What changed in this filing

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Item 9A. Controls and Procedures

2022-03-01 compared with 2021-03-01 · 197 added, 127 removed, 739 unchanged (30% of the section changed)

2 unchanged sentences

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

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).

16 unchanged sentences

Not applicable.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable. 

Directors, Executive Officers and Corporate Governance.

1 unchanged sentence

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 is the President and Chief Executive Officer of the Sponsor and Trent Walker 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, Rachel Aguirre, and Paul Lohrey.

Paul Lohrey , CFA , 59, became a principal of the Sponsor in April 2014 and has served as its President and Chief Executive Officer since November 2015.

6 unchanged sentences

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.

Trent Walker , 47, became a principal of the Sponsor in June 2021 and serves as its Chief Financial Officer.

Walker has been employed by BlackRock since September 2019 and serves as a Managing Director and Head of Americas Product Oversight and Governance in the Global Accounting and Product Services team, performing supervisory and managerial functions.

In that capacity, Mr.

Walker serves as the Treasurer and Chief Financial Officer of iShares Trust, iShares, Inc.

and iShares U.S.

ETF Trust and Chief Financial Officer of BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI.

Prior to joining BlackRock, Mr.

Walker served as a Senior Vice President and a Registered Principal of Pacific Investment Management Company LLC, including in the capacity as Treasurer of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds from January 16, 2015 to August 30, 2019. Mr.

Walker received his Bachelor of Science in accounting from Northwest Missouri State University and is a certified public accountant.

Rachel Aguirre, 39, became a principal of the Sponsor in June 2021 and serves as its Director.

Aguirre has been employed by BlackRock since March 2005, including her years with Barclays Global Investors, which merged with BlackRock in 2009, and serves as a Managing Director.

Aguirre has served as the Head of U.S.

Product Engineering since March 2021, performing managerial and supervisory functions.

In that capacity, Ms.

Aguirre oversees a team that designs, launches, and assesses the quality of BlackRock’s indexed ETF products and is a member of the firm’s ETF and Index Investments (“EII”) Markets and Investments Executive Committee and the EII Global Product Executive Committee.

Aguirre served as Co-Head of the Americas Portfolio Engineering team within EII from January 2020 to March 2021.

In that role, Ms.

Aguirre oversaw teams that manage the U.S.

iShares EII product ranges.

Prior to that, Ms.

Aguirre served as Head of Developed Markets Portfolio Engineering from May 2016 to December 2019 .

Aguirre received her Bachelor of Science in Mathematics from the College of Creative Studies at UC Santa Barbara and a Master of Science in Financial Mathematics from Stanford University.

Belinda Ng Castaneda , 39, became a principal of the Sponsor on June 20, 2019.

Castaneda became a principal of BlackRock Institutional Trust Company, N.A.

on June 19, 2019 and of BlackRock Fund BFA on June 20, 2019.

on June 19, 2019 and of BFA on June 20, 2019.

Castaneda serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions on such entities’

20 unchanged sentences

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.

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.

Ann Frechette , CPA, 53, became a principal of the Sponsor on April 13, 2020.

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.

21 unchanged sentences

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 27, 2019 and of BlackRock Advisors, LLC, BFA and BlackRock Institutional Trust Company, N.A.

on June 28, 2019.

6 unchanged sentences

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.

Kane was the Director of Information Technology at the New York City Office of Emergency Management where he focused on the agency’s technology needs from December 2006 to December 2008.

Kane earned a Bachelor of Science in Geographic Information Science from Salisbury University in 2002.

38 unchanged sentences

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.

The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, deter wrongdoing, and 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.

Executive Compensation.

19 unchanged sentences

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.

Exhibits, Financial Statement Schedules.

8 unchanged sentences

333‑193156 on January 2, 2014

Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 of registrant’s Current Report on Form 8-K on November 29, 2013

Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 of registrant’s Current Report on Form 8-K on November 29, 2013

Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934

Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 of Registrant’s Registration Statement No.

333-193156 on January 2, 2014

333-193156 on January 2, 2014

Sublicense Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No.

333-126810 on May 26, 2006

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

Master Service Agreement is incorporated by reference to Exhibit 10.6 of registrant’s Current Report on Form 8-K on March 4, 2013

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

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

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

Master Service Agreement is incorporated by reference to Exhibit 10.4 of registrant's Registration Statement on Form S-3/A (No.

333-254992) on May 24, 2021

Service Module for Custodial Services is incorporated by reference to Exhibit 10.5 of registrant's Registration Statement on Form S-3/A (No.

333-254992) on May 24, 2021

Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.6 of registrant's Registration Statement on Form S-3/A (No.

