iShares S&P GSCI Commodity-Indexed Trust
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 2025
GSG$34.46-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033437
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 34 previous paragraphs and 34 current paragraphs.
27 unchanged; 7 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (7)
Previous 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.
Current wording
The Trust’s net asset value increased from $959,404,265 at June 30, 2025 to $994,070,222 at September 30, 2025. 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 43,500,000 Shares at June 30, 2025 to 43,400,000 Shares at September 30, 2025, a consequence of 3,650,000 Shares (73 Baskets) being created and 3,750,000 Shares (75 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The 3.81% increase in the NAV from $22.06 at June 30, 2025 to $22.90 at September 30, 2025 is directly related to the 2.98% 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.
Previous 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.
Current wording
The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $38,642,473, resulting from a net realized and unrealized gain of $29,859,648 and a net investment income of $8,782,825. For the quarter ended September 30, 2025, the Trust had a net realized and unrealized gain of $64,024 on short-term investments and a net realized and unrealized gain of $29,795,624 on futures contracts. Other than the Sponsor’s fees of $1,905,877 and brokerage commissions and fees of $147,798, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2025
Current wording
The Nine-Month Period Ended September 30, 2025
Previous wording
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 wording
The Trust’s net asset value increased from $967,549,530 at December 31, 2024 to $994,070,222 at September 30, 2025. 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 44,500,000 Shares at December 31, 2024 to 43,400,000 Shares at September 30, 2025, a consequence of 12,250,000 Shares (245 Baskets) being created and 13,350,000 Shares (267 Baskets) being redeemed during the period.
Previous wording
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.
Current wording
The 5.34% increase in the NAV from $21.74 at December 31, 2024 to $22.90 at September 30, 2025 is directly related to the 2.76% 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.
Previous wording
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.
Current wording
The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $48,057,463, resulting from a net realized and unrealized gain of $22,316,730, and a net investment income of $25,740,733. For the nine months ended September 30, 2025, the Trust had a net realized and unrealized loss of $160,220 on short-term investments and a net realized and unrealized gain of $22,476,950 on futures contracts. Other than the Sponsor’s fees of $5,563,724 and brokerage commissions and fees of $510,481, the Trust had no expenses during the period.