iShares S&P GSCI Commodity-Indexed Trust 10-Q

Item 1. Financial Statements iShares S&P GSCI™ Commodity-Indexed Trust Statements of Assets and Liabilities (Unaudited) At September 30, 2025 and December 31, 2024 September 30, 2025 December 31, 2024 Assets Cash $ 121,011 $ 1,502,280 Short-term investments, at fair value (a) 950,904,561 927,380,783 Short-term investments held at the broker (restricted), at fair value (b) 48,341,812 36,229,375 Receivable for variation margin on open futures contracts (Note 9) — 3,037,571 Receivable for capital shares sold 3,435,725 — Total Assets 1,002,803,109 968,150,009 Liabilities Sponsor’s fees payable 611,718 600,479 Payable for variation margin on open futures contracts (Note 9) 8,121,169 — Total Liabilities 8,732,887 600,479 Commitments and contingent liabilities (Note 7) — — Net Assets $ 994,070,222 $ 967,549,530 Shares issued and outstanding (c) 43,400,000 44,500,000 Net asset value per Share (Note 2G) $ 22.90 $ 21.74 (a) Cost of short-term investments: $950,835,419 and $927,149,956, respectively. (b) Cost of short-term investments held at the broker (restricted): $48,337,838 and $36,223,466, respectively. (c) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Statements of Operations (Unaudited) For the three and nine months ended September 30, 2025 and 2024 Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Investment Income Interest $ 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 Expenses 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) Net realized gain (loss) from: 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 (a) Net increase (decrease) in net assets per Share based on average shares outstanding during the period. See notes to financial statements. 2 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Statements of Changes in Net Assets (Unaudited) 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 Operations Net investment income 9,023,634 Net realized gain 38,187,217 Net change in unrealized appreciation/depreciation ( 1,651,907 ) Net increase in net assets resulting from operations 45,558,944 Capital Share Transactions Contributions for Shares issued 75,823,691 Distributions for Shares redeemed ( 35,792,357 ) Net increase in net assets from capital share transactions 40,031,334 Increase in net assets 85,590,278 Net Assets at March 31, 2025 $ 1,053,139,808 Operations Net investment income 7,934,274 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 Contributions for Shares issued 113,512,706 Distributions for Shares redeemed ( 171,104,295 ) 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 Operations Net investment income 8,782,825 Net realized gain 17,957,346 Net change in unrealized appreciation/depreciation 11,902,302 Net increase in net assets resulting from operations 38,642,473 Capital Share Transactions Contributions for Shares issued 81,966,460 Distributions for Shares redeemed ( 85,942,976 ) Net decrease in net assets from capital share transactions ( 3,976,516 ) Increase in net assets 34,665,957 Net Assets at September 30, 2025 $ 994,070,222 Shares issued and redeemed Shares issued 12,250,000 Shares redeemed ( 13,350,000 ) Net decrease in Shares issued and outstanding ( 1,100,000 ) See notes to financial statements. 3 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Statements of Changes in Net Assets (Unaudited) 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 Operations Net investment income 10,997,080 Net realized gain 57,205,285 Net change in unrealized appreciation/depreciation 24,137,391 Net increase in net assets resulting from operations 92,339,756 Capital Share Transactions Contributions for Shares issued 65,101,349 Distributions for Shares redeemed ( 91,002,894 ) Net decrease in net assets from capital share transactions ( 25,901,545 ) Increase in net assets 66,438,211 Net Assets at March 31, 2024 $ 1,034,489,890 Operations Net investment income 11,931,547 Net realized loss ( 720,728 ) Net change in unrealized appreciation/depreciation ( 6,711,805 ) Net increase in net assets resulting from operations 4,499,014 Capital Share Transactions Contributions for Shares issued 103,705,927 Distributions for Shares redeemed ( 44,175,126 ) Net increase in net assets from capital share transactions 59,530,801 Increase in net assets 64,029,815 Net Assets at June 30, 2024 $ 1,098,519,705 Operations Net investment income 11,075,954 Net realized loss ( 77,700,138 ) Net change in unrealized appreciation/depreciation 6,744,185 Net decrease in net assets resulting from operations ( 59,879,999 ) Capital Share Transactions Contributions for Shares issued 7,345,390 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 Shares issued 8,100,000 Shares redeemed ( 14,300,000 ) Net decrease in Shares issued and outstanding ( 6,200,000 ) See notes to financial statements. 4 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Statements of Cash Flows (Unaudited) For the nine months ended September 30, 2025 and 2024 Nine Months Ended September 30, 2025 2024 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: Purchases of short-term investments ( 5,188,864,448 ) ( 3,775,956,226 ) Sales/maturities of short-term investments 5,184,854,412 3,906,743,937 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 — 2,098,511 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 267,867,132 176,152,666 Distributions for Shares redeemed ( 292,839,628 ) ( 299,782,860 ) Net cash provided by (used in) financing activities ( 24,972,496 ) ( 123,630,194 ) Net decrease in cash ( 1,381,269 ) ( 2,420,031 ) Cash Beginning of period Unrestricted – cash 1,502,280 2,435,084 End of period Unrestricted – cash $ 121,011 $ 15,053 See notes to financial statements. 5 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Schedules of Investments (Unaudited) At September 30, 2025 and December 31, 2024 September 30, 2025 Security Description Face Amount Fair Value U.S. Treasury bills (a)(b) : 4.30 % due 10/02/25 $ 42,800,000 $ 42,795,219 4.31 % – 4.33 % due 10/07/25 86,500,000 86,441,364 4.27 % – 4.34 % due 10/09/25 34,000,000 33,969,313 4.07 % – 4.32 % due 10/14/25 43,000,000 42,937,275 4.30 % due 10/16/25 5,500,000 5,490,710 4.14 % – 4.29 % due 10/21/25 43,300,000 43,202,719 4.22 % due 10/28/25 140,500,000 140,073,800 4.21 % due 10/30/25 50,000,000 49,836,706 4.14 % due 11/04/25 2,500,000 2,490,522 4.18 % – 4.24 % due 11/06/25 95,400,000 95,016,255 4.08 % due 11/12/25 63,000,000 62,705,905 4.22 % – 4.23 % due 11/13/25 87,100,000 86,682,045 4.05 % due 11/18/25 34,300,000 34,117,524 4.23 % due 11/20/25 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 Total U.S. Treasury bills (Cost: $ 999,173,257 ) 999,246,373 Total Investments – 100.52 % 999,246,373 Other Assets, Less Liabilities – (0.52) % ( 5,176,151 ) Net Assets – 100.00 % $ 994,070,222 (a) 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. (b) Rates shown are discount rates paid at the time of purchase. 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) 32,687 December 15, 2025 $ 991,815,104 $ 6,966,849 See notes to financial statements. 6 Table of Contents December 31, 2024 Security Description Face Amount Fair Value U.S. Treasury bills (a)(b) 4.17 % – 4.59 % due 1/02/25 $ 37,500,000 $ 37,500,000 4.34 % – 4.62 % due 1/07/25 98,000,000 97,944,299 4.57 % due 1/09/25 43,000,000 42,964,807 4.29 % – 4.51 % due 1/14/25 89,000,000 88,875,569 4.53 % due 1/16/25 56,000,000 55,907,757 4.61 % due 1/21/25 30,000,000 29,932,776 4.62 % due 1/23/25 30,000,000 29,925,716 4.48 % due 1/28/25 36,000,000 35,890,863 4.51 % due 1/30/25 50,000,000 49,835,497 4.50 % due 2/04/25 55,000,000 54,788,541 4.35 % – 4.47 % due 2/06/25 42,500,000 42,325,521 4.34 % due 2/11/25 75,000,000 74,651,357 4.50 % due 2/13/25 82,000,000 81,594,453 4.30 % due 2/18/25 5,000,000 4,972,655 4.53 % due 2/20/25 64,000,000 63,636,179 4.29 % due 2/25/25 9,500,000 9,440,139 4.45 % – 4.50 % due 2/27/25 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 Total U.S. Treasury bills (Cost: $ 963,373,422 ) 963,610,158 Total Investments – 99.59 % 963,610,158 Other Assets, Less Liabilities – 0.41 % 3,939,372 Net Assets – 100.00 % $ 967,549,530 (a) 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. (b) Rates shown are discount rates paid at the time of purchase. As of December 31, 2024, the open S&P GSCI-ER futures contracts were as follows: Number of Contracts Expiration Date Current Notional Amount Net Unrealized Appreciation (Depreciation) 32,662 March 17, 2025 $ 964,446,802 $ 32,609,106 See notes to financial statements. 7 Table of Contents iShares S&P GSCI™ Commodity-Indexed Trust Notes to Financial Statements (Unaudited) September 30, 2025 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 Fourth Amended and Restated Trust Agreement, dated as of March 31, 2022 ( 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”). 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 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 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. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025. 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 A. 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 preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. B. Investment in Index Futures 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. Index Futures are exchange-traded index futures contracts on the S&P GSCI-ER, and are expected to include contracts of different terms and expirations. 