What changed in this filing

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Item 1. Financial Statements

2023-08-04 compared with 2023-05-05 · 188 added, 227 removed, 502 unchanged (45% of the section changed)

Financial Statements

iShares S&P GSCI ™

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2023 and December 31, 2022

At June 30, 2023 and December 31, 2022

$ 3,403,189  

11 unchanged sentences

1,221,937,267  

Liabilities  

Sponsor’s fees payable

1 unchanged sentence

827,410  

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

Total Liabilities

19 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2023 and 2022

For the three and six months ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Investment Income

$ 12,440,489  

$ 447,870  

Total investment income

12,440,489  

447,870  

Expenses  

Sponsor’s fees

2,092,414  

3,459,826  

Brokerage commissions and fees

237,950  

409,606  

Total expenses

2,330,364  

3,869,432  

Net Investment income (loss)

10,110,125  

( 3,421,562 )

Net Realized and Unrealized Gain (Loss)  

Net realized gain (loss) from:

Short-term investments

14,130  

Futures contracts

( 603,286 )  

736,763,238  

Net realized gain (loss)

( 589,156 )  

736,764,577  

Net change in unrealized appreciation/depreciation on:

Short-term investments

( 199,403 )  

31,515  

Futures contracts

( 72,663,682 )  

( 291,710,432

Net change in unrealized appreciation/depreciation

( 72,863,085 )  

( 292,401,228

Net realized and unrealized gain (loss)

( 73,452,241 )  

512,206,664  

( 115,636,809

Net increase (decrease) in net assets resulting from operations

$ ( 63,342,116 )  

$ 508,785,102  

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

$ ( 1.14 )  

$ 5.58  

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 months ended March 31, 2023

Three Months Ended

March 31, 2023

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

Net Assets at December 31, 2022

$ 1,221,109,857  

1,221,109,857

Net investment gain

10,110,125  

Net realized loss

Net change in unrealized appreciation/depreciation

( 72,863,085 )

Net decrease in net assets resulting from operations

( 63,342,116 )

Capital Share Transactions

Contributions for Shares issued

19,639,766  

Distributions for Shares redeemed

( 97,277,660 )

Net decrease in net assets from capital share transactions

( 77,637,894 )

Decrease in net assets

1 unchanged sentence

Net Assets at March 31, 2023

$ 1,080,129,847  

1,080,129,847

Net investment gain

Net realized loss

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

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at June 30, 2023

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 months ended March 31, 2022

Three Months Ended

March 31, 2022

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

Net Assets at December 31, 2021

$ 1,431,810,115  

Net investment loss

1,431,810,115

Net investment loss

Net realized gain

736,764,577  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

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

1 unchanged sentence

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  

2,141,840,845

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

( 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

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 three months ended March 31, 2023 and 2022

Three Months Ended March 31,

For the six months ended June 30, 2023 and 2022

Six Months Ended June 30,

Cash Flows from Operating Activities

Net increase (decrease) in net assets resulting from operations

$ ( 63,342,116 )  

$ 508,785,102  

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

Purchases of short-term investments

( 2,269,958,766 )  

( 4,288,681,752

( 7,563,484,350

Sales/maturities of short-term investments

2,417,775,004  

2,938,864,277  

4,534,348,098

7,008,666,792

Accretion of discount

( 12,389,856 )  

Net realized (gain) loss on short-term investments

( 14,130 )  

Net change in unrealized appreciation/depreciation on short-term investments

199,403  

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts  

555,132  

Payable for variation margin on open futures contracts  

61,398,866  

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  

Receivable for variation margin on open futures contracts

Receivable for interest income

Payable for variation margin on open futures contracts

Payable for investment securities purchased

Sponsor’s fees payable

Net cash provided by (used in) operating activities

Cash Flows from Financing Activities

Contributions for Shares issued

Distributions for Shares redeemed

( 166,069,665

Cash Flows from Financing Activities  

Contributions for Shares issued  

19,639,766  

376,347,498  

Distributions for Shares redeemed  

( 97,277,660 )  

( 390,111,186

Net cash provided by (used in) financing activities  

( 77,637,894 )  

201,245,628  

Net increase (decrease) in cash and cash equivalents  

( 4,954,635 )  

Net cash provided by (used in) financing activities

( 132,820,775

Beginning of period  

Net decrease in cash

Beginning of period

Unrestricted –

5,181,064  

41,625,574  

End of period  

Unrestricted –

$ 226,429  

$ 36,425,862  

See notes to financial statements.

