What changed in this filing

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Item 1. Financial Statements

2023-05-05 compared with 2022-11-01 · 198 added, 326 removed, 531 unchanged (50% of the section changed)

1 unchanged sentence

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Assets and Liabilities (Unaudited)

At September 30, 2022 and December 31, 2021

September 30,

Assets  

At March 31, 2023 and December 31, 2022

$ 226,429  

6 unchanged sentences

102,037,820  

1,456,146,638  

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

13,853,590  

Sponsor’s fees payable

14,408,722  

1,080,815,845  

Payable for investment securities purchased

1,221,937,267  

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

Liabilities  

Sponsor’s fees payable

685,998  

827,410  

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

Total Liabilities

19 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2022 and 2021

For the three months ended March 31, 2023 and 2022

Three Months Ended

September 30,

Nine Months Ended

September 30,

Investment Income

1 unchanged sentence

$ 447,870  

$ 10,447,472  

$ 290,406  

Total investment income

1 unchanged sentence

447,870  

10,447,472  

290,406  

Expenses  

Sponsor’s fees

1 unchanged sentence

3,459,826  

10,749,061  

6,783,239  

Brokerage commissions and fees

1 unchanged sentence

409,606  

1,012,614  

1,000,038  

Total expenses

1 unchanged sentence

3,869,432  

11,761,675  

7,783,547  

Net Investment income (loss)

10,110,125  

( 2,710,384 )  

( 1,314,203 )  

( 3,421,562 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

1 unchanged sentence

14,130  

( 1,506 )  

( 37,282 )  

Futures contracts

1 unchanged sentence

736,763,238  

446,538,429  

333,696,632  

Net realized gain (loss)

1 unchanged sentence

736,764,577  

446,501,147  

333,695,752  

Net change in unrealized appreciation/depreciation on:

2 unchanged sentences

31,515  

26,260  

Futures contracts

( 72,663,682 )  

51,987,409  

( 91,314,739 )  

26,530,264  

( 224,589,428 )

Net change in unrealized appreciation/depreciation

( 72,863,085 )  

52,038,409  

( 91,288,479 )  

26,509,631  

( 224,557,913 )

Net realized and unrealized gain (loss)

1 unchanged sentence

512,206,664  

355,212,668  

360,205,383  

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

$ 508,785,102  

$ 353,898,465  

$ 352,712,242  

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

1 unchanged sentence

$ 5.58  

$ 4.13  

$ 4.37  

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

See notes to financial statements.

iShares S&P GSCI™ Commodity- Indexed Trust

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

For the three months ended March 31, 2023

Three Months Ended

March 31, 2023

Net Assets at December 31, 2022

$ 1,221,109,857  

Net investment loss

( 3,421,562 )

Net realized gain

736,764,577  

Net change in unrealized appreciation/depreciation

( 224,557,913 )

Net increase in net assets resulting from operations

508,785,102  

Capital Share Transactions

Contributions for Shares issued

376,347,498  

Distributions for Shares redeemed

( 175,101,870 )

Net increase in net assets from capital share transactions

201,245,628  

Increase in net assets

710,030,730  

Net Assets at March 31, 2022

$ 2,141,840,845  

Net investment loss

( 1,508,916 )

Net realized gain

104,719,302  

Net change in unrealized appreciation/depreciation

( 67,843,315 )

Net increase in net assets resulting from operations

35,367,071  

Capital Share Transactions

Contributions for Shares issued

46,891,437  

Distributions for Shares redeemed

( 215,009,316 )

Net decrease in net assets from capital share transactions

( 168,117,879 )

Decrease in net assets

( 132,750,808 )

Net Assets at June 30, 2022

$ 2,009,090,037  

Net investment income

Net investment gain

10,110,125  

Net realized loss

( 394,982,732 )

Net change in unrealized appreciation/depreciation

201,112,749  

( 72,863,085 )

Net decrease in net assets resulting from operations

( 63,342,116 )

Capital Share Transactions  

Contributions for Shares issued

6 unchanged sentences

( 140,980,010 )

