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

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.   Quantitative Disclosure   The Trust is exposed to commodity price risk through the Trust’s holdings of Index Futures. The following table provides information about the Trust’s futures contract positions, which are sensitive to changes in commodity prices. As of December 31, 2021, the Trust’s open Index Futures long positions were as follows:   Number of contracts     56,436   Expiration date   March 2022   Weighted-average price per contract   $ 246.95   Notional amount (fair value)   $ 1,430,714,680     The notional amount is calculated using the settlement price for the Index Futures on the CME on December 31, 2021, which was $253.51 per contract, and the $100 multiplier applicable under the contract terms.   The Trust has non-trading market risk as a result of investing in short-term United States Treasury bills and such market risk is expected to be immaterial.   Qualitative Disclosure   As described herein, 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 Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust’s Index Futures positions. As a result, fluctuations in the value of the Trust’s Index Futures are expected to directly affect the value of the Shares.   The Trust will not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the level of the Index or the S&P GSCI-ER, or the value of any Collateral Assets. The Trust’s exposure to market risk may be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.