2 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2023 and December 31, 2022

March 31, 2023

Security Description  

Face Amount  

Fair Value  

At June 30, 2023 and December 31, 2022

June 30, 2023

Security Description

Treasury bills (a)(b) :

4.33% –

4.65% due 4/04/23  

$ 25,800,000  

$ 25,796,707  

4.01% –

4.54% due 4/06/23  

31,000,000  

30,988,071  

4.64% –

4.71% due 4/11/23  

56,000,000  

55,943,004  

4.69% –

4.79% due 4/17/23  

72,000,000  

71,868,401  

4.69% –

4.74% due 4/18/23  

56,000,000  

55,893,717  

4.66% –

4.69% due 4/20/23  

4.46%  –

4.97% due 7/05/23

$ 100,000,000  

$ 99,972,743  

4.74% due 4/25/23  

4.69%  –

4.86% due 7/06/23

201,000,000  

200,917,129  

4.54% –

4.66% due 4/27/23  

4.96%  –

4.98% due 7/11/23

179,000,000  

178,802,205  

4.73% due 5/02/23  

4.98%  –

5.21% due 7/13/23

105,000,000  

104,853,984  

3.84% –

4.73% due 5/04/23  

5.22% due 7/18/23

26,000,000  

25,945,590  

4.66% –

4.77% due 5/09/23  

5.06%  –

5.09% due 7/27/23

43,000,000  

42,856,201  

4.34% –

4.69% due 5/11/23  

5.17% due 8/08/23

17,000,000  

16,912,748  

4.39% –

4.83% due 5/16/23  

5.22% due 8/10/23

2,000,000  

1,989,165  

4.26% –

4.48% due 5/18/23  

5.20% due 8/15/23

36,000,000  

35,778,711  

4.27% –

4.83% due 5/23/23  

5.14% due 8/24/23

75,000,000  

74,438,833  

4.82% due 5/25/23  

5.05%  –

5.15% due 9/05/23

165,000,000  

163,495,932  

4.85% due 6/01/23  

5.18% due 9/12/23

35,000,000  

11 unchanged sentences

$ 992,402,795  

A portion of the above U.S.

1 unchanged sentence

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

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

As of June 30, 2023, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts  

4 unchanged sentences

35,080  

June 15, 2023  

September 18, 2023  

$ 990,276,828  

$ ( 12,338,985 )

$ 7,800,746  

December 31, 2022

Security Description  

Face Amount  

Fair Value  

Security Description

Treasury bills (a)(b) :

3.05% –

3.89% due 1/03/23  

$ 94,000,000  

1 unchanged sentence

3.37% –

3.87% due 1/05/23  

120,000,000  

1 unchanged sentence

3.81% –

4.01% due 1/10/23  

80,000,000  

79,943,727  

3.81% due 1/12/23  

35,000,000  

1 unchanged sentence

3.80% –

4.10% due 1/17/23  

170,000,000  

1 unchanged sentence

3.56% –

3.86% due 1/19/23  

71,000,000  

1 unchanged sentence

3.68% –

4.19% due 1/24/23  

255,000,000  

1 unchanged sentence

3.72% –

3.96% due 1/26/23  

68,000,000  

67,831,414  

4.09% due 1/31/23  

60,000,000  

1 unchanged sentence

3.99% –

4.01% due 2/07/23  

81,000,000  

80,692,100  

4.04% due 2/14/23  

6,000,000  

5,971,795  

4.24% due 2/16/23  

45,000,000  

44,776,219  

4.22% due 2/21/23  

60,000,000  

59,660,552  

3.97% due 2/23/23  

60,000,000  

27 unchanged sentences

Commodity-Indexed Trust

Notes to Financial Statements (Unaudited) March 31, 2023

1 - Organization

Notes to Financial Statements (Unaudited)

June 30, 2023

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 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.

As of June 30, 2023 and December 31, 2022, the Trust had restricted short-term investments held at the broker of $ 71,026,565 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 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.

The Sponsor has analyzed the tax positions as of June 30, 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

9 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.

7 unchanged sentences

To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

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 months ended March 31, 2023 and 2022.