333-254992) on May 24, 2021

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

1 to Registration Statement No. 333‑193156 on April 2, 2014

Consent of PricewaterhouseCoopers LLP

2 unchanged sentences

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

Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

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

Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

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.

9 unchanged sentences

Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )

Statements of Assets and Liabilities at December 31, 2021 and 2020

47 unchanged sentences

December 31,  

Assets  

$ 41,625,574  

13 unchanged sentences

507,208  

Payable for investment securities purchased  

89,994,437  

Payable for capital shares redeemed

49 unchanged sentences

13,025,842  

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

5 unchanged sentences

( 204,137,367 )  

( 11,940,106 )

25,617,934  

Net realized gain (loss)

1 unchanged sentence

( 204,075,255 )  

( 11,936,763 )

25,714,301  

Net change in unrealized appreciation/depreciation on:

2 unchanged sentences

38,916  

77,730  

Futures contracts

1 unchanged sentence

22,817,921  

( 190,921,734 )

136,157,900  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

22,736,355  

( 190,844,004 )

136,196,816  

Net realized and unrealized gain (loss)

1 unchanged sentence

( 181,338,900 )  

( 202,780,767 )

161,911,117  

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

$ ( 183,615,251 )  

$ ( 190,208,450 )

$ 174,936,959  

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

1 unchanged sentence

$ ( 3.09 )  

$ 2.79  

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

16 unchanged sentences

( 204,075,255 )  

( 11,936,763 )

25,714,301  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

22,736,355  

( 190,844,004 )

136,196,816  

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

( 183,615,251 )  

( 190,208,450 )

174,936,959  

Capital Share Transactions:

10 unchanged sentences

235,618,766  

6,666,294  

( 609,460,463 )

Increase (decrease) in net assets

18 unchanged sentences

19,500,000  

1,100,000  

( 38,750,000 )

See notes to financial statements.

4 unchanged sentences

Years Ended December 31,  

Cash Flows from Operating Activities  

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

$ ( 183,615,251 )  

$ ( 190,208,450 )

$ 174,936,959  

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

18 unchanged sentences

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts

3,335,487  

1 unchanged sentence

920,643  

Payable for variation margin on open futures contracts

17,314,591  

( 5,952,581 )  

Sponsor’s fees payable

5,952,581  

Payable for investment securities purchased  

89,994,437  

Brokerage commissions and fees payable

Sponsor’s fees payable  

383,766  

Net cash provided by (used in) operating activities

41,371  

Brokerage commissions and fees payable  

Net cash provided by (used in) operating activities  

( 206,379,198 )  

( 41,682,676 )

Cash Flows from Financing Activities

Contributions for Shares issued

( 257,310,690 )  

630,669,324  

Cash Flows from Financing Activities  

Contributions for Shares issued  

522,133,469  

Distributions for Shares redeemed

366,906,034  

180,290,776  

Distributions for Shares redeemed  

( 294,751,228 )  

( 120,214,971 )  

( 789,751,239 )

Net cash provided by (used in) financing activities

227,382,241  

246,691,063  

( 609,460,463 )

Net increase (decrease) in cash and cash equivalents  

21,003,043  

Net increase (decrease) in cash and cash equivalents

( 10,619,627 )  

21,208,861  

( 31,752,982 )

Beginning of year  

10 unchanged sentences

iShares S&P GSCI ™

Commodity-Indexed Trust

Schedules of Investments

3 unchanged sentences

Treasury bills (a)(b) :

0.05% –

0.03% – 

0.04% due 1/04/22

1 unchanged sentence

$ 100,000,084  

0.06% –

0.03% – 

0.04% due 1/06/22

1 unchanged sentence

83,999,971  

0.07% –

0.03% due 1/11/22

1 unchanged sentence

52,999,941  

0.07% –

0.04% – 

0.05% due 1/25/22

1 unchanged sentence

19,999,771  

0.03% – 

0.06% due 2/01/22

1 unchanged sentence

73,998,510  

0.07% –

0.05% due 2/03/22

1 unchanged sentence

19,999,483  

0.08% –

0.03% – 

0.05% due 2/08/22

1 unchanged sentence

104,996,981  

0.07% –

0.05% due 2/10/22

1 unchanged sentence

88,996,946  

0.06% –

0.03% – 

0.05% due 2/15/22

1 unchanged sentence

119,996,058  

0.03% – 

0.05% due 2/17/22

1 unchanged sentence

120,995,463  

0.07% –

0.03% – 

0.04% due 2/22/22

1 unchanged sentence

75,998,152  

0.04% – 

0.05% due 2/24/22

1 unchanged sentence

135,444,620  

0.10% due 3/04/21  

0.05% – 

0.06% due 3/1/22

120,000,000  

119,993,349  

0.07% due 3/11/21  

0.04% – 

0.06% due 3/03/22

127,000,000  

126,990,114  

0.08% due 3/23/21  

0.05% due 3/08/22

66,000,000  

3 unchanged sentences

34,997,273  

0.05% due 3/15/22

58,000,000  

57,995,081  

0.06% due 3/17/22

35,000,000  

34,996,079  

0.08% due 3/24/22

60,000,000  

59,992,534  

Treasury bills (Cost:

4 unchanged sentences

Other Assets, Less Liabilities –

12,378,513  

( 66,574,428 )

Net Assets –

14 unchanged sentences

December 31, 2020

Security Description  

Face Amount  

Fair Value  

Security Description

Treasury bills (a)(b) :

0.05% –

0.08% due 1/05/21

1 unchanged sentence

$ 52,999,993  

1.54%  –

0.06% –

0.10% due 1/07/21

1 unchanged sentence

111,999,720  

0.07% –

0.08% due 1/12/21

1 unchanged sentence

29,999,734  

0.07% –

0.10% due 1/14/21

4 unchanged sentences

39,999,333  

0.07% –

0.11% due 1/21/21

1 unchanged sentence

59,998,725  

1.88%  –

0.08% –

0.09% due 1/28/21

1 unchanged sentence

49,998,084  

0.07% –

0.09% due 2/04/21

1 unchanged sentence

25,998,769  

0.06% –

0.07% due 2/09/21

4 unchanged sentences

74,995,250  

1.53%  –

0.07% –

0.11% due 2/18/21

7 unchanged sentences

9,998,853  

1.55%  –

0.07% due 3/11/21

34 unchanged sentences

December 31, 2021

1 - Organization

1  - Organization

The iShares S&P GSCI™

14 unchanged sentences

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 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”).

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.

1 unchanged sentence

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

44 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.

3 unchanged sentences

Net asset value per Share, beginning of year

$ 12.30  

$ 16.24  

$ 13.99  

Net investment income (loss) (a)

( 0.13 )  

( 0.04 )  

Net realized and unrealized gain (loss) (b)

( 3.90 )  

Net increase (decrease) in net assets from operations

( 3.94 )  

Net asset value per Share, end of year

$ 17.10  

$ 12.30  

$ 16.24  

Total return, at net asset value (c)

39.02 %  

( 24.26 )%  

Ratio to average net assets:

Net investment income (loss)

( 0.82 )%  

( 0.34 )%  

0.86 %  

0.90 %  

Based on average Shares outstanding during the year.

1 unchanged sentence

Based on the change in net asset value of a Share during the year.

9 - Investing in Index Futures

9  - Investing in Index Futures

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

5 unchanged sentences

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, 2021 and December 31, 2020:

Asset Derivatives

Liability Derivatives

December 31, 2020

Commodity contracts

Receivable for variation margin on open futures contracts

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

Asset Derivatives  

Fair Value  

Liability Derivatives  

Fair Value  

December 31, 2021  

Commodity contracts Receivable for variation margin on open futures contracts  

Payable for variation margin on open futures contracts  

$ 17,314,591  

December 31, 2020  

Commodity contracts Receivable for variation margin on open futures contracts  

$ 3,335,487  

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 years ended December 31, 2021, 2020 and 2019:

3 unchanged sentences

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

December 31, 201 9

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

December 31, 20 18

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

December 31, 2021  

Commodity contracts Net realized gain (loss) from futures contracts  

$ 381,834,976  

Net change in unrealized appreciation/depreciation on futures contracts  

( 5,445,651 )

10 - Investment Valuation

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, 2019  

Commodity contracts Net realized gain (loss) from futures contracts  

$ 25,617,934  

Net change in unrealized appreciation/depreciation on futures contracts  

136,157,900  

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.

1 unchanged sentence

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. 

Treasury bills are valued at the last available bid price received from independent pricing services.

5 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 December 31, 2020 and December 

December 31, 20 20

Futures contracts (a)

Treasury bills

December 31, 2019

Futures contracts (a)

Treasury bills

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

Level 1  

Level 2  

Level 3  

December 31, 2021  

Futures contracts (a)  

$ 37,006,921  

Treasury bills  

1,498,384,543  

December 31, 2020  

Futures contracts (a)  

$ 42,452,572  

Treasury bills  

814,968,107  

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

8 unchanged sentences

March 1, 2022

/s/ Mary Cronin

Director and Chief Financial Officer

/s/ Trent Walker

Chief Financial Officer

(Principal financial and accounting officer)

March 1, 2022

/s/ Rachel Aguirre

Rachel Aguirre

March 1, 2022

/s/ Philip Jensen

6 unchanged sentences

March 1, 2022

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.

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 9A. Controls and Procedures