What changed in this filing

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Item 1A. Risk Factors

2026-02-27 compared with 2025-02-19 · 44 added, 11 removed, 447 unchanged (11% of the section changed)

75 unchanged sentences

These aggregation rules will apply to all commodity derivative contracts that are subject to position limits under the Final Position Limits Rules.

CFTC staff has granted relief, until the earlier of August 12, 2025 or the effective date of a rulemaking codifying such relief, from various conditions and requirements in the final aggregation rules, including the “substantially identical trading strategies” aggregation requirement.

The CFTC staff has granted relief, until the earlier of August 12, 2025 or the effective date of a rulemaking codifying such relief, from various conditions and requirements in the final aggregation rules, including the “substantially identical trading strategies” aggregation requirement.

Under this relief, a person would not be required to aggregate positions on the basis of the “substantially identical trading strategies” aggregation requirement unless the person is holding or controlling the trading of positions in multiple accounts or commodity pools with substantially identical trading strategies in order to willfully circumvent applicable position limits.

18 unchanged sentences

An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for the Index Futures or the underlying futures contracts, which could adversely affect the price of the Shares.

Russia ’ s invasion of Ukraine, and sanctions brought by the United States and other countries against Russia, have resulted in significant disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors.

Russia launched a large-scale invasion of Ukraine on February 24, 2022.

Among other things, the conflict has led to disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors, as well as for certain commodity futures contracts that make up the S&P GSCI-ER due to actual and potential disruptions in the supply of commodities underlying such contracts.

The Trust may be negatively impacted by the effects of geopolitical events on the global economy and markets for certain commodities, including energy, precious metals, agriculture and other sectors.

Geopolitical events, including the continuation of the Russian war in Ukraine, conflict in the Middle East and other hostilities, and trade conflicts, could disrupt and adversely impact the global economy and markets for certain commodities.

For example, the Russian war in Ukraine has led to disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors, as well as for certain commodity futures contracts that make up the S&P GSCI-ER due to actual and potential disruptions in the supply of commodities underlying such contracts.

The United States, other countries and certain international organizations have imposed broad ranging economic sanctions on Russia and certain Russian corporations and individuals.

In March 2022, the United States announced that it would ban imports of oil, natural gas and coal from Russia.

In 2022, the United States banned imports of oil, natural gas and coal from Russia.

As a result, the invasion of Ukraine and related events have contributed to backwardation (i.e., when current prices are higher than future prices) in the market for energy futures contracts such as crude oil, heating oil and natural gas.

The impact on commodities and futures prices of the U.S.

The continued impact on commodities and futures prices of the U.S.

ban, as well as the extent and duration of the military action, resulting sanctions and associated market disruptions, are impossible to predict and depend on a number of factors.

The impact of these events or any related developments could be significant and may have a severe adverse effect on the performance of the Index and the value of the Shares.

The continued impact of these events and other geopolitical events could be significant and may have a severe adverse effect on the performance of the Index and the value of the Shares.

Risk Factors Relating to Index Futures and the S&P GSCI-ER

53 unchanged sentences

The Exchange may cease to list other Index Futures that the Trust will be able to roll its positions into, and any Index Futures listed by an Exchange in the future may have terms that differ from those currently held by the Trust.

The market values of the investments by the Trust may be negatively impacted by changes in interest rates, and, as a result, the value or liquidity of the cash equivalents and marketable securities of the Trust could decline, which could adversely affect the performance of the Trust.

The Trust will hold cash or cash equivalents such as U.S.

Treasury securities and thus is subject to interest rate risk, which refers to fluctuations in the value of a fixed-income security or other instrument due to changes in the general level of interest rates.

An increase in interest rates generally will cause the value of fixed-income securities to decline.

Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in value.

Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened market volatility and lower liquidity for certain instruments, all of which may adversely affect the Trust's performance.

Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities.

The liquidation of Index Futures could expose the Trust to the effects of temporary aberrations or distortions in the market, which could adversely affect the prices at which the Trust ’ s Index Futures positions are liquidated.

14 unchanged sentences

There can be no assurance that the implementation of these regulations will prevent losses to, or not materially adversely affect, the Trust or the Shareholders.

A failure of the Clearing FCM to segregate assets or a default of the Clearing FCM, its customers or other market participants may cause losses for the Trust.