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. Such payments or receipts are known as variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. 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. 8 Table of Contents 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. C. Cash The Trust considers cash as currencies deposited in one or more bank account. Cash is presented on the Statements of Cash Flows as unrestricted cash. D. Short-Term Investments Short-term investments on the Statements of Assets and Liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value. 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. E. Securities Transactions and Income Recognition Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. F. Income Taxes The Trust is treated as a partnership for federal, state and local income tax purposes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. 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, 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. G. 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. (New York time). H. Distributions Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders. I. Segment Reporting 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. 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. Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more Baskets. 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. 9 Table of Contents 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. These expenses are recorded as brokerage commissions and fees in the Statements of Operations as incurred. 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 paid 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. 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 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 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. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty. 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. 10 Table of Contents 8 - 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, 2025 and 2024. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net asset value per Share, beginning of period $ 22.06 $ 22.19 $ 21.74 $ 20.08 Net investment income (a) 0.20 0.25 0.58 0.73 Net realized and unrealized gain (loss) (b) 0.64 ( 1.45 ) 0.58 0.18 Net increase (decrease) in net assets from operations 0.84 ( 1.20 ) 1.16 0.91 Net asset value per Share, end of period $ 22.90 $ 20.99 $ 22.90 20.99 Total return, at net asset value (c)(d) 3.81 % ( 5.41 )% 5.34 % 4.53 % Ratio to average net assets: Net investment income (e) 3.46 % 4.62 % 3.47 % 4.55 % Expenses (e) 0.81 % 0.82 % 0.82 % 0.83 % (a) Based on average Shares outstanding during the period. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for each period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments. (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not annualized. (e) Percentage is annualized. 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 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 $ 8,121,169 December 31, 2024 Commodity contracts Receivable for variation margin on open futures contracts $ 3,037,571 Payable for variation margin on open futures contracts $ — 11 Table of Contents 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 Operations Location Net Realized Gain (Loss) Net Change in Unrealized Appreciation/Depreciation 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 September 30, 2024 Commodity contracts Net realized gain (loss) from futures contracts $ ( 77,701,360 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 6,815,884 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 ) Nine Months Ended September 30, 2024 Commodity contracts Net realized gain (loss) from futures contracts $ ( 21,217,007 ) $ — Net change in unrealized appreciation/depreciation on futures contracts — 24,341,184 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. 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. U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. 12 Table of Contents 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. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. 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; and 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 September 30, 2025 and December 31, 2024: Level 1 Level 2 Level 3 Total September 30, 2025 Futures contracts (a) $ 6,966,849 $ — $ — $ 6,966,849 U.S. Treasury bills — 999,246,373 — 999,246,373 December 31, 2024 Futures contracts (a) $ 32,609,106 $ — $ — $ 32,609,106 U.S. Treasury bills — 963,610,158 — 963,610,158 (a) Shown at the unrealized appreciation (depreciation) on the contracts. 13 Table of Contents