Q - iShares S&P GSCI Commodity-Indexed Trust
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001437749-25-015170
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001437749-25-024886
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 31 previous paragraphs and 34 current paragraphs.
27 unchanged; 3 reworded; 3 added; 1 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The Six-Month Period Ended June 30, 2025
Current report
The Trust’s net asset value decreased from $967,549,530 at December 31, 2024 to $959,404,265 at June 30, 2025. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 44,500,000 Shares at December 31, 2024 to 43,500,000 Shares at June 30, 2025, a consequence of 8,600,000 Shares (172 Baskets) being created and 9,600,000 Shares (192 Baskets) being redeemed during the period. The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.
Current report
The Trust’s NAV increased by 1.47% from $21.74 at December 31, 2024 to $22.06 at June 30, 2025 despite a 0.21% decrease in the settlement price for the Index Futures due to the interest income from U.S. Treasury bills.
Removed paragraphs (1)
Previous report
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
Reworded paragraphs (3)
Previous wording
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.
Current wording
The Trust’s net asset value decreased from $1,053,139,808 at March 31, 2025 to $959,404,265 at June 30, 2025. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 46,300,000 Shares at March 31, 2025 to 43,500,000 Shares at June 30, 2025, a consequence of 5,200,000 Shares (104 Baskets) being created and 8,000,000 Shares (160 Baskets) being redeemed during the quarter. The decrease in the Trust’s net asset value was also affected by a net decrease in net assets resulting from operations.
Previous wording
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.
Current wording
The 3.03% decrease in the NAV from $22.75 at March 31, 2025 to $22.06 at June 30, 2025 is directly related to the 3.85% decrease in the settlement price for the Index Futures. The NAV decreased less than the settlement price for the Index Futures on a percentage basis due to the interest income from U.S. Treasury bills.
Previous wording
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.
Current wording
The net decrease in net assets resulting from operations for the quarter ended June 30, 2025 was $36,143,954, resulting from a net realized and unrealized loss of $44,078,228 and a net investment income of $7,934,274. For the quarter ended June 30, 2025, the Trust had a net realized and unrealized gain of $36,533 on short-term investments and a net realized and unrealized loss of $44,114,761 on futures contracts. Other than the Sponsor’s fees of $1,730,557 and brokerage commissions and fees of $180,111, the Trust had no expenses during the quarter.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The net increase in net assets resulting from operations for the period ended June 30, 2025 was $9,414,990, resulting from a net realized and unrealized loss of $7,542,918, and a net investment income of $16,957,908. For the six months ended June 30, 2025, the Trust had a net realized and unrealized loss of $224,244 on short-term investments and a net realized and unrealized loss of $7,318,674 on futures contracts. Other than the Sponsor’s fees of $3,657,847 and brokerage commissions and fees of $362,683, the Trust had no expenses during the period.