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Item 9A. Controls and Procedures

2024-02-20 compared with 2023-02-23 · 259 added, 352 removed, 469 unchanged (57% of the section changed)

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Disclosure Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

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

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).

The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America.

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).

Internal control over financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Sponsor’s management, including the principal executive officer and principal financial officer of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022.

In making its assessment, the Sponsor’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control –

Integrated Framework (2013).

Based on their assessment and those criteria, the Sponsor’s management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2022.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.

Based on their assessment and those criteria, the Sponsor’s management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2023.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2023 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Other Information.

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Shannon Ghia is the President and Chief Executive Officer of the Sponsor and Bryan Bowers is the Chief Financial Officer of the Sponsor.

The Sponsor is managed by a Board of Directors composed of Shannon Ghia, Bryan Bowers, Philip Jensen, Peter Landini and Kimun Lee.

Shannon Ghia , 46, has served as a Director of the Sponsor since March 2022 and became a principal of the Sponsor on April 18, 2022.

The Sponsor is managed by the Board of Directors composed of Shannon Ghia, Bryan Bowers, Philip Jensen, Peter Landini and Kimun Lee.

Shannon Ghia , 47, has served as a Director of the Sponsor since March 2022 and became a principal of the Sponsor on May 19, 2023.

Ghia is a Managing Director of BlackRock and has served as Global Co-Head of ETF Markets since January 1, 2022.

ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock's ETF and Index Investing organization.

ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock’s ETF and Index Investing organization.

The Engine teams drive investment integrity and market quality in BlackRock’s ETF and index portfolios.

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Bowers has served as a Director of BlackRock.

Bowers became a principal of the Sponsor on August 26, 2022.

Since October 4, 2021, Mr.

Bowers has managed the Product Oversight and Governance team within BlackRock’s Global Accounting and Product Services (“GAAPS”) function.

In that capacity, Mr.

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From September 1, 2014 to October 3, 2021, Mr.

Bowers worked in Global Financial Reporting on the Business Operations & Technology team within BlackRock’s GAAPS function.

From September 6, 2011 to August 31, 2014, Mr.

Bowers served as a Vice President on BlackRock’s Fund Administration team.

Prior to joining BlackRock, Mr.

Bowers served as an Assistant Vice President of State Street Corporation or its affiliates, where he served as a Unit Manager within the Global and Corporate Bond Accounting Units from September 1, 2007 to September 4, 2011.

Mr. Bowers earned his B.S.

Bowers earned his B.S.

degree in accounting from Stockton University.

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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’

Business Continuity Management Program Operations Team.

Castaneda serves as a listed principal for each of the foregoing entities, performing supervisory and managerial functions on such entities’ Business Continuity Management Program Operations Team.

In that role, Mrs.

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Castaneda has served as a Vice President of BlackRock, Inc.

and each of the foregoing entities, all of which are affiliates of BlackRock, Inc., performing supervisory and managerial functions on the firm’s Business Continuity Management Program Operations Team.

In that role, Mrs.

Castaneda is responsible for running global program level tasks including metrics, reporting and data analysis along with development and administration of the firm’s business continuity planning system.

From January 2012 to February 2016, Mrs. Castaneda served as an Associate of BlackRock Inc.

From January 2012 to February 2016, Mrs.

Castaneda served as an Associate of BlackRock Inc.

as a Business Continuity Program Manager.

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Castaneda served as an Analyst of BlackRock, Inc.

performing operational support to the firm’s Business Continuity Management team.

Prior to joining BlackRock, Inc., Mrs.

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a data analytics technology firm, from July 2006 to February 2009.

Prior to that, Mrs. Castaneda was an office automation assistant at the U.S.

Prior to that, Mrs.

Castaneda was an office automation assistant at the U.S.

Department of Health and Human Services, where she focused on the Employee Human Resource and Payroll System (i.e., PeopleSoft software) from July 2002 to July 2006.

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Ann Frechette , CPA, 55, 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.

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.

on April 13, 2020.

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From April 2006 to April 2012, Ms.

Frechette served as the Global Director of Internal Audit at Citco Fund Services, a provider of banking, cash management, fund administration, and trust services, where her responsibilities included managing that firm’s audit team’s risk-based audits and SOC 1 project.

From October 2002 to April 2006, Ms.

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From September 1991 to October 2002, Ms.

Frechette served as a Senior Manager in the audit division of Ernst & Young’s financial services industry practice.

Frechette graduated with honors from Drexel University with a Bachelor of Science in accounting in 1991 and was initially licensed as a certified public accountant in 1993.

Philip Jensen , 64, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee.

Philip Jensen , 65, became a principal of the Sponsor in September 2009 and is Chairman of the Sponsor’s audit committee.

In June 2001, Mr.

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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.

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Prior to that, Mr.

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.

Peter Landini , 71, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee.

Peter Landini , 72, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee.

In January 2003, Mr.

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Landini is a certified financial planner and is a member of the Financial Planning Association.

Kimun Lee , 76, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee.

Kimun Lee , 77, became a principal of the Sponsor in September 2009 and is a member of the Sponsor’s audit committee.

Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980.

Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company.

Since September 2010, Mr.

Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company.

Since April 2013, Mr.

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Charles Park , 56, became a principal of the Advisor in December 2012 and has served as Chief Compliance Officer for the Advisor since August 2006.

Mr. Park became a principal of BlackRock Advisors, LLC, a commodity pool operator and commodity trading advisor registered with the CFTC, in June 2014 and has served as its Chief Compliance Officer since June 2014.

Park became a principal of BlackRock Advisors, LLC, a commodity pool operator and commodity trading advisor registered with the CFTC, in June 2014 and has served as its Chief Compliance Officer since June 2014.

Park became a principal of BlackRock Financial Management, Inc., an investment management company, in September 2016 and has served as Chief Compliance Officer of BlackRock Financial Management, Inc.

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Greg Savage , 52, became a principal and associated person of the Sponsor in July 2012 and performs supervisory and managerial functions.

Since March 2009, Mr.

Since March 2009, Mr.

Savage was a principal and associated person, performing supervisory and managerial functions, of BlackRock Asset Management International Inc., a former commodity pool operator that withdrew its commodity pool operator registration in February 2014.

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He has the FINRA Series 7, 63 and 3 licenses.

The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers, including its Chief Executive Officer, President, Chief Financial Officer and Treasurer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them.

Philip Vasan , 63, became a principal of the Sponsor and the Advisor on August 24, 2022 and performs supervisory and managerial functions.

Vasan has been a principal of BlackRock International Limited, performing supervisory and managerial functions, since August 24, 2022, an NFA associate member and an associated person since April 5, 2023, and a swap associated person since April 6, 2023.

Since August 24, 2022, he has been a principal of each of BlackRock Advisors LLC, BlackRock Institutional Trust Company, N.A.

and BlackRock Investment Management LLC, performing supervisory and managerial functions for each entity.

With respect to BlackRock Financial Management Inc., Mr.

Vasan has been a principal, performing supervisory and managerial functions, since August 24, 2022 and an NFA associate member, an associated person and a swap associated person since October 11, 2016.

Vasan is a Managing Director of BlackRock, Inc.

Since February 2023, Mr.

Vasan has served as the Co-Head of Fundamental Equities, and since August 2020, Mr.

Vasan has also served as the Deputy Head of BlackRock, Inc.'s portfolio management group.

Vasan previously was the Head of Global Lending, Liquidity and Financing from July 2019 to February 2023 and the Head of Investments and Portfolio Solutions for BlackRock, Inc.'s U.S.

wealth advisory business from September 2016 to July 2019.

He received a Bachelor of Arts from Oberlin College and a Ph.D.

in Economics from Harvard University.

Paul Whitehead, 53, became a principal, an NFA associate member and an associated person of the Sponsor on August 23, 2022 and performs supervisory and managerial functions.

Whitehead became a principal of the Advisor, performing supervisory and managerial functions, on August 23, 2022 and has been an associated person since February 22, 2001 and an NFA associate member since January 26, 2001.

Whitehead has been a principal of BlackRock Institutional Trust Company, N.A., performing supervisory and managerial functions, since August 23, 2022, a swap associated person since December 14, 2012, and an associated person and an NFA associate member since September 22, 2003.

Whitehead is a Managing Director of BlackRock, Inc.

Since January 2022, Mr.