Net Assets at September 30, 2022

Net Assets at March 31, 2023

$ 1,080,129,847  

Shares issued and redeemed  

Shares issued  

Shares issued and redeemed

Shares issued

950,000  

Shares redeemed  

( 4,800,000 )

Net decrease in Shares issued and outstanding  

( 3,850,000 )

See notes to financial statements.

iShares S&P GSCI™ Commodity-Indexed Trust

iShares S&P GSCI ™

 Commodity-Indexed Trust

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2021

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

Net Assets at December 31, 2021

$ 1,431,810,115  

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 March 31, 2021

( 3,421,562 )

Net investment loss

Net realized gain

736,764,577  

Net change in unrealized appreciation/depreciation

( 224,557,913 )

Net increase in net assets resulting from operations

508,785,102  

Capital Share Transactions

Contributions for Shares issued

376,347,498  

Distributions for Shares redeemed

( 175,101,870 )

Net increase in net assets from capital share transactions

201,245,628  

Increase in net assets

Net Assets at June 30, 2021

1,359,450,396

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net decrease 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

710,030,730  

Net Assets at March 31, 2022

$ 2,141,840,845  

Shares issued and redeemed

Shares issued

18,600,000  

Shares redeemed

( 7,950,000 )

Net increase in Shares issued and outstanding

10,650,000  

See notes to financial statements.

iShares S&P GSCI ™

Commodity-Indexed Trust

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2022 and 2021

Nine Months Ended

September 30,

For the three months ended March 31, 2023 and 2022

Three Months Ended March 31,

Cash Flows from Operating Activities

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 63,342,116 )  

9 unchanged sentences

( 12,389,856 )  

Net realized gain on short-term investments

Net realized (gain) loss on short-term investments

( 14,130 )  

1 unchanged sentence

199,403  

20,633  

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts

( 2,847,649 )

Payable for variation margin on open futures contracts

Receivable for variation margin on open futures contracts  

555,132  

( 11,072,297 )

Payable for investment securities purchased

Payable for variation margin on open futures contracts  

61,398,866  

Sponsor’s fees payable

Payable for investment securities purchased  

( 89,994,437 )

Sponsor’s fees payable  

( 141,412 )  

556,351  

Net cash provided by (used in) operating activities

72,683,259  

( 206,445,340 )

Cash Flows from Financing Activities

Contributions for Shares issued

Cash Flows from Financing Activities  

Contributions for Shares issued  

19,639,766  

376,347,498  

Distributions for Shares redeemed

( 97,277,660 )  

( 175,101,870 )

Net cash provided by (used in) financing activities

( 77,637,894 )  

201,245,628  

Net decrease in cash

Net increase (decrease) in cash and cash equivalents  

( 4,954,635 )  

( 5,199,712 )

Beginning of period

Unrestricted –

6 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 September 30, 2022 and December 31, 2021

September 30, 2022

Security Description

At March 31, 2023 and December 31, 2022

March 31, 2023

Security Description  

Face Amount  

Fair Value  

Treasury bills (a)(b) :