Three Months Ended March 31,  

Net asset value per Share, beginning of period  

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, 2023 and 2022.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 20.11  

$ 22.69  

Net investment income (loss) (a)  

Net realized and unrealized gain (loss) (b)  

$ 21.22  

Net increase (decrease) in net assets from operations  

$ 17.10  

Net asset value per Share, end of period  

Net investment income (loss) (a)

( 0.02 )  

Net realized and unrealized gain (loss) (b)

( 0.80 )  

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

( 2.09 )  

Ratio to average net assets:

Net investment income (loss) (e)  

Net increase (decrease) in net assets from operations

( 0.61 )  

Expenses (e)  

( 1.72 )  

Net asset value per Share, end of period

$ 19.50  

$ 23.05  

$ 19.50  

$ 23.05  

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

Ratio to average net assets:

Net investment income (loss) (e)

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 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:

For the six months ended June 30, 2023 and the year ended December 31, 2022, the average month-end notional amounts of open Index Futures were $ 1,081,268,844 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 June 30, 2023 and December 31, 2022:

Asset Derivatives  

2 unchanged sentences

Fair Value  

March 31, 2023  

June 30, 2023  

Commodity contracts  

2 unchanged sentences

Payable for variation margin on open futures contracts  

December 31, 2022  

Commodity contracts 

2 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 months ended March 31, 2023 and 2022:

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, 2023 and 2022:

Statements of

Operations Location

Net Change in Unrealized

Appreciation/Depreciation

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

Net Change in Unrealized Appreciation/Depreciation  

Three Months Ended June 30, 2023  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ ( 62,297,247 )  

Net change in unrealized appreciation/depreciation on futures contracts  

20,139,730  

Three Months Ended June 30, 2022  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ 104,723,600  

Net change in unrealized appreciation/depreciation on futures contracts  

( 67,121,004 )

10 - Investment Valuation

Six Months Ended June 30, 2023  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ ( 62,900,533 )  

Net change in unrealized appreciation/depreciation on futures contracts  

( 52,523,952 )

Six Months Ended June 30, 2022  

Commodity contracts  

Net realized gain (loss) from futures contracts  

$ 841,486,838  

Net change in unrealized appreciation/depreciation on futures contracts  

( 291,710,432 )

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.

16 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 March 31, 2023 and December 31, 2022:

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of June 30, 2023 and December 31, 2022:

Level 1  

1 unchanged sentence

Level 3  

March 31, 2023

Futures contracts (a)

June 30, 2023  

Futures contracts (a)  

$ 7,800,746  

$ ( 12,338,985 )

Treasury bills

$ 7,800,746  

Treasury bills  

980,608,611  

December 31, 2022

Futures contracts (a)

980,608,611  

December 31, 2022  

Futures contracts (a)  

$ 60,324,698  

Treasury bills

$ 60,324,698  

Treasury bills  

1,202,347,481  

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

76 unchanged sentences

Results of Operations

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 Quarter Ended June 30, 2023

The Trust’s net asset value decreased from $1,080,129,847 at March 31, 2023 to $992,402,795 at June 30, 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 53,700,000 Shares at March 31, 2023 to 50,900,000 Shares at June 30, 2023, a consequence of 700,000 Shares (14 Baskets) being created and 3,500,000 Shares (70 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 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 3.03% decrease in the NAV from $20.11 at March 31, 2023 to $19.50 at June 30, 2023 is directly related to the 3.98% 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 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.

The net decrease in net assets resulting from operations for the quarter ended June 30, 2023 was $32,544,171, resulting from a net realized and unrealized loss of $42,184,568, offset by net investment income of $9,640,397.

For the quarter ended June 30, 2023, the Trust had a net realized and unrealized loss of $27,051 on short-term investments and a net realized and unrealized loss of $42,157,517 on futures contracts.

Other than the Sponsor’s fees of $1,909,342 and brokerage commissions and fees of $221,985, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2023

The Trust’s net asset value decreased from $1,221,109,857 at December 31, 2022 to $992,402,795 at June 30, 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 50,900,000 Shares at June 30, 2023, a consequence of 1,650,000 Shares (33 Baskets) being created and 8,300,000 Shares (166 Baskets) being redeemed during the period.

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

The 8.11% decrease in the Trust’s NAV from $21.22 at December 31, 2022 to $19.50 at June 30, 2023 is directly related to the 9.80% 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 the interest income from U.S.

Treasury bills.

The net decrease in net assets resulting from operations for the period was $95,886,287, resulting from a net realized and unrealized loss of $115,636,809, offset by a net investment income of $19,750,522.

For the six months ended June 30, 2023, the Trust had a net realized and unrealized loss of $212,324 on short-term investments and a net realized and unrealized loss of 115,424,485 on futures contracts.

Other than the Sponsor’s fees of $4,001,756 and brokerage commissions and fees of $459,935, the Trust had no expenses during the period.

Liquidity and Capital Resources

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’s assets as of June 30, 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.

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 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.

As of June 30, 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.

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