Whitehead has served as the Co-Head of Index Equity with responsibility for Global Portfolio Engineering, Index Asset Allocation, Investment Process and Platform, and Transition Management within BlackRock, Inc.'s ETF and Index Investments group (“EII”).

Whitehead previously was the Global Head of Equity Trading for EII from July 2015 to January 2022.

Whitehead earned his Bachelor of Science in economics from the University of Colorado at Boulder in 1993.

BlackRock Asset Management International Inc.

became a principal of the Sponsor in June 2009.

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, 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.

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.

The Trust has no employees, officers or directors.

The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s Fee.

For the year ended December 31, 2022, the Trust incurred a Sponsor’s Fee of $13,482,545.

The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s Fees.

For the year ended December 31, 2023, the Trust incurred Sponsor’s Fees of $8,046,692.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

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The following documents are filed herewith or incorporated herein and made a part of this Annual Report:

Restated Certificate of Trust of iShares S&P GSCI ™

Commodity-Indexed Trust is incorporated by reference to Exhibit 3.1(i) of registrant ’

s Current Report on Form 8-K on May 9, 2007

Fourth Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 of registrant's Current Report on Form 8-K filed on April 1, 2022

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.

Restated Certificate of Trust of iShares S&P GSCI™ Commodity-Indexed Trust is incorporated by reference to Exhibit 3.1(i) of registrant’s Current Report on Form 8-K on May 9, 2007

Fourth Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 of registrant’s Current Report on Form 8-K on April 1, 2022

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 is incorporated by reference to Exhibit 4.3 of registrant's Annual Report on Form 10-K on March 1, 2021

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

333-193156 on January 2, 2014

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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‑

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

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.

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333-254992) on May 24, 2021

Control Agreement is incorporated by reference to Exhibit 10.7 of registrant ’

s Post-Effective Amendment No.

Control Agreement is incorporated by reference to Exhibit 10.7 of registrant’s Post-Effective Amendment No.

1 to Registration Statement No.

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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

Executive Officer Incentive-Based Compensation Clawback Policy

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.

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Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

Filed herewith

Form 10-K Summary.

iShares S&P GSCI ™

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Financial Statements

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Report of Independent Registered Public Accounting Firm

To the Sponsor and Shareholders of

iShares S&P GSCI™

Commodity-Indexed Trust

To the Sponsor and Shareholders of iShares S&P GSCI Commodity-Indexed Trust

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares S&P GSCI™

Commodity‑Indexed Trust (the “Trust”) as of December 31, 2022 and 2021, and the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares S&P GSCI Commodity-Indexed Trust (the “Trust”) as of December 31, 2023 and 2022, and the related statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2023 and 2022, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

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Basis for Opinions

The Sponsor’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

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Definition and Limitations of Internal Control over Financial Reporting

A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of the Sponsor’s management and the Sponsor of the Trust;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of the Sponsor’s management and the Sponsor of the trust;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

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February 16, 2024

We have served as the Trust’s auditor since 2006.

iShares S&P GSCI ™

Commodity-Indexed Trust

We have served as the Trust’s auditor since 2006.

iShares S&P GSCI™ Commodity-Indexed Trust

Statements of Assets and Liabilities

At December 31, 2023 and 2022

December 31,  

$ 5,181,064  

$ 41,625,574  

$ 2,435,084 $ 5,181,064

Short-term investments (a)

1,100,309,661  

1,412,803,235  

903,814,706 1,100,309,661

Short-term investments held at broker (restricted) (b)

102,037,820  

85,581,308  

68,298,743 102,037,820

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

14,408,722  

1,221,937,267  

1,540,010,117  

Sponsor’s fees payable

827,410  

890,974  

Payable for investment securities purchased

89,994,437  

974,548,533 1,221,937,267

Sponsor’s fees payable

623,642 827,410

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

17,314,591  

Total Liabilities

827,410  

108,200,002  

6,496,854 827,410

Commitments and contingent liabilities (Note 7)

$ 1,221,109,857  

$ 1,431,810,115  

$ 968,051,679 $ 1,221,109,857

Shares issued and outstanding (c)

57,550,000  

83,750,000  

48,200,000 57,550,000

Net asset value per Share (Note 2G)

$ 21.22  

$ 17.10  

$ 20.08 $ 21.22

Cost of short-term investments:

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See notes to financial statements.