4.33% –

2.41% due 10/04/22

4.65% due 4/04/23  

$ 25,800,000  

$ 25,796,707  

2.25%  –

2.27% due 10/06/22

4.01% –

4.54% due 4/06/23  

31,000,000  

30,988,071  

2.30%  –

2.44% due 10/11/22

4.64% –

4.71% due 4/11/23  

56,000,000  

55,943,004  

2.49%  –

2.53% due 10/18/22

4.69% –

4.79% due 4/17/23  

72,000,000  

71,868,401  

2.41%  –

2.48% due 10/20/22

4.69% –

4.74% due 4/18/23  

56,000,000  

55,893,717  

2.62% due 10/25/22

4.66% –

4.69% due 4/20/23  

65,000,000  

64,857,348  

2.52% due 10/27/22

4.74% due 4/25/23  

48,000,000  

47,867,450  

2.66% due 11/01/22

4.54% –

4.66% due 4/27/23  

75,000,000  

74,769,999  

2.63% due 11/03/22

4.73% due 5/02/23  

82,000,000  

81,696,871  

2.58%  –

2.78% due 11/08/22

3.84% –

4.73% due 5/04/23  

76,000,000  

75,697,728  

2.54% due 11/10/22

4.66% –

4.77% due 5/09/23  

140,000,000  

139,372,450  

2.58%  –

2.90% due 11/15/22

4.34% –

4.69% due 5/11/23  

57,000,000  

56,720,265  

2.62%  –

2.69% due 11/17/22

4.39% –

4.83% due 5/16/23  

84,000,000  

83,543,861  

2.62%  –

2.70% due 11/22/22

4.26% –

4.48% due 5/18/23  

73,000,000  

72,572,950  

2.91% due 12/01/22

4.27% –

4.83% due 5/23/23  

78,000,000  

77,502,886  

2.94% due 12/06/22

4.82% due 5/25/23  

40,000,000  

39,733,356  

3.23% due 12/22/22

4.85% due 6/01/23  

12,000,000  

8 unchanged sentences

13,394,021  

( 4,663,156 )

Net Assets –

4 unchanged sentences

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

As of September 30, 2022, the open S&P GSCI-ER futures contracts were as follows:

As of March 31, 2023, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts  

1 unchanged sentence

Current Notional Amount  

Net Unrealized Appreciation (Depreciation)  

Net Unrealized

(Depreciation)

36,652  

December 15, 2022  

June 15, 2023  

$ 1,077,561,470  

1 unchanged sentence

December 31, 2022

Security Description

Face Amount  

Fair Value  

Treasury bills (a)(b) :

3.05% –

0.04% due 1/04/22

$ 100,000,000  

$ 100,000,084  

0.03% –

0.04% due 1/06/22

84,000,000  

83,999,971  

0.03% due 1/11/22

53,000,000  

52,999,941  

0.04% –

0.05% due 1/25/22

3.89% due 1/03/23  

$ 94,000,000  

1 unchanged sentence

3.37% –

0.06% due 2/01/22

74,000,000  

73,998,510  

0.05% due 2/03/22

3.87% due 1/05/23  

120,000,000  

1 unchanged sentence

3.81% –

0.05% due 2/08/22

4.01% due 1/10/23  

80,000,000  

79,943,727  

0.05% due 2/10/22

3.81% due 1/12/23  

35,000,000  

1 unchanged sentence

3.80% –

0.05% due 2/15/22

4.10% due 1/17/23  

170,000,000  

1 unchanged sentence

3.56% –

0.05% due 2/17/22

3.86% due 1/19/23  

71,000,000  

1 unchanged sentence

3.68% –

0.04% due 2/22/22

4.19% due 1/24/23  

255,000,000  

1 unchanged sentence

3.72% –

0.05% due 2/24/22

3.96% due 1/26/23  

68,000,000  

67,831,414  

0.05% –

0.06% due 3/1/22

4.09% due 1/31/23  

60,000,000  

1 unchanged sentence

3.99% –

0.06% due 3/03/22

127,000,000  

126,990,114  

0.05% due 3/08/22

4.01% due 2/07/23  

81,000,000  

80,692,100  

0.04% due 3/10/22

4.04% due 2/14/23  

6,000,000  

5,971,795  

0.05% due 3/15/22

4.24% due 2/16/23  

45,000,000  

44,776,219  

0.06% due 3/17/22

4.22% due 2/21/23  

60,000,000  

59,660,552  

0.08% due 3/24/22

3.97% due 2/23/23  

60,000,000  

1 unchanged sentence

Treasury bills (Cost:

$ 1,498,362,211 )

$ 1,201,949,825 )  

1,202,347,481  

Total Investments –

98.46%  

1,202,347,481  

Other Assets, Less Liabilities –

( 66,574,428 )

18,762,376  

Net Assets –

100.00%  

$ 1,221,109,857  

A portion of the above U.S.

5 unchanged sentences

Current Notional Amount  

Net Unrealized Appreciation (Depreciation)  

Net Unrealized

(Depreciation)

38,848  

5 unchanged sentences

Commodity-Indexed Trust

Notes to Financial Statements (Unaudited)

September 30, 2022

Notes to Financial Statements (Unaudited) March 31, 2023

1 - Organization

The iShares S&P GSCI™

25 unchanged sentences

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022.

The Trust qualifies as an investment company solely for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services –

2 unchanged sentences

Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP.

