iShares S&P GSCI Commodity-Indexed Trust
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
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-K
Period ended 2024-12-31; filed 2025-02-19.
0001437749-25-004260
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001437749-26-006060
Item 7. 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 31 current paragraphs.
25 unchanged; 3 reworded; 3 added; 3 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.
Added paragraphs (3)
Current report
The Trust’s net asset value increased from $967,549,530 at December 31, 2024 to $1,081,674,701 at December 31, 2025. The increase in the Trust’s net 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 46,850,000 Shares at December 31, 2025, a consequence of 17,800,000 Shares (356 Baskets) being created and 15,450,000 Shares (309 Baskets) being redeemed during the year. The increase in the Trust’s net asset value also benefited from a net increase in net assets resulting from operations.
Current report
The 6.21% increase in the NAV from $21.74 at December 31, 2024 to $23.09 at December 31, 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.
Current report
The net increase in net assets resulting from operations for the year ended December 31, 2025 was $56,966,505, resulting from a net investment income of $34,251,853 and a net realized and unrealized gain of $22,714,652. For the year ended December 31, 2025, the Trust had a net realized and unrealized gain of $33,580 on short-term investments and a net realized and unrealized gain of $22,681,072 on futures contracts. Other than the Sponsor’s Fees of $7,596,948 and brokerage commissions and fees of $694,933, the Trust had no expenses during the year.
Removed paragraphs (3)
Previous report
The Trust’s net asset value decreased from $1,431,810,115 at December 31, 2021 to $1,221,109,857 at December 31, 2022. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 83,750,000 Shares at December 31, 2021 to 57,550,000 Shares at December 31, 2022, a consequence of 22,900,000 Shares (458 Baskets) being created and 49,100,000 Shares (982 Baskets) being redeemed during the year. The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.
Previous report
The 24.09% increase in the NAV from $17.10 at December 31, 2021 to $21.22 at December 31, 2022 is directly related to the 23.44% increase in the settlement price for the Index Futures. The 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.
Previous report
The net increase in net assets resulting from operations for the year ended December 31, 2022 was $390,808,622, resulting from a net investment income of $7,523,923 and a net realized and unrealized gain of $383,284,699. For the year ended December 31, 2022, the Trust had a net realized and unrealized gain of $315,841 on short-term investments and a net realized and unrealized gain of $382,968,858 on futures contracts. Other than the Sponsor’s Fees of $13,482,545 and brokerage commissions and fees of $1,299,610, the Trust had no expenses during the year.
Reworded paragraphs (3)
Previous wording
During the period beginning July 10, 2006 (commencement of operations) and ending on December 31, 2024 (the Trust’s most recent fiscal year-end), the Trust’s net asset value grew from $7,358,911 at July 10, 2006 to $967,549,530 at December 31, 2024. Outstanding Shares in the Trust grew from 150,000 Shares at July 10, 2006 to 44,500,000 Shares at December 31, 2024.
Current wording
During the period beginning July 10, 2006 (commencement of operations) and ending on December 31, 2025 (the Trust’s most recent fiscal year-end), the Trust’s net asset value grew from $7,358,911 at July 10, 2006 to $1,081,674,701 at December 31, 2025. Outstanding Shares in the Trust grew from 150,000 Shares at July 10, 2006 to 46,850,000 Shares at December 31, 2025.
Previous wording
The net increase in net assets resulting from operations for the year ended December 31, 2024 was $69,991,022, resulting from a net realized and unrealized gain of $26,856,481. For the year ended December 31, 2024, the Trust had a net realized and unrealized loss of $183,791 on short-term investments and a net realized and unrealized gain of $27,040,272 on futures contracts. Other than the Sponsor’s Fees of $7,367,043 and brokerage commissions and fees of $749,551, the Trust had no expenses during the year.
Current wording
The net increase in net assets resulting from operations for the year ended December 31, 2024 was $69,991,022, resulting from a net investment income of $43,134,541 and a net realized and unrealized gain of $26,856,481. For the year ended December 31, 2024, the Trust had a net realized and unrealized loss of $183,791 on short-term investments and a net realized and unrealized gain of $27,040,272 on futures contracts. Other than the Sponsor’s Fees of $7,367,043 and brokerage commissions and fees of $749,551, the Trust had no expenses during the year.
Previous wording
The Trust’s assets as of December 31, 2024 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s Fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. For the year ended December 31, 2024, interest income was $51,251,135, while the Sponsor’s Fees totaled $7,367,043. For the year ended December 31, 2023, interest income was $52,559,888, while the Sponsor’s Fees totaled $8,046,692. For the year ended December 31, 2022, interest income was $22,306,078, while the Sponsor’s Fees totaled $13,482,545. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of December 31, 2024, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that Goldman Sachs or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market.
Current wording
The Trust’s assets as of December 31, 2025 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s Fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. For the year ended December 31, 2025, interest income was $42,543,734, while the Sponsor’s Fees totaled $7,596,948. For the year ended December 31, 2024, interest income was $51,251,135, while the Sponsor’s Fees totaled $7,367,043. For the year ended December 31, 2023, interest income was $52,559,888, while the Sponsor’s Fees totaled $8,046,692. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of December 31, 2025, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that Goldman Sachs or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market.