iShares S&P GSCI ™

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Statements of Operations

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Investment Income

$ 52,559,888 $ 22,306,078 $ 426,034

Total investment income

Sponsor’s fees

52,559,888 22,306,078 426,034

Sponsor’s fees

8,046,692 13,482,545 9,465,137

Brokerage commissions and fees

863,130 1,299,610 1,346,112

Total expenses

8,909,822 14,782,155 10,811,249

Net investment income (loss)

43,650,066 7,523,923 ( 10,385,215 )

Net Realized and Unrealized Gain (Loss)

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Short-term investments

26,056 ( 59,481 ) 1,072

Futures contracts

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Short-term investments

28,405 375,322 3,775

Futures contracts

( 52,150,846 ) 23,317,777 ( 5,445,651 )

Net change in unrealized appreciation/depreciation

( 52,122,441 ) 23,693,099 ( 5,441,876 )

Net realized and unrealized gain (loss)

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

$ ( 1.28 ) $ 4.82 $ 4.51

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

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

4 unchanged sentences

Net investment income (loss)

43,650,066 7,523,923 ( 10,385,215 )

Net realized gain (loss)

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Net change in unrealized appreciation/depreciation

( 52,122,441 ) 23,693,099 ( 5,441,876 )

Net increase (decrease) in net assets resulting from operations

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Contributions for Shares issued

Distributions for Shares redeemed

163,996,005 477,233,516 522,133,469

( 283,678,931

Distributions for Shares redeemed

( 350,512,508 ) ( 1,078,742,396 ) ( 283,678,931 )

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$ 968,051,679 $ 1,221,109,857 $ 1,431,810,115

1,431,810,115

Shares issued and redeemed

Shares issued

7,750,000 22,900,000 34,750,000

Shares redeemed

( 17,100,000 ) ( 49,100,000 ) ( 18,250,000 )

Net increase (decrease) in Shares issued and outstanding

( 9,350,000 ) ( 26,200,000 ) 16,500,000

See notes to financial statements.

iShares S&P GSCI ™

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Statements of Cash Flows

7 unchanged sentences

( 8,410,865,134 ) ( 12,149,834,676 ) ( 8,969,201,919 )

( 8,969,201,919

( 3,958,461,167

Sales/maturities of short-term investments

8,693,574,437 12,468,482,968 8,286,216,364

8,286,216,364

3,897,733,626

Accretion of discount

( 52,420,810 ) ( 22,295,389 ) ( 426,034 )

Net realized (gain) loss on short-term investments

( 26,056 ) 59,481 ( 1,072 )

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

( 28,405 ) ( 375,322 ) ( 3,775 )

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts

14,408,722 ( 14,408,722 ) 3,335,487

Payable for variation margin on open futures contracts

5,873,212 ( 17,314,591 ) 17,314,591

Payable for investment securities purchased

Sponsor’s fees payable

— ( 89,994,437 ) 89,994,437

Sponsor’s fees payable

( 203,768 ) ( 63,564 ) 383,766

Brokerage commissions and fees payable

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183,770,523 565,064,370 ( 206,379,198 )

( 257,310,690

Cash Flows from Financing Activities

Contributions for Shares issued

Distributions for Shares redeemed

163,996,005 477,233,516 522,133,469

( 294,751,228

Distributions for Shares redeemed

( 350,512,508 ) ( 1,078,742,396 ) ( 294,751,228 )

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Net increase (decrease) in cash and cash equivalents

( 2,745,980 ) ( 36,444,510 ) 21,003,043

Beginning of year

Unrestricted –

Unrestricted – cash

5,181,064 41,625,574 20,622,531

Unrestricted – cash $ 2,435,084 $ 5,181,064 $ 41,625,574

See notes to financial statements.

iShares S&P GSCI ™ 

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Schedules of Investments

3 unchanged sentences

Treasury bills (a)(b) :

