What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-11-03 compared with 2021-08-06 · 161 added, 148 removed, 574 unchanged (35% of the section changed)

3 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2021 and December 31, 2020

At September 30, 2021 and December 31, 2020

September 30,

$ 13,627,637  

16 unchanged sentences

11,072,297  

Total Liabilities

19 unchanged sentences

Statements of Operations (Unaudited)

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

For the three and nine months ended September 30, 2021 and 2020  

Three Months Ended

Six Months Ended

Investment Income  

$ 52,562  

$ 802,960  

$ 195,999  

$ 3,376,247  

Nine Months Ended

September 30,

Investment Income

Total investment income

52,562  

802,960  

195,999  

3,376,247  

Expenses  

Sponsor's fees

2,407,468  

984,873  

4,300,965  

2,300,279  

Sponsor’s fees

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)

( 2,702,412 )  

( 419,416 )  

( 4,782,757 )  

608,839  

Net Realized and Unrealized Gain (Loss)  

Net Investment loss

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  

( 275,413,702

Net realized gain (loss)

119,960,219  

( 82,704,409 )  

322,901,151  

( 275,352,582

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  

( 282,813,274

Net increase (decrease) in net assets resulting from operations

$ 179,290,566  

$ 57,709,585  

$ 292,589,616  

( 283,583,662

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.

3 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2021

June 30, 2021

For the three, six and nine months ended September 30, 2021

Nine Months Ended

September 30, 2021

Net Assets at December 31, 2020

21 unchanged sentences

1,359,450,396

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

( 125,347,633

Net decrease in net assets from capital share transactions

( 102,633,427

Decrease in net assets

Net Assets at September 30, 2021

1,316,939,595

Shares issued and redeemed

6 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2020

June 30, 2020

For the three, six and nine months ended September 30, 2020

Nine Months Ended

September 30, 2020

Net Assets at December 31, 2019

23 unchanged sentences

Net Assets at June 30, 2020

Shares issued and redeemed

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 September 30, 2020

Shares issued

5 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2021 and 2020

Six Months Ended

For the nine months ended September 30, 2021 and 2020

Nine Months Ended

September 30,

Cash Flows from Operating Activities

23 unchanged sentences

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

Net decrease in cash

Beginning of period

6 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2021 and December 31, 2020

June 30, 2021

Security Description

At September 30, 2021 and December 31, 2020

September 30, 2021

Security Description  

Face Amount  

Fair Value  

Treasury bills (a)(b) :

0.01% – 

0.04% due 10/05/21

1 unchanged sentence

$ 152,999,615  

0.03% – 

0.04% due 10/07/21

13 unchanged sentences

21,998,805  

0.03% due 11/26/21

48,000,000  

47,997,200  

0.01% –

5 unchanged sentences

82,995,521  

0.03% – 

0.04% due 12/09/21

1 unchanged sentence

112,993,862  

0.01% –

0.04% due 12/14/21

1 unchanged sentence

19,998,643  

0.03% – 

0.04% due 

128,000,000  

127,990,272  

0.02% – 

0.04% due 12/21/21

1 unchanged sentence

134,991,495  

0.01% –

0.03% due 12/23/21

10 unchanged sentences

59,995,250  

0.02% –

0.03% due 01/06/22

19 unchanged sentences

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

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

Number of Contracts

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

Number of Contracts  

Expiration Date  

3 unchanged sentences

52,757  

September 16, 2021  

December 15, 2021  

$ 1,316,397,940  

73 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)

June 30, 2021

1 - Organization

September 30, 2021

1  - Organization

The iShares S&P GSCI™

28 unchanged sentences

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

2  - Significant Accounting Policies

Basis of Accounting

25 unchanged sentences

These investments are valued at fair value.

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.

As of September 30, 2021 and December 31, 2020, the Trust had restricted short-term investments held at the broker of $ 48,196,963 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 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.

The Sponsor has analyzed the tax positions as of September 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.

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.

6 unchanged sentences

The Trust is under no obligation to make periodic distributions to shareholders.

3 - Offering of the Shares

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).

7 unchanged sentences

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

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.

4 unchanged sentences

( 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.

5 - Related Parties

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

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.

1 unchanged sentence

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

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 three and six months ended June 30, 2021 and 2020.

Three Months Ended

Six Months Ended

8  - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 

2021 and 2020.

Three Months Ended  

Nine Months Ended  

September 30,  

Net asset value per Share, beginning of period

$ 16.08  

$ 10.33  

$ 12.30  

$ 16.24  

Net investment income (loss) (a)

( 0.03 )  

( 0.02 )  

( 0.09 )  

Net realized and unrealized gain (loss) (b)

Net increase (decrease) in net assets from operations

Net asset value per Share, end of period

Total return, at net asset value (c)(d)

Net increase (decrease) in net assets from operations  

Net asset value per Share, end of period  

$ 16.86  

$ 10.77  

$ 16.86  

$ 10.77  

Total return, at net asset value (c)(d)  

4.85 %  

4.26 %  

37.07 %  

Ratio to average net assets:

Net investment income (loss) (e)

( 0.82 )%  

( 0.79 )%  

( 0.83 )%  

0.85 %  

0.91 %  

0.86 %  

Based on average Shares outstanding during the period.

