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 iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, (“Index Futures”) on the S&P GSCI™ Excess Return Index (the “S&P GSCI-ER”), together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for the Trust’s Index Futures positions, referred to as “Collateral Assets.” The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures. The Trust seeks to track the investment returns of the S&P GSCI™ Total Return Index (the “Index”) before payment of the Trust’s expenses and liabilities.

Current wording

The iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, (“Index Futures”) on the S&P GSCI™ Excess Return Index (the “S&P GSCI-ER”), together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for the Trust’s Index Futures positions, referred to as “Collateral Assets.” The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodity futures. The Trust seeks to track the investment returns of the S&P GSCI™ Total Return Index (the “Index”) before payment of the Trust’s expenses and liabilities.

Previous wording

Valuation of Index Futures; Computation of the Trust’s Net Asset Value

Current wording

Valuation of Index Futures;** Computation of the Trust**’s Net Asset Value

Previous wording

The Trust’s net asset value decreased from $1,081,674,701 at December 31, 2025 to $997,414,489 at March 31, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 46,850,000 Shares at December 31, 2025 to 30,950,000 Shares at March 31, 2026, a consequence of 5,250,000 Shares (105 Baskets) being created and 21,150,000 Shares (423 Baskets) being redeemed during the quarter. 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 decreased from $1,081,674,701 at December 31, 2025 to $839,284,870 at June 30, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 46,850,000 Shares at December 31, 2025 to 29