3.05% –

5.33 % – 5.39 % due 1/02/24

$ 94,000,000  

3.37% –

$ 99,000,000 $ 99,000,000

5.47 % – 5.49 % due 1/04/24

120,000,000  

119,975,767  

3.81% –

65,000,000 64,981,111

5.39 % – 5.41 % due 1/09/24

80,000,000  

79,943,727  

83,000,000 82,915,365

5.38 % – 5.50 % due 1/11/24

35,000,000  

34,969,615  

3.80% –

92,000,000 91,879,784

5.39 % – 5.47 % due 1/16/24

170,000,000  

169,756,793  

3.56% –

62,000,000 61,873,236

5.46 % due 1/18/24

71,000,000  

70,885,769  

3.68% –

50,000,000 49,882,636

5.34 % – 5.46 % due 1/25/24

255,000,000  

254,428,687  

3.72% –

66,000,000 65,777,666

5.42 % – 5.45 % due 2/01/24

68,000,000  

67,831,414  

73,000,000 72,679,210

5.39 % due 2/06/24

60,000,000  

59,816,134  

3.99% –

20,000,000 19,897,343

5.35 % due 2/08/24

81,000,000  

80,692,100  

50,000,000 49,729,212

5.40 % due 2/13/24

6,000,000  

5,971,795  

45,000,000 44,722,879

5.41 % due 2/15/24

45,000,000  

44,776,219  

62,000,000 61,602,848

5.38 % – 5.39 % due 2/20/24

60,000,000  

59,660,552  

16,000,000 15,885,256

5.34 % due 2/22/24

60,000,000  

59,638,909  

51,000,000 50,620,877

5.40 % due 2/27/24

42,000,000 41,654,885

5.35 % due 3/07/24

50,000,000 49,529,991

5.37 % due 3/14/24

50,000,000 49,481,150

Treasury bills (Cost:

$ 1,201,949,825 )  

1,202,347,481  

Total Investments –

98.46%  

1,202,347,481  

Other Assets, Less Liabilities –

18,762,376  

Net Assets –

100.00%  

$ 1,221,109,857  

$ 971,687,389 )

Total Investments – 100.42 %

Other Assets, Less Liabilities – (0.42) %

( 4,061,770 )

Net Assets – 100.00 %

$ 968,051,679

A portion of the above U.S.

Treasury bills are posted as margin for the Trust’s Index Futures positions as described in Note 2D.

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

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

Number of Contracts

Expiration Date

Current Notional Amount

Net Unrealized Appreciation

Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation

(Depreciation)

38,848  

March 15, 2023  

$ 1,215,724,851  

60,324,698  

33,910 March 15, 2024 $ 964,753,064 8,173,852

December 31, 2022

1 unchanged sentence

Treasury bills (a)(b) :

0.03% –

3.05 % – 3.89 % due 1/03/23

$ 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

20,000,000  

19,999,771  

0.03% –

0.06% due 2/01/22

74,000,000  

73,998,510  

0.05% due 2/03/22

20,000,000  

19,999,483  

0.03% –

$ 94,000,000 $ 94,000,000

3.37 % – 3.87 % due 1/05/23

105,000,000  

104,996,981  

120,000,000 119,975,767

3.81 % – 4.01 % due 1/10/23

89,000,000  

88,996,946  

0.03% –

80,000,000 79,943,727

3.81 % due 1/12/23

120,000,000  

119,996,058  

0.03% –

35,000,000 34,969,615

3.80 % – 4.10 % due 1/17/23

121,000,000  

120,995,463  

0.03% –

170,000,000 169,756,793

3.56 % – 3.86 % due 1/19/23

76,000,000  

75,998,152  

0.04% –

71,000,000 70,885,769

3.68 % – 4.19 % due 1/24/23

135,450,000  

135,444,620  

0.05% –

255,000,000 254,428,687

3.72 % – 3.96 % due 1/26/23

120,000,000  

119,993,349  

0.04% –

68,000,000 67,831,414

4.09 % due 1/31/23

127,000,000  

126,990,114  

60,000,000 59,816,134

3.99 % – 4.01 % due 2/07/23

66,000,000  

65,994,133  

81,000,000 80,692,100

4.04 % due 2/14/23

35,000,000  

34,997,273  

6,000,000 5,971,795

4.24 % due 2/16/23

58,000,000  

57,995,081  

45,000,000 44,776,219

4.22 % due 2/21/23

35,000,000  

34,996,079  

60,000,000 59,660,552

3.97 % due 2/23/23

60,000,000  

59,992,534  

60,000,000 59,638,909

Treasury bills (Cost:

$ 1,201,949,825 )

1,498,384,543  

Total Investments –

1,498,384,543  

Other Assets, Less Liabilities –

1,202,347,481

Net Assets –

$ 1,431,810,115  

Total Investments – 98.46 %

1,202,347,481

Other Assets, Less Liabilities – 1.54 %

Net Assets – 100.00 %

$ 1,221,109,857

A portion of the above U.S.