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S.

The preparation of financial statements in conformity with U.S.

23 unchanged sentences

These investments are valued at fair value.

As of September 30, 2022 and December 31, 2021, the Trust had restricted short-term investments held at the broker of $ 122,796,360 and $ 85,581,308 , respectively, which were posted as margin for the Trust’s Index Futures positions.

As of March 31, 2023 and December 31, 2022, the Trust had restricted short-term investments held at the broker of $ 85,234,175 and $ 102,037,820 , 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 September 30, 2022, 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 March 31, 2023, 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.

The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made.

The NAV is calculated each business day on which NYSE Arca, Inc.

The NAV is calculated each business day on which NYSE Arca, Inc.

(“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m.

28 unchanged sentences

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.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their ( 1 ) negligence, bad faith or willful misconduct or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

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.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their ( 1 ) negligence, bad faith or willful misconduct or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

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

2 unchanged sentences

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 

2022 and 2021.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 23.05  

$ 16.08  

$ 17.10  

$ 12.30  

Net investment income (loss) (a)

( 0.03 )  

( 0.02 )  

Net realized and unrealized gain (loss) (b)

( 2.51 )  

Net increase (decrease) in net assets from operations

( 2.46 )  

Net asset value per Share, end of period

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2023 and 2022.

Three Months Ended March 31,  

Net asset value per Share, beginning of period  

$ 21.22  

$ 17.10  

Net investment income (loss) (a)  

Net realized and unrealized gain (loss) (b)  

( 1.29 )  

Net increase (decrease) in net assets from operations  

( 1.11 )  

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

Net asset value per Share, end of period  

$ 20.11  

$ 22.69  

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

( 5.23 )%  

Ratio to average net assets:

Net investment income (loss) (e)

0.85 %  

( 0.82 )%  

( 0.09 )%  

0.80 %  

Net investment income (loss) (e)  

3.63 %  

Expenses (e)  

0.84 %  

7 unchanged sentences

The Index Futures’

settlement value at expiration is based on the value of the S&P GSCI‑ER at that time.

settlement value at expiration is based on the value of the S&P GSCI‑ER at that time.

Therefore, the value of the Trust will fluctuate based upon the value of the S&P GSCI-ER and the prices of futures contracts and commodities underlying the S&P GSCI-ER.

The commodities markets have historically been extremely volatile.

For the nine months ended September 

2022 and the year ended December 31, 2021, the average month-end notional amounts of open Index Futures were $ 1,846,523,605 and $ 1,239,905,352 , 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, 2022 and December 31, 2021:

Asset Derivatives

For the three months ended March 31, 2023 and the year ended December 31, 2022, the average month-end notional amounts of open Index Futures were $ 1,149,120,187 and $ 1,745,238,003 , 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 

2023 and December 31, 2022:

Asset Derivatives  

Fair Value  

Liability Derivatives

September 30, 2022

Commodity contracts

Receivable for variation margin on open futures contracts

Payable for variation margin on open futures contracts

Liability Derivatives  

Fair Value  

March 31, 2023  

Commodity contracts  

Receivable for variation margin on open futures contracts  

$ 13,853,590  

December 31, 2021

Commodity contracts

Receivable for variation margin on open futures contracts

Payable for variation margin on open futures contracts

December 31, 2022  

Commodity contracts  

Receivable for variation margin on open futures contracts  

$ 14,408,722  

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, 2022 and 2021:

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, 2023 and 2022:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended September 30, 2022  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ ( 394,948,409 )  

Net change in unrealized appreciation/depreciation on futures contracts  

200,395,693  

Three Months Ended September 30, 2021  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ 10,796,107  

Net change in unrealized appreciation/depreciation on futures contracts  

51,987,409  

Nine Months Ended September 30, 2022  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ 446,538,429  

Net change in unrealized appreciation/depreciation on futures contracts  

Three Months Ended March 31, 2023

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

Three Months Ended March 31, 2022

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

( 224,589,428

Nine Months Ended September 30, 2021  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ 333,696,632  

Net change in unrealized appreciation/depreciation on futures contracts  

26,530,264  

10 - Investment Valuation

17 unchanged sentences

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 September 30, 2022 and December 

September 30, 2022

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of March 31, 2023 and December 31, 2022:

Level 1  

Level 2  

Level 3  

March 31, 2023

Futures contracts (a)

4 unchanged sentences

1,066,735,826  

December 31, 2021  

December 31, 2022

Futures contracts (a)

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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, ”

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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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™

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s Net Asset Value

The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee under the Trust Agreement.

