iShares S&P GSCI Commodity-Indexed Trust

Previous wording

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.

Current wording

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.

Previous wording

The net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $92,339,756, resulting from a net realized and unrealized gain of $81,342,676 and a net investment income of $10,997,080. For the quarter ended March 31, 2024, the Trust had a net realized and unrealized loss of $424,240 on short-term investments and a net realized and unrealized gain of $81,766,916 on futures contracts. Other than the Sponsor’s fees of $1,785,101 and brokerage commissions and fees of $233,599, the Trust had no expenses during the quarter.

Current wording

The net increase in net assets resulting from operations for the quarter ended June 30, 2024 was $4,499,014, resulting from a net investment income of $11,931,547, partially offset by a net realized and unrealized loss of $7,432,533. For the quarter ended June 30, 2024, the Trust had a net realized and unrealized gain of $324,730 on short-term investments and a net realized and unrealized loss of $7,757,263 on futures contracts. Other than the Sponsor’s fees of $2,026,058 and brokerage commissions and fees of $188,202, the Trust had no expenses during the quarter.

Previous wording

The Trust’s net asset value increased from $968,051,679 at December 31, 2023 to $1,034,489,890 at March 31, 2024. The increase in the Trust’s net asset value resulted primarily from a net increase in net assets resulting from operations. The increase in the Trust’s net asset value was partially offset by a net decrease in the number of outstanding Shares, which fell from 48,200,000 Shares at December 31, 2023 to 46,800,000 Shares at March 31, 2024, a consequence of 3,050,000 Shares (61 Baskets) being created and 4,450,000 Shares (89 Baskets) being redeemed during the quarter.

Current wording

The Trust’s net asset value increased from $968,051,679 at December 31, 2023 to $1,098,519,705 at June 30, 2024. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 48,200,000 Shares at December 31, 2023 to 49,500,000 Shares at June 30, 2024, a consequence of 7,750,000 Shares (155 Baskets) being created and 6,450,000 Shares (129 Baskets) being redeemed during the period. The Trust’s net asset value was also affected by a net increase in net assets resulting from operations.

Previous wording

The 10.06% increase in the Trust’s NAV from $20.08 at December 31, 2023 to $22.10 at March 31, 2024 is directly related to the 8.92% increase in the settlement price for the Index Futures. The Trust’s NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.

Current wording

The 10.51% increase in the Trust’s NAV from $20.08 at December 31, 2023 to $22.19 at June 30, 2024 is directly related to the 8.16% increase in the settlement price for the Index Futures. The Trust’s NAV increased slightly more than the settlement price for the Index Futures on a percentage basis due to the interest income from U.S. Treasury bills.