Treasury bills are posted as margin for the Trust’s Index Futures positions as described in Note 2D.

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

As of December 31, 2022, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts

Expiration Date

Current Notional Amount

Net Unrealized Appreciation

Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation

(Depreciation)

56,436  

March 15, 2022  

$ 1,430,714,680  

37,006,921  

38,848 March 15, 2023 $ 1,215,724,851 60,324,698

See notes to financial statements.

iShares S&P GSCI ™

Commodity-Indexed Trust

iShares S&P GSCI™ Commodity-Indexed Trust

Notes to Financial Statements

December 31, 2023

1  - Organization

The iShares S&P GSCI™

Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that was organized under the laws of the State of Delaware on July 7, 2006 and commenced operations on July 10, 2006.

iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”).

1 - Organization

The iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that was organized under the laws of the State of Delaware on July 7, 2006 and commenced operations on July 10, 2006.

iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”).

The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation.

BlackRock Institutional Trust Company, N.A.

is the trustee of the Trust (the “Trustee”).

The Trust is governed by the Third Amended and Restated Trust Agreement, dated as of December 31, 2013 ( the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust Company (the “Delaware Trustee”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust holds long positions in exchange-traded index futures contracts of various expirations (“Index Futures”) on the S&P GSCI™

Excess Return Index (“S&P GSCI‑ER”).

is the trustee of the Trust (the “Trustee”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust holds long positions in exchange-traded index futures contracts of various expirations (“Index Futures”) on the S&P GSCI™ Excess Return Index (“S&P GSCI‑ER”).

In order to collateralize its Index Futures positions and to reflect the U.S.

Treasury component of the S&P GSCI™

Total Return Index (the “Index”), the Trust also holds “Collateral Assets,”

which consist of cash, U.S.

Treasury component of the S&P GSCI™ Total Return Index (the “Index”), the Trust also holds “Collateral Assets,” which consist of cash, U.S.

Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions.

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 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 Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

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.

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

(“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.

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 – 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

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.

4 unchanged sentences

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, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities.

The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions.

1 unchanged sentence

The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis.

When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.”

On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions.

When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions.

Such payments or receipts are known as variation margin.

1 unchanged sentence

When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed.

Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced settlement price on the CME or any such other futures exchange listing Index Futures (the “Exchange”).

If there is no announced settlement price for a particular Index Futures contract on that day, the Trustee will use 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.

The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

The Trust considers cash as currencies deposited in one or more bank account.

3 unchanged sentences

These investments are valued at fair value.

As of December 31, 2022 and December 31, 2021, the Trust had restricted short-term investments held at the broker of $ 102,037,820 and $ 85,581,308 , respectively, which were posted as margin for the Trust’s Index Futures positions.

As of December 31, 2023 and December 31, 2022, the Trust had restricted short-term investments held at the broker of $ 68,298,743 and $ 102,037,820 , respectively, which were posted as margin for the Trust’s Index Futures positions.

Securities Transactions and Income Recognition

7 unchanged sentences

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.

(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.

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

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.

(New York time).

2 unchanged sentences

The Trust is under no obligation to make periodic distributions to shareholders.

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).

Only registered broker-dealers who have entered into an authorized participant agreement with the Trust (each, an “Authorized Participant”) may purchase or redeem Baskets.

3 - Offering of the Shares

Only registered broker-dealers who have entered into an authorized participant agreement with the Trust (each, an “Authorized Participant”) may purchase or redeem Baskets.

Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust.

2 unchanged sentences

Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.

It is possible that, from time to time, BlackRock and/or funds or other accounts managed by the Trustee or an affiliate (collectively, “Affiliates”) may purchase and hold Shares of the Trust.

Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Baskets through an Authorized Participant at any time some or all of the Shares of the Trust acquired for their own accounts.

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.

1 unchanged sentence

The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust.