3 unchanged sentences

Percentage is annualized.

9 - Investing in Index Futures

9  - Investing in Index Futures

Substantially all of the Trust’s assets are invested in Index Futures.

3 unchanged sentences

The commodities markets have historically been extremely volatile.

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:

For the nine months ended September 

2021 and the year ended December 31, 2020, the average month-end notional amounts of open Index Futures were $ 1,191,513,696 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 September 30, 2021 and December 31, 2020:

Asset Derivatives

Liability Derivatives

June 30, 2021

September 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 and six months ended June 30, 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 nine months ended September 30, 2021 and 2020:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended June 30, 2021

Three Months Ended September 30, 2021

Commodity contracts

1 unchanged sentence

Net change in unrealized appreciation/depreciation on futures contracts

Three Months Ended June 30, 2020

Three Months Ended September 30, 2020

Commodity contracts

1 unchanged sentence

Net change in unrealized appreciation/depreciation on futures contracts

Six Months Ended June 30, 2021

Nine Months Ended September 30, 2021

Commodity contracts

1 unchanged sentence

Net change in unrealized appreciation/depreciation on futures contracts

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

Commodity contracts

2 unchanged sentences

Net change in unrealized appreciation/depreciation on futures contracts

10 - Investment Valuation

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.

9 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 – 

Level 1  –

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – 

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 – 

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 June 30, 2021 and December 31, 2020:

June 30, 2021

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

Level 1  

Level 2  

Level 3  

September 30, 2021  

Futures contracts (a)

$ 68,982,834  

Treasury bills

1,336,910,187

1,297,922,322  

December 31, 2020

Futures contracts (a)

$ 42,452,572  

Treasury bills

814,968,107  

Shown at the unrealized appreciation (depreciation) on the contracts.

1 unchanged sentence

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‑Q.

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

In some cases, such forward ‑

looking statements can be identified by terminology such as “

may, ”

should, ”

could, ”

expect, ”

plan, ”

anticipate, ”

believe, ”

estimate, ”

In some cases, such forward‑looking statements can be identified by terminology such as “may,”

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

potential ”

“potential”

or the negative of these terms or other comparable terminology.

2 unchanged sentences

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor ’

s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward ‑

looking statements to conform such statements to actual results or to a change in expectations or predictions.

Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward‑looking statements to conform such statements to actual results or to a change in expectations or predictions.

The iShares S&P GSCI™

48 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 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 Quarter Ended September 30, 2021

The Trust’s net asset value decreased from $1,359,450,396 at June 30, 2021 to $1,316,939,595 at September 30, 2021.

The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 84,550,000 Shares at June 30, 2021 to 78,100,000 Shares at September 30, 2021, a consequence of 1,400,000 Shares (28 Baskets) being created and 7,850,000 Shares (157 Baskets) being redeemed during the quarter.

This decrease was offset by a net increase in net assets resulting from operations.

The 4.85% increase in the NAV from $16.08 at June 30, 2021 to $16.86 at September 30, 2021 is directly related to the 5.10% 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.

Net increase in net assets resulting from operations for the quarter ended September 30, 2021 was $60,122,626, resulting from a net investment loss of $2,710,384 and a net realized and unrealized gain of $62,833,010.

For the quarter ended September 30, 2021, the Trust had a net realized and unrealized gain of $49,494 on short-term investments and a net realized and unrealized gain of $62,783,516 on futures contracts.

Other than the Sponsor’s fees of $2,482,274 and brokerage commissions and fees of $322,517, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2021

The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,316,939,595 at September 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.

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 78,100,000 Shares at September 30, 2021, a consequence of 27,900,000 Shares (558 Baskets) being created and 17,050,000 Shares (341 Baskets) being redeemed during the period.

The 37.07% increase in the NAV from $12.30 at December 31, 2020 to $16.86 at September 30, 2021 is directly related to the 38.08% 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 $352,712,242, resulting from a net investment loss of $7,493,141 and a net realized and unrealized gain of $360,205,383.

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.

For the nine months ended September 30, 2021, the Trust had a net realized and unrealized loss of $21,513 on short‑term investments and a net realized and unrealized gain of $360,226,896 on futures contracts.

Other than the Sponsor’s fees of $6,783,239 and brokerage commissions and fees of $1,000,308, the Trust had no expenses during the period.

Liquidity and Capital Resources

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’s assets as of September 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 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.

As of September 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