What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-03-01 compared with 2021-03-01 · 36 added, 51 removed, 74 unchanged (54% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant ’

s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

1 unchanged sentence

Prior to that, the Shares were traded on the NYSE, also under the symbol GSG, since their initial public offering on July 19, 2006.

As of December 31, 2020, there were approximately 105 DTC participating shareholders of record of the Trust.

As of December 31, 2021, there were approximately 113 DTC participating shareholders of record of the Trust.

Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.

3 unchanged sentences

Not applicable.

Purchases of Equity Securities by the Issuers and Affiliated Purchasers 

1,200,000 Shares (24 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2021.

Total Number of  Shares Redeemed

Total Number of Shares Redeemed

Average Price

2 unchanged sentences

12/01/21 to 12/31/21

Selected Financial Data.

The following table summarizes the relevant 2020, 2019, 2018, 2017 and 2016 financial data for the Trust and should be read in conjunction with the Trust’s financial statements, schedules and notes related thereto which are included in this report.

The Trust commenced operations on July 10, 2006.

Years Ended December 31,

Interest income

Total gain (loss) on sales of short-term investments and futures contracts

Net income (loss)

Net income (loss) per Share

Net cash flows

1,210,680,592

1,394,262,398

1,037,639,389

The following table summarizes the relevant quarterly financial data for each of the four quarters of 2020 for the Trust and should be read in conjunction with the Trust’s financial statements, schedules and notes related thereto which are included in this report.

Three Months Ended (Unaudited)

September 30,

Interest income

Total gain (loss) on sales of short-term investments and futures contracts

Net income (loss)

Net income (loss) per Share

Net cash flows

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management ’

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 with this report.

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,”

“predict,”

“potential”

In some cases, such forward-looking statements can be identified by terminology such as “

may, ”

should, ”

could, ”

expect, ”

plan, ”

anticipate, ”

believe, ”

estimate, ”

predict, ”

potential ”

or the negative of these terms or other comparable terminology.

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The Trust’s net asset value increased from $827,346,620 at December 31, 2020 to $1,431,810,115 at December 31, 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 83,750,000 Shares at December 31, 2021, a consequence of 34,750,000 Shares (695 Baskets) being created and 18,250,000 Shares (365 Baskets) being redeemed during the year.

The 39.02% increase in the NAV from $12.30 at December 31, 2020 to $17.10 at December 31, 2021 is directly related to the 40.29% 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 net increase in net assets resulting from operations for the year ended December 31, 2021 was $366,008,957, resulting from a net investment loss of $10,385,215 and a net investment gain of $376,394,172.

For the year ended December 31, 2021, the Trust had a net realized and unrealized gain of $4,847 on short-term investments and a net realized and unrealized gain of $376,389,325 on futures contracts.

Other than the Sponsor’s fees of $9,465,137 and brokerage commissions and fees of $1,346,112, the Trust had no expenses during the year.

The Year Ended December 31, 2020

The Trust’s net asset value increased from $775,343,105 at December 31, 2019 to $827,346,620 at December 31, 2020.

The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 47,750,000 Shares at December 31, 2019 to 67,250,000 Shares at December 31, 2020, a consequence of 31,850,000 Shares (637 Baskets) being created and 12,350,000 Shares (247 Baskets) being redeemed during the year.

The increase in the Trust’s net asset value was partially offset by a net decrease in net assets resulting from operations.

The 24.26% decrease in the Trust’s NAV from $16.24 at December 31, 2019 to $12.30 at December 31, 2020 is directly related to the 24.02% decrease in the settlement price for the Index Futures.

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

Net decrease in net assets resulting from operations for the year ended December 31, 2020 was $183,615,251, resulting from a net realized and unrealized loss of $181,338,900 and by a net investment loss of $2,276,351.

The 24.26% decrease in the NAV from $16.24 at December 31, 2019 to $12.30 at December 31, 2020 is directly related to the 24.02% decrease in the settlement price for the Index Futures.

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

The net decrease in net assets resulting from operations for the year ended December 31, 2020 was $183,615,251, resulting from a net realized and unrealized loss of $181,338,900 and by a net investment loss of $2,276,351.

For the year ended December 31, 2020, the Trust had a net realized and unrealized loss of $19,454 on short-term investments and a net realized and unrealized loss of $181,319,446 on futures contracts.

4 unchanged sentences

The decrease in the Trust’s net asset value was partially offset by an increase in net assets resulting from operations.

The 16.08% increase in the Trust’s NAV from $13.99 at December 31, 2018 to $16.24 at December 31, 2019 is directly related to the 14.76% increase in the settlement price for the Index Futures.

The Trust’s NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to interest income from U.S.

The 16.08% increase in the NAV from $13.99 at December 31, 2018 to $16.24 at December 31, 2019 is directly related to the 14.76% increase in the settlement price for the Index Futures.

The NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to interest income from U.S.

Treasury bills.

Net increase in net assets resulting from operations for the year ended December 31, 2019 was $174,936,959, resulting from a net realized and unrealized gain of $161,911,117 and by a net investment income of $13,025,842.

The net increase in net assets resulting from operations for the year ended December 31, 2019 was $174,936,959, resulting from a net realized and unrealized gain of $161,911,117 and by a net investment income of $13,025,842.

For the year ended December 31, 2019, the Trust had a net realized and unrealized gain of $135,283 on short-term investments and a net realized and unrealized gain of $161,775,834 on futures contracts.

Other than the Sponsor’s Fees of $7,353,186 and brokerage commissions and fees of $1,015,967, the Trust had no expenses during the year.

The Year Ended December 31, 201 8

The Trust’s net asset value decreased from $1,393,408,765 at December 31, 2017 to $1,209,866,609 at December 31, 2018.

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

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 85,400,000 Shares at December 31, 2017 to 86,500,000 Shares at December 31, 2018, a consequence of 17,100,000 Shares (342 Baskets) being created and 16,000,000 Shares (320 Baskets) being redeemed during the year.

The 14.28% decline in the Trust’s NAV from $16.32 at December 31, 2017 to $13.99 at December 31, 2018 is directly related to the 15.08% decrease in the settlement price for the Index Futures.

The Trust’s NAV decreased slightly less than the settlement price for the Index Futures on a percentage basis due to interest income from Treasury bills.

Net decrease in net assets resulting from operations for the year ended December 31, 2018 was $190,208,450, resulting from a net realized and unrealized loss of $202,780,767, offset by a net investment income of $12,572,317.

For the year ended December 31, 2018, the Trust had a net realized and unrealized gain of $81,073 on short-term investments and a net realized and unrealized loss of $202,861,840 on futures contracts.

Other than the Sponsor’s Fees of $10,502,114 and brokerage commissions and fees of $1,422,790, the Trust had no expenses during the year.

Liquidity and Capital Resources

17 unchanged sentences

The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.

When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its futures commission merchant, or Clearing FCM. In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.

In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.

The Trust is also exposed to credit risk as a result of its ownership of U.S.

10 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-K

Item 5. Market for Registrant’s Common Equity