In return, the Sponsor receives a fee from the Trust that accrues daily and is payable monthly in arrears at an annualized rate equal to 0.75 % of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.

The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses:

( 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 $ 500,000 annually. Prior to March 31, 2022 the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses.

Prior to March 31, 2022 the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses.

The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement.

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

The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust.

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.

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

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.

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 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 years ended December 31, 2023, 2022 and 2021.

Net asset value per Share, beginning of year

$ 17.10  

$ 12.30  

$ 16.24  

$ 21.22 $ 17.10 $ 12.30

Net investment income (loss) (a)

( 0.13 )  

0.84 0.09 ( 0.13 )

Net realized and unrealized gain (loss) (b)

( 1.98 ) 4.03 4.93

Net increase (decrease) in net assets from operations

( 1.14 ) 4.12 4.80

Net asset value per Share, end of year

$ 21.22  

$ 17.10  

$ 12.30  

$ 20.08 $ 21.22 $ 17.10

Total return, at net asset value (c)

24.09 %  

39.02 %  

( 5.37 )% 24.09 % 39.02 %

Ratio to average net assets:

Net investment income (loss)

0.42 %  

( 0.82 )%  

0.82 %  

0.86 %  

4.07 % 0.42 % ( 0.82 )%

0.83 % 0.82 % 0.86 %

Based on average Shares outstanding during the year.

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments.

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

9  - Investing in Index Futures

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

The Index Futures’

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

9 - Investing in Index Futures

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

The Index Futures’ 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 year ended December 

2022 and the year ended December 

31, 2021, the average month-end notional amounts of open Index Futures were $ 1,745,238,033 and $ 1,239,905,352 , respectively.

For the year ended December 31, 2023 and the year ended December 31, 2022, the average month-end notional amounts of open Index Futures were $ 1,076,086,188 and $ 1,745,238,033 , 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 December 31, 2023 and December 31, 2022:

Asset Derivatives

Liability Derivatives

Liability Derivatives Fair Value

December 31, 2023

1 unchanged sentence

Receivable for variation margin on open futures contracts

$ 14,408,722  

$ — Payable for variation margin on open futures contracts $ 5,873,212

3 unchanged sentences

$ 14,408,722 Payable for variation margin on open futures contracts $ —

$ 17,314,591  

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, 2023, 2022 and 2021:

4 unchanged sentences

December 31, 2023

Commodity contracts

Net realized gain (loss) from futures contracts

$ 359,651,081  

Commodity contracts Net realized gain (loss) from futures contracts $ ( 58,095,356 ) $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 52,150,846 )

23,317,777  

December 31, 2022

1 unchanged sentence

Net realized gain (loss) from futures contracts $ 359,651,081 $ —

$ 381,834,976  

Net change in unrealized appreciation/depreciation on futures contracts

1 unchanged sentence

December 31, 2021

Commodity contracts

Net realized gain (loss) from futures contracts

$ ( 204,137,367 )  

Commodity contracts Net realized gain (loss) from futures contracts $ 381,834,976 $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 5,445,651 )

22,817,921  

10  - Investment Valuation

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.

The Trust’s policy is to value its investments at fair value.

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.

The Trust’s policy is to value its investments at fair value.

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.

2 unchanged sentences

Various inputs are used in determining the fair value of financial instruments.

Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”).

These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes.

1 unchanged sentence

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, 2022 and December 

Unadjusted quoted prices in active markets for identical assets or liabilities;

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

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

Level 1 Level 2 Level 3 Total

December 31, 2023

Futures contracts (a) $ 8,173,852 $ — $ — $ 8,173,852

$ 60,324,698  

Treasury bills — 972,113,449 — 972,113,449

1,202,347,481  

December 31, 2022

Futures contracts (a) $ 60,324,698 $ — $ — $ 60,324,698

$ 37,006,921  

Treasury bills — 1,202,347,481 — 1,202,347,481

1,498,384,543  

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

2 unchanged sentences

iShares Delaware Trust Sponsor LLC,

Sponsor of the iShares S&P GSCI™

Commodity-Indexed Trust (registrant)

Sponsor of the iShares S&P GSCI™ Commodity-Indexed Trust (registrant)

/s/ Shannon Ghia

9 unchanged sentences

February 16, 2024

/s/ Peter Landini  

Peter Landini

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures