What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-05 · 131 added, 51 removed, 407 unchanged (31% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2025 and December 31, 2024

At September 30, 2025 and December 31, 2024

September 30,

$ 121,011 $ 1,502,280

4 unchanged sentences

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

Receivable for capital shares sold

1,002,803,109 968,150,009

18 unchanged sentences

Statements of Operations (Unaudited)

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

For the three and nine months ended September 30, 2025 and 2024

Three Months Ended

Six Months Ended

Nine Months Ended

Investment Income

$ 10,836,500 $ 13,037,036 $ 31,814,938 $ 40,198,623

Total investment income

10,836,500 13,037,036 31,814,938 40,198,623

Sponsor’s fees

1,905,877 1,801,762 5,563,724 5,612,921

Brokerage commissions and fees

147,798 159,320 510,481 581,121

Total expenses

2,053,675 1,961,082 6,074,205 6,194,042

Net Investment income

8,782,825 11,075,954 25,740,733 34,004,581

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Short-term investments

1,244 1,222 3,399 1,426

Futures contracts

17,956,102 ( 77,701,360 ) 48,119,207 ( 21,217,007 )

Net realized gain (loss)

17,957,346 ( 77,700,138 ) 48,122,606 ( 21,215,581 )

Net change in unrealized appreciation/depreciation on:

Short-term investments

62,780 ( 71,699 ) ( 163,619 ) ( 171,413 )

Futures contracts

11,839,522 6,815,884 ( 25,642,257 ) 24,341,184

Net change in unrealized appreciation/depreciation

11,902,302 6,744,185 ( 25,805,876 ) 24,169,771

Net realized and unrealized gain (loss)

29,859,648 ( 70,955,953 ) 22,316,730 2,954,190

Net increase (decrease) in net assets resulting from operations

$ 38,642,473 $ ( 59,879,999 ) $ 48,057,463 $ 36,958,771

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

$ 0.87 $ ( 1.34 ) $ 1.08 $ 0.80

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

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

For the three, six and nine months ended September 30, 2025

Nine Months Ended

September 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

4 unchanged sentences

Net realized loss

( 8,021,957 )

Net change in unrealized appreciation/depreciation

( 36,056,271 )

Net decrease in net assets resulting from operations

( 36,143,954 )

Capital Share Transactions

3 unchanged sentences

Net decrease in net assets from capital share transactions

( 57,591,589 )

Decrease in net assets

( 93,735,543 )

Net Assets at June 30, 2025

$ 959,404,265

Net investment income

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions

Contributions for Shares issued

Distributions for Shares redeemed

( 85,942,976 )

Net decrease in net assets from capital share transactions

( 3,976,516 )

Increase in net assets

Net Assets at September 30, 2025

$ 994,070,222

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 13,350,000 )

Net decrease in Shares issued and outstanding

( 1,100,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

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

Nine Months Ended

September 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

4 unchanged sentences

Net change in unrealized appreciation/depreciation

( 6,711,805 )

Net increase in net assets resulting from operations

2 unchanged sentences

Distributions for Shares redeemed

( 44,175,126 )

Net increase in net assets from capital share transactions

2 unchanged sentences

$ 1,098,519,705

Net investment income

Net realized loss

( 77,700,138 )

Net change in unrealized appreciation/depreciation

Net decrease in net assets resulting from operations

( 59,879,999 )

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

( 217,139,449 )

Net Assets at September 30, 2024

$ 881,380,256

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

Net increase in Shares issued and outstanding

( 14,300,000 )

Net decrease in Shares issued and outstanding

( 6,200,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

Six Months Ended June 30,

For the nine months ended September 30, 2025 and 2024

Nine Months Ended September 30,

Cash Flows from Operating Activities

Net increase in net assets resulting from operations

$ 48,057,463 $ 36,958,771

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

1 unchanged sentence

( 5,188,864,448 ) ( 3,775,956,226 )

( 2,724,069,646

Sales/maturities of short-term investments

5,184,854,412 3,906,743,937

2,622,172,455

Accretion of discount

( 31,786,399 ) ( 40,105,867 )

Net realized loss on short-term investments

( 3,399 ) ( 1,426 )

