What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-07 · 77 added, 181 removed, 381 unchanged (40% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2025 and December 31, 2024

At June 30, 2025 and December 31, 2024

$ 688,035 $ 1,502,280

5 unchanged sentences

964,427,124 968,150,009

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

Sponsor’s fees payable

585,798 600,479

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

Total Liabilities

14 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2025 and 2024

For the three and six months ended June 30, 2025 and 2024

Three Months Ended

Six 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

38,182,150 57,205,070

Net realized gain

38,187,217 57,205,285

Net realized gain (loss)

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

( 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.

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.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

Net Assets at December 31, 2024

$ 967,549,530

Net investment income

1 unchanged sentence

Net change in unrealized appreciation/depreciation

( 1,651,907 )

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

2 unchanged sentences

1,053,139,808

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

( 171,104,295

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at June 30, 2025

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 1,600,000 )

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

$ 968,051,679

Net investment income

5 unchanged sentences

Distributions for Shares redeemed

( 91,002,894 )

Net decrease in net assets from capital share transactions

( 25,901,545 )

Increase in net assets

1 unchanged sentence

1,034,489,890

Net investment income

Net realized loss

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions

Contributions for Shares issued

Distributions for Shares redeemed

Net increase in net assets from capital share transactions

Increase in net assets

Net Assets at June 30, 2024

1,098,519,705

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 4,450,000 )

Net decrease in Shares issued and outstanding

( 1,400,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2025 and 2024

Three Months Ended March 31,

For the six months ended June 30, 2025 and 2024

Six Months Ended June 30,

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

( 3,115,374,791

( 2,724,069,646

Sales/maturities of short-term investments

3,135,976,753

Accretion of discount

2,622,172,455

Accretion of discount

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

— ( 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

75,823,691 65,101,349

Distributions for Shares redeemed

( 206,896,652

Net cash provided by (used in) financing activities

( 135,178,020

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 510,717 ) 550,190

Beginning of period

Unrestricted – cash

1,502,280 2,435,084

End of period

3 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2025 and December 31, 2024

March 31, 2025

At June 30, 2025 and December 31, 2024

June 30, 2025

Security Description

28 unchanged sentences

5,500,000 5,431,472

4.27 % – 4.28 % due 5/27/25

80,000,000 79,472,666

4.30 % due 5/29/25

40,000,000 39,726,930

4.28 % due 6/03/25

46,000,000 45,661,950

4.28 % due 6/10/25

51,000,000 50,584,987

4.30 % due 6/12/25

9,500,000 9,420,390

4.28 % due 6/24/25

35,000,000 34,657,408

4.30 % due 6/26/25

42,500,000 42,074,092

Treasury bills (Cost:

$ 963,728,753 )

1,038,788,745

Total Investments – 100.45 %

1,038,788,745

Other Assets, Less Liabilities – (0.45) %

( 4,334,824 )

Net Assets – 100.00 %

3 unchanged sentences

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

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

As of June 30, 2025, the open S&P GSCI-ER futures contracts were as follows:

Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation

(Depreciation)

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

32,469 September 16, 2025

$ 956,692,591 $ ( 4,872,673 )

See notes to financial statements.

58 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2025

June 30, 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 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.

As of June 30, 2025 and December 31, 2024, the Trust had restricted short-term investments held at the broker of $ 43,045,922 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 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.

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

45 unchanged sentences

Financial Highlights

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

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2025 and 2024.

Three Months Ended

Six Months Ended

2025 2024 2025 2024

Net asset value per Share, beginning of period

1 unchanged sentence

Net investment income (a)

Net realized and unrealized gain (b)

Net increase in net assets from operations

0.19 0.24 0.38 0.49

Net realized and unrealized gain (loss) (b)

( 0.88 ) ( 0.15 ) ( 0.06 ) 1.62

Net increase (decrease) in net assets from operations

( 0.69 ) 0.09 0.32 2.11

Net asset value per Share, end of period

16 unchanged sentences

The commodities markets have historically been extremely volatile.

