valuation

10 unchanged sentences

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;

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.

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of March 31, 2021 and December 31, 2020:

March 31, 2021

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of June 30, 2021 and December 31, 2020:

June 30, 2021

Futures contracts (a)

8 unchanged sentences

s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10 ‑

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10 ‑

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such

forward ‑

In some cases, such forward ‑

looking statements can be identified by terminology such as “

7 unchanged sentences

estimate, ”

predict, ” 

“potential ”

“predict, ”

potential ”

or the negative of these terms or other comparable terminology.

57 unchanged sentences

(New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day.

Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m.

(New York time).

Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m. (New York time).

Orders are expected to settle by 11:00 a.m.

1 unchanged sentence

Results of Operations

The Quarter Ended March 31, 2021

The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,114,035,126 at March 31, 2021.

The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 67,250,000 Shares at December 31, 2020 to 79,950,000 Shares at March 31, 2021, a consequence of 15,850,000 Shares (317 Baskets) being created and 3,150,000 Shares (63 Baskets) being redeemed during the quarter.

The Trust's net asset value also benefited from a net increase in net assets resulting from operations.

The 13.25% increase in the Trust’s NAV from $12.30 at December 31, 2020 to $13.93 at March 31, 2021 is directly related to the 13.53% increase in the settlement price for the Index Futures.

The Trust’s NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.

Net increase in net assets resulting from operations for the quarter ended March 31, 2021 was $113,299,050, resulting from a net investment loss of $2,080,345 and a net realized and unrealized gain of $115,379,395.

For the quarter ended March 31, 2021, the Trust had a net realized and unrealized loss of $1,960 on short-term investments and a net realized and unrealized gain of $115,381,355 on futures contracts.

The Quarter Ended June 30, 2021

The Trust’s net asset value increased from $1,114,035,126 at March 31, 2021 to $1,359,450,396 at June 30, 2021.

The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations.

The Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 79,950,000 Shares at March 31, 2021 to 84,550,000 Shares at June 30, 2021, a consequence of 10,650,000 Shares (213 Baskets) being created and 6,050,000 Shares (121 Baskets) being redeemed during the quarter.

The 15.43% increase in the NAV from $13.93 at March 31, 2021 to $16.08 at June 30, 2021 is directly related to the 15.72% increase in the settlement price for the Index Futures.

The NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.

Net increase in net assets resulting from operations for the quarter ended June 30, 2021 was $179,290,566, resulting from a net investment loss of $2,702,412 and a net realized and unrealized gain of $181,992,978.

For the quarter ended June 30, 2021, the Trust had a net realized and unrealized loss of $69,047 on short-term investments and a net realized and unrealized gain of $182,062,025 on futures contracts.

Other than the Sponsor's fees of $2,407,468 and brokerage commissions and fees of $347,506, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2021

The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,359,450,396 at June 30, 2021.

The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations.

The Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 67,250,000 Shares at December 31, 2020 to 84,550,000 Shares at June 30, 2021, a consequence of 26,500,000 Shares (530 Baskets) being created and 9,200,000 Shares (184 Baskets) being redeemed during the period.

The 30.73% increase in the NAV from $12.30 at December 31, 2020 to $16.08 at June 30, 2021 is directly related to the 31.38% increase in the settlement price for the Index Futures.

The NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.

Net increase in net assets resulting from operations for the period was $292,589,616, resulting from a net investment loss of $4,782,757 and a net realized and unrealized gain of $297,372,373.

For the six months ended June 30, 2021, the Trust had a net realized and unrealized loss of $71,007 on short-term investments and a net realized and unrealized gain of $297,443,380 on futures contracts.

Other than the Sponsor’s fees of $4,300,965 and brokerage commissions and fees of $677,791, the Trust had no expenses during the period.

Liquidity and Capital Resources

The Trust’s assets as of March 31, 2021 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.

The Trust’s assets as of June 30, 2021 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.

The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind and ordinary expenses are met by cash on hand.

2 unchanged sentences

In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses.

As of March 31, 2021, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures.

As of June 30, 2021, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures.

In addition, it is expected that Goldman Sachs & Co.

22 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements