What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-07 · 109 added, 130 removed, 453 unchanged (35% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2024 and December 31, 2023

September 30,

At March 31, 2025 and December 31, 2024

$ 991,563 $ 1,502,280

5 unchanged sentences

14,014,662 3,037,571

1,053,794,970 968,150,009

Sponsor’s fees payable

655,162 600,479

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

Payable for investment securities purchased

Total Liabilities

14 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2024 and 2023

For the three months ended March 31, 2025 and 2024

Three Months Ended

Nine Months Ended

Investment Income

$ 11,133,496 $ 13,015,780

Total investment income

11,133,496 13,015,780

Sponsor’s fees

1,927,290 1,785,101

Brokerage commissions and fees

182,572 233,599

Total expenses

2,109,862 2,018,700

Net Investment income

9,023,634 10,997,080

Net Realized and Unrealized Gain (Loss)

2 unchanged sentences

Futures contracts

Net realized gain (loss)

38,182,150 57,205,070

Net realized gain

38,187,217 57,205,285

Net change in unrealized appreciation/depreciation on:

Short-term investments

( 265,844 ) ( 424,455 )

Futures contracts

( 1,386,063 ) 24,561,846

Net change in unrealized appreciation/depreciation

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

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

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

( 1,651,907 ) 24,137,391

Net realized and unrealized gain

36,535,310 81,342,676

Net increase in net assets resulting from operations

$ 45,558,944 $ 92,339,756

Net increase in net assets per Share (a)

$ 0.98 $ 2.03

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

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2024

Nine Months Ended

September 30, 2024

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

$ 967,549,530

Net investment income

1 unchanged sentence

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 decrease in net assets from capital share transactions

Increase in net assets

Net Assets at March 31, 2024

( 1,651,907 )

Net investment income

Net realized loss

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

2 unchanged sentences

Distributions for Shares redeemed

( 35,792,357 )

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

1,098,519,705

Net investment income

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

( 164,604,840

Net decrease in net assets from capital share transactions

( 157,259,450

Decrease in net assets

Net Assets at March 31, 2025

$ 1,053,139,808

Net Assets at September 30, 2024

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

Net decrease in Shares issued and outstanding

( 1,600,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2023

Nine Months Ended

September 30, 2023

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

Net Assets at December 31, 2023

1 unchanged sentence

Net investment income

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

( 140,980,010

Net Assets at March 31, 2023

1,080,129,847

Net investment income

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

Net investment income

Net realized gain

4 unchanged sentences

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

( 91,002,894 )

Net decrease in net assets from capital share transactions

( 25,901,545 )

Increase in net assets

Net Assets at September 30, 2023

Net Assets at March 31, 2024

$ 1,034,489,890

2 unchanged sentences

Shares redeemed

( 4,450,000 )

Net decrease in Shares issued and outstanding

( 1,400,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2024 and 2023

Nine Months Ended September 30,

For the three months ended March 31, 2025 and 2024

Three Months Ended March 31,

Cash Flows from Operating Activities

Net increase in net assets resulting from operations

$ 45,558,944 $ 92,339,756

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

1 unchanged sentence

( 1,599,049,686 ) ( 1,324,233,999 )

( 6,770,315,665

Sales/maturities of short-term investments

1,534,733,113 1,291,972,580

6,853,731,713

Accretion of discount

( 11,122,791 ) ( 12,991,926 )

Net realized loss on short-term investments

( 5,067 ) ( 215 )

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

265,844 424,455

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts

( 10,977,091 ) ( 15,193,076 )

Payable for variation margin on open futures contracts

Payable for investment securities purchased

— ( 5,873,212 )

Sponsor’s fees payable

Net cash provided by (used in) operating activities

( 40,542,051 ) 26,451,735

Cash Flows from Financing Activities

Contributions for Shares issued

Distributions for Shares redeemed

75,823,691 65,101,349

Distributions for Shares redeemed

( 35,792,357 ) ( 91,002,894 )

1 unchanged sentence

40,031,334 ( 25,901,545 )