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:

For the six months ended June 30, 2025 and the year ended December 31, 2024, the average month-end notional amounts of open Index Futures were $ 979,625,600 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 June 30, 2025 and December 31, 2024:

Asset Derivatives

Liability Derivatives Fair Value

March 31, 2025

June 30, 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 months ended March 31, 2025 and 2024:

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, 2025 and 2024:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Commodity contracts Net realized gain (loss) from futures contracts $ ( 8,019,045 ) $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 36,095,716 )

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Commodity contracts Net realized gain (loss) from futures contracts

$ ( 720,717 ) $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 7,036,546 )

Six Months Ended June 30, 2025

Commodity contracts Net realized gain (loss) from futures contracts $ 30,163,105 $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 37,481,779 )

Six Months Ended June 30, 2024

Commodity contracts Net realized gain (loss) from futures contracts

$ 56,484,353 $ —

Net change in unrealized appreciation/depreciation on futures contracts — 17,525,300

Investment Valuation

14 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, 2025 and December 31, 2024:

March 31, 2025

The following table summarizes the value of each of the Trust’s investments by the fair value hierarchy levels as of June 30, 2025 and December 31, 2024:

June 30, 2025

Futures contracts (a)

8 unchanged sentences

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

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

These statements are only predictions.

Actual events or results may differ materially.

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward‑looking statements to conform such statements to actual results or to a change in expectations or predictions.

The iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that 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 (the “S&P GSCI-ER”), together with cash, U.S.

Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for the Trust’s Index Futures positions, referred to as “Collateral Assets.” 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 commodities futures.

The Trust seeks to track the investment returns of the S&P GSCI™ Total Return Index (the “Index”) before payment of the Trust’s expenses and liabilities.

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

BlackRock Institutional Trust Company, N.A.

is the “Trustee” of the Trust.

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.

BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC.

The Trust is not an investment company registered under the Investment Company Act of 1940, as amended.

The Trust has delegated day-to-day administration of the Trust to the Trustee.

The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the “Trust Administrator”).

Wilmington Trust Company, a Delaware trust company, serves as the “Delaware Trustee” of the Trust.

The Trust intends to offer Shares on a continuous basis.

The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares (“Baskets”).

Only institutions that enter into an agreement with the Trust to become “Authorized Participants” may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share, or “NAV” of the Shares being purchased or redeemed.

Owners of beneficial interests in Shares (“Shareholders”) who are not Authorized Participants have no right to redeem their Shares.

In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists.

The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.

Shares of the Trust trade on NYSE Arca, Inc.

(“NYSE Arca”) under the ticker symbol GSG.

Valuation of Index Futures ; Computation of the Trust ’ s Net Asset Value

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

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

(New York time), on each Business Day on which NYSE Arca is open for regular trading, as soon as practicable after that time.

A “Business Day” is a day (1) on which none of the following occurs:

(a) NYSE Arca is closed for regular trading, (b) the Exchange is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business.

The Trustee values the Trust’s long positions in Index Futures on the basis of that day’s settlement prices for the Index Futures held by the Trust as announced by the applicable Exchange.

The value of the Trust’s positions in any particular Index Futures contract equals the product of (1) the number of such Index Futures contracts owned by the Trust, (2) the settlement price of such Index Futures contract on the date of calculation and (3) the multiplier of such Index Futures contract.

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.

The daily settlement price for each Index Futures contract currently held by the Trust is established on each trading day, generally at 2:40 p.m.

(New York time), by the CME Group Inc., and its designed contract markets, including the CME, CBOT (Board of Trade of the City of Chicago, Inc.), NYMEX (New York Mercantile Exchange), COMEX and KCBT (the “CME Group”) staff.

The Trustee values all other holdings of the Trust at (1) its current market value, if quotations for such property are readily available or (2) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined.

Once the value of the Index Futures, Collateral Assets of the Trust and interest earned on the Trust’s Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.

Once the net asset value of the Trust has been calculated, the Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the calculation is made.

Any changes to the NAV that may result from creation and redemption activity are not reflected in the NAV calculations for purposes of the Trust’s operations until the Business Day following the Business Day on which they occur, but are reflected in the Trust’s financial statements as of such first Business Day.

Creation and redemption orders received after 2:40 p.m.

(New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day.

Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m.

(New York time).

Orders are expected to settle by 11:00 a.m.

(New York time) on the Business Day following the Business Day on which such orders are deemed to be received.

Results of Operations

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 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 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.

Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders.

In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust.

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, 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.

LLC or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market.

The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.

The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs.

Because the Trust trades Index Futures, its capital is at risk due to changes in the value of the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).

The Trust holds Index Futures positions and Collateral Assets to satisfy applicable margin requirements on those Index Futures positions.

Because of this limited diversification of the Trust’s assets, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares.

The value of the Index Futures is expected to track generally the S&P GSCI-ER, although this correlation may not be exact.

The S&P GSCI-ER, in turn, reflects the value of a diversified group of commodities.

The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.

When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its futures commission merchant, or Clearing FCM.

In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.

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

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

Off-Balance Sheet Arrangements and Contractual Obligations

The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements.

The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust.

While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies.

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