The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee under the Fourth Amended and Restated Trust Agreement.

The Trustee determines the net asset value of the Trust and the NAV as of 4:00 p.m.

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(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.

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).

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Results of Operations

The Quarter Ended September 30, 2022

The Trust’s net asset value decreased from $2,009,090,037 at June 30, 2022 to $1,436,219,419 at September 30, 2022.

The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 87,150,000 Shares at June 30, 2022 to 69,750,000 Shares at September 30, 2022, a consequence of 1,750,000 Shares (35 Baskets) being created and 19,150,000 Shares (383 Baskets) being redeemed during the quarter.

The Quarter Ended March 31, 2023

The Trust’s net asset value decreased from $1,221,109,857 at December 31, 2022 to $1,080,129,847 at March 31, 2023.

The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 57,550,000 Shares at December 31, 2022 to 53,700,000 Shares at March 31, 2023, a consequence of 950,000 Shares (19 Baskets) being created and 4,800,000 Shares (96 Baskets) being redeemed during the quarter.

The Trust’s net asset value was also affected by a net decrease in net assets resulting from operations.

The 10.67% decrease in the NAV from $23.05 at June 30, 2022 to $20.59 at September 30, 2022 is directly related to the 10.91% decrease in the settlement price for the Index Futures.

The 5.23% decrease in the NAV from $21.22 at December 31, 2022 to $20.11 at March 31, 2023 is directly related to the 6.05% decrease in the settlement price for the Index Futures.

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

Treasury bills.

The net decrease in net assets resulting from operations for the quarter ended September 30, 2022 was $190,253,708, resulting from a net realized and unrealized loss of $193,869,983, offset by net investment income of $3,616,275.

For the quarter ended September 30, 2022, the Trust had a net realized and unrealized gain of $682,733 on short-term investments and a net realized and unrealized loss of $194,552,716 on futures contracts.

The net decrease in net assets resulting from operations for the quarter ended March 31, 2023 was $63,342,116, resulting from a net realized and unrealized loss of $73,452,241, offset by net investment income of $10,110,125.

For the quarter ended March 31, 2023, the Trust had a net realized and unrealized loss of $185,273 on short-term investments and a net realized and unrealized loss of $73,266,968 on futures contracts.

Other than the Sponsor’s fees of $2,092,414 and brokerage commissions and fees of $237,950, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2022

The Trust’s net asset value increased from $1,431,810,115 at December 31, 2021 to $1,436,219,419 at September 30, 2022.

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

The increase in the Trust’s net asset value was partially offset by a net decrease in the number of outstanding Shares, which fell from 83,750,000 Shares at December 31, 2021 to 69,750,000 Shares at September 30, 2022, a consequence of 22,200,000 Shares (444 Baskets) being created and 36,200,000 Shares (724 Baskets) being redeemed during the period.

The 20.41% increase in the NAV from $17.10 at December 31, 2021 to $20.59 at September 30, 2022 is directly related to the 20.57% 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 period was $353,898,465, resulting from a net realized and unrealized gain of $355,212,668, offset by a net investment loss of $1,314,203.

For the nine months ended September 30, 2022, the Trust had a net realized and unrealized loss of $11,022 on short-term investments and a net realized and unrealized gain of $355,223,690 on futures contracts.

Other than the Sponsor’s fees of $10,749,061 and brokerage commissions and fees of $1,012,614, the Trust had no expenses during the period.

Liquidity and Capital Resources

The Trust’s assets as of September 30, 2022 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.

The Trust’s assets as of March 31, 2023 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.

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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, 2022, 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 March 31, 2023, 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.

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

Treasury bills.

Treasury bills or of perceived or actual economic distress or failures of financial institutions.

Off-Balance Sheet Arrangements and Contractual Obligations

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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