The Commodity Exchange Act requires clearing FCMs to segregate all funds received from customers from such clearing FCM’s proprietary assets.

If the Clearing FCM fails to segregate customer assets as required, the assets of the Trust might not be fully protected in the event of the Clearing FCM's distress, impairment or bankruptcy.

Furthermore, in the event of the Clearing FCM's distress, impairment or bankruptcy, the Trust could be delayed in recovering its assets.

The Trust also could be limited to recovering its pro rata share of all available customer funds held by the Clearing FCM, or the Trust may not recover any assets at all, even though certain property specifically traceable to the Trust was held by the Clearing FCM.

In addition, the Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds and other property received from an FCM on behalf of the FCM’s customers in connection with U.S.

futures and options contracts from any funds held at the clearing organization to support the FCM’s proprietary trading.

Nevertheless, customer funds held at a clearing organization in connection with futures or options contracts may be held in a commingled omnibus account, which may not identify the names of the FCM’s individual customers.

With respect to futures and options contracts, a clearing organization may use the assets of a nondefaulting customer held in an omnibus account at the clearing organization to satisfy the payment obligations of a defaulting customer of the FCM to the clearing organization.

In the event of a default of another client of the Clearing FCM or the Clearing FCM’s failure to extend its own funds in connection with any such default, the Trust may not be able to recover the full amount of assets deposited by the Clearing FCM with the clearing organization on the Trust’s behalf.

In the event of a bankruptcy or insolvency of any exchange or clearing house, the Trust could experience a loss of the funds deposited through the Clearing FCM as margin with the exchange or clearing house, a loss of any unrealized profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.

The Trust ’ s performance could be adversely affected if the Clearing FCM reduces its internal risk limits for the Trust.

70 unchanged sentences

The Trust may incur substantial costs in order to resolve or prevent cyber incidents.

The Sponsor, an indirect subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust.

The Sponsor, a consolidated subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust.

The Sponsor relies on BlackRock’s enterprise risk management (“ERM”) framework for the Trust’s cybersecurity risk management and strategy.

181 unchanged sentences

These consequences could have a material adverse effect on the Trust, its Shareholders and the value of the Shares.

If the IRS makes audit adjustments to the Trust ’ s income tax returns for tax years beginning after 2017, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust, in which case the cash available for the distribution to the Trust ’ s Shareholders might be substantially reduced.

If the IRS makes audit adjustments to the Trust ’ s income tax returns, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust, in which case the cash available for the distribution to the Trust ’ s Shareholders might be substantially reduced.

If the IRS makes audit adjustments to the Trust’s U.S.

federal income tax returns for the Trust’s taxable years beginning after December 31, 2017, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust.

federal income tax returns, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust.

The Trust may have the ability to shift any such tax liability to the Sponsor and the Trust’s Shareholders in accordance with their interests in the Trust during the year under audit, but there can be no assurance that it will be able to do so, in which case the current Shareholders would economically bear the burden of the tax even if they were not Shareholders during the year under audit (or if they had a different percentage interest in the Trust in that year).

14 unchanged sentences

Another exception to this withholding requirement applies if the Trust properly certifies via public notice that it was not engaged in a trade or business within the United States at any time during the Trust’s taxable year through the date designated on the public notice.

The Trust intends to post a quarterly notice to the Fund’s website confirming that it has not engaged in a U.S.

The Trust intends to post a quarterly notice to its website confirming that it has not engaged in a U.S.

trade or business.

3 unchanged sentences

Investors in the Shares are urged to consult their tax advisors regarding these rules and their potential impact.

Individual Shareholders that are not U.S.

persons could be subject to U.S.

federal estate tax in respect of their Shares.

Individuals who are neither citizens nor residents of the United States, as determined for U.S.

federal estate tax purposes, (collectively, “Non-U.S.

Residents”) may be subject to estate tax on “U.S.

situs” property they own or are treated as owning at the time of death.

The rules to determine whether an interest in a partnership (such as the Shares) is treated as having U.S.

situs are not entirely clear.

Shares may be considered to have U.S.

situs, in which case they would be includible in the U.S.

gross estate of a Non-U.S.

Resident investor, unless an applicable tax treaty provides otherwise.

Residents considering an investment in Shares are urged to consult with their tax advisers regarding the potential application of U.S.

federal estate taxes to their Shares in their particular circumstances.

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

What changed 10-K

Item 1A. Risk Factors