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

163,619 171,413

Change in operating assets and liabilities:

Receivable for variation margin on open futures contracts

3,037,571 ( 2,735,539 )

Payable for variation margin on open futures contracts

8,121,169 ( 5,873,212 )

Payable for investment securities purchased

Sponsor’s fees payable

11,239 ( 90,199 )

Net cash provided by (used in) operating activities

23,591,227 121,210,163

Cash Flows from Financing Activities

Contributions for Shares issued

Distributions for Shares redeemed

267,867,132 176,152,666

Distributions for Shares redeemed

( 292,839,628 ) ( 299,782,860 )

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 24,972,496 ) ( 123,630,194 )

Net decrease in cash

( 1,381,269 ) ( 2,420,031 )

Beginning of period

Unrestricted – cash

1,502,280 2,435,084

End of period

3 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2025 and December 31, 2024

June 30, 2025

Security Description

At September 30, 2025 and December 31, 2024

September 30, 2025

Security Description Face Amount Fair Value

Treasury bills (a)(b) :

27 unchanged sentences

40,000,000 39,779,444

4.03 % – 4.18 % due 11/28/25

47,400,000 47,094,571

4.11 % due 12/04/25

48,000,000 47,667,381

3.92 % – 4.04 % due 12/11/25

65,000,000 64,506,451

3.98 % due 12/18/25

22,500,000 22,311,493

3.92 % due 1/06/26

25,000,000 24,741,839

3.92 % due 1/13/26

16,500,000 16,317,754

3.94 % due 1/20/26

11,200,000 11,068,083

Treasury bills (Cost:

8 unchanged sentences

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

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

As of September 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)

32,469 September 16, 2025

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

32,687 December 15, 2025 $ 991,815,104 $ 6,966,849

See notes to financial statements.

December 31, 2024

Security Description

Security Description Face Amount Fair Value

Treasury bills (a)(b)

55 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2025

September 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 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.

As of September 30, 2025 and December 31, 2024, the Trust had restricted short-term investments held at the broker of $ 48,341,812 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 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.

The Sponsor has analyzed the tax positions as of September 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

9 unchanged sentences

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.

32 unchanged sentences

Financial Highlights

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

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

Three Months Ended

Six Months Ended

2025 2024 2025 2024

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

24 unchanged sentences

The commodities markets have historically been extremely volatile.

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

June 30, 2025

Commodity contracts

Receivable for variation margin on open futures contracts

$ — Payable for variation margin on open futures contracts $ 4,437,061

For the nine months ended September 30, 2025 and the year ended December 31, 2024, the average month-end notional amounts of open Index Futures were $ 990,296,644 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 September 30, 2025 and December 31, 2024:

Asset Derivatives Fair Value Liability Derivatives Fair Value

September 30, 2025

Commodity contracts Receivable for variation margin on open futures contracts $ — Payable for variation margin on open futures contracts

December 31, 2024

Commodity contracts

Receivable for variation margin on open futures contracts

$ 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 six months ended June 30, 2025 and 2024:

Commodity contracts Receivable for variation margin on open futures contracts $ 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, 2025 and 2024:

Statements of

2 unchanged sentences

Appreciation/Depreciation

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Commodity contracts Net realized gain (loss) from futures contracts $ 17,956,102 $ —

Net change in unrealized appreciation/depreciation on futures contracts — 11,839,522

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Commodity contracts Net realized gain (loss) from futures contracts $ ( 77,701,360 ) $ —

$ ( 720,717 ) $ —

Net change in unrealized appreciation/depreciation on futures contracts — 6,815,884

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Commodity contracts Net realized gain (loss) from futures contracts $ 48,119,207 $ —

Net change in unrealized appreciation/depreciation on futures contracts — ( 25,642,257 )

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Commodity contracts Net realized gain (loss) from futures contracts $ ( 21,217,007 ) $ —

$ 56,484,353 $ —

Net change in unrealized appreciation/depreciation on futures contracts — 24,341,184

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 June 30, 2025 and December 31, 2024:

June 30, 2025

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

Level 1 Level 2 Level 3 Total

September 30, 2025

Futures contracts (a)

9 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