Net increase (decrease) in cash

( 510,717 ) 550,190

Net decrease in cash

Beginning of period

Unrestricted – cash

1,502,280 2,435,084

End of period

3 unchanged sentences

Schedules of Investments (Unaudited)

At September 30, 2024 and December 31, 2023

September 30, 2024

At March 31, 2025 and December 31, 2024

March 31, 2025

Security Description

40 unchanged sentences

35,000,000 34,657,408

4.30 % due 6/26/25

42,500,000 42,074,092

Treasury bills (Cost:

$ 1,038,817,854 )

1,038,788,745

Total Investments – 98.64 %

1,038,788,745

Other Assets, Less Liabilities – 1.36 %

Net Assets – 100.00 %

$ 1,053,139,808

A portion of the above U.S.

1 unchanged sentence

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

As of September 30, 2024, the open S&P GSCI-ER futures contracts were as follows:

As of March 31, 2025, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation

(Depreciation)

30,550 December 16, 2024

$ 878,883,785 $ 32,515,036

34,290 June 16, 2025 $ 1,050,827,337 $ 31,223,043

See notes to financial statements.

36 unchanged sentences

25,000,000 24,835,859

4.46 % due 3/06/25

28,750,000 28,539,454

4.35 % due 3/13/25

50,000,000 49,593,634

4.34 % due 3/20/25

61,000,000 60,455,082

Treasury bills (Cost:

2 unchanged sentences

Other Assets, Less Liabilities – 0.41 %

( 4,061,770 )

Net Assets – 100.00 %

10 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2024

1 - Organization

March 31, 2025

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.

49 unchanged sentences

These investments are valued at fair value.

As of September 30, 2024 and December 31, 2023, the Trust had restricted short-term investments held at the broker of $ 33,900,674 and $ 68,298,743 , respectively, which were posted as margin for the Trust’s Index Futures positions.

As of March 31, 2025 and December 31, 2024, the Trust had restricted short-term investments held at the broker of $ 38,066,760 and $ 36,229,375 , 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, 2024, 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, 2025, 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

8 unchanged sentences

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

Segment Reporting

The Trust adopted Financial Accounting Standards Board Update 2023 - 07, Segment Reporting (Topic 280 ) - Improvements to Reportable Segment Disclosures (“ASU 2023 - 07” ) during the period.

The Trust’s adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or results of operations.

The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

Offering of the Shares

29 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2024 and 2023.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025 and 2024.

Three Months Ended

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 21.74 $ 20.08

Net investment income (a)

Net realized and unrealized gain (loss) (b)

Net increase (decrease) in net assets from operations

Net realized and unrealized gain (b)

Net increase in net assets from operations

Net asset value per Share, end of period

$ 22.75 $ 22.10

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

4.65 % 10.06 %

Ratio to average net assets:

Net investment income (e)

3.51 % 4.62 %

0.82 % 0.85 %

Based on average Shares outstanding during the period.

8 unchanged sentences

The commodities markets have historically been extremely volatile.

For the nine months ended September 30, 2024 and the year ended December 31, 2023, the average month-end notional amounts of open Index Futures were $ 991,200,244 and $ 1,076,086,188 , 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, 2024 and December 31, 2023:

For the three months ended March 31, 2025 and the year ended December 31, 2024, the average month-end notional amounts of open Index Futures were $ 1,023,512,433 and $ 978,676,366 , 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 31, 2025 and December 31, 2024:

Asset Derivatives

Liability Derivatives

September 30, 2024

Liability Derivatives Fair Value

March 31, 2025

Commodity contracts

5 unchanged sentences

$ 3,037,571 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 and nine months ended September 30, 2024 and 2023:

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, 2025 and 2024:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended September 30, 2024

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

Three Months Ended September 30, 2023

Commodity contracts

Net realized gain (loss) from futures contracts

Net change in unrealized appreciation/depreciation on futures contracts

Nine Months Ended September 30, 2024

Commodity contracts

Net realized gain (loss) from futures contracts

Three Months Ended March 31, 2025

Commodity contracts Net realized gain (loss) from futures contracts $ 38,182,150 $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 1,386,063 )

Nine Months Ended September 30, 2023

Commodity contracts

Net realized gain (loss) from futures contracts

Three Months Ended March 31, 2024

Commodity contracts Net realized gain (loss) from futures contracts $ 57,205,070 $ —

Net change in unrealized appreciation/depreciation on futures contracts — 24,561,846

15 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, 2024 and December 31, 2023:

September 30, 2024

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of March 31, 2025 and December 31, 2024:

March 31, 2025

Futures contracts (a)

$ 31,223,043 $ — $ — $ 31,223,043

Treasury bills

— 1,038,788,745 — 1,038,788,745

December 31, 2024

Futures contracts (a)

$ 32,609,106 $ — $ — $ 32,609,106

Treasury bills

— 963,610,158 — 963,610,158

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

53 unchanged sentences

Results of Operations

The Quarter Ended September 30, 2024

The Trust’s net asset value decreased from $1,098,519,705 at June 30, 2024 to $881,380,256 at September 30, 2024.

The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 49,500,000 Shares at June 30, 2024 to 42,000,000 Shares at September 30, 2024, a consequence of 350,000 Shares (7 Baskets) being created and 7,850,000 Shares (157 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 5.41% decrease in the NAV from $22.19 at June 30, 2024 to $20.99 at September 30, 2024 is directly related to the 6.51% 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, 2024 was $59,879,999, resulting from a net realized and unrealized loss of $70,955,953, partially offset by a net investment income of $11,075,954.

For the quarter ended September 30, 2024, the Trust had a net realized and unrealized loss of $70,477 on short-term investments and a net realized and unrealized loss of $70,885,476 on futures contracts.

Other than the Sponsor’s fees of $1,801,762 and brokerage commissions and fees of $159,320, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2024

The Trust’s net asset value decreased from $968,051,679 at December 31, 2023 to $881,380,256 at September 30, 2024.

The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 48,200,000 Shares at December 31, 2023 to 42,000,000 Shares at September 30, 2024, a consequence of 8,100,000 Shares (162 Baskets) being created and 14,300,000 Shares (286 Baskets) being redeemed during the period.

The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.

The 4.53% increase in the NAV from $20.08 at December 31, 2023 to $20.99 at September 30, 2024 is directly related to the 1.12% increase in the settlement price for the Index Futures.

The Quarter Ended March 31, 2025

The Trust’s net asset value increased from $967,549,530 at December 31, 2024 to $1,053,139,808 at March 31, 2025.

The increase in the Trust’s net

asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 44,500,000 Shares at December 31, 2024 to 46,300,000 Shares at March 31, 2025, a consequence of 3,400,000 Shares (68 Baskets) being created and 1,600,000 Shares (32 Baskets) being redeemed during the quarter.

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

The 4.65% increase in the NAV from $21.74 at December 31, 2024 to $22.75 at March 31, 2025 is directly related to the 3.78% increase in the settlement price for the Index Futures.

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

Treasury bills.

The net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $36,958,771, resulting from a net realized and unrealized gain of $2,954,190, and a net investment income of $34,004,581.

For the nine months ended September 30, 2024, the Trust had a net realized and unrealized loss of $169,987 on short-term investments and a net realized and unrealized gain of $3,124,177 on futures contracts.

Other than the Sponsor’s fees of $5,612,921 and brokerage commissions and fees of $581,121, the Trust had no expenses during the period.

The net increase in net assets resulting from operations for the quarter ended March 31, 2025 was $45,558,944, resulting from a net realized and unrealized gain of $36,535,310 and a net investment income of $9,023,634.

For the quarter ended March 31, 2025, the Trust had a net realized and unrealized loss of $260,777 on short-term investments and a net realized and unrealized gain of $36,796,087 on futures contracts.

Other than the Sponsor’s fees of $1,927,290 and brokerage commissions and fees of $182,572, the Trust had no expenses during the quarter.

Liquidity and Capital Resources

The Trust’s assets as of September 30, 2024 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, 2025 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 September 30, 2024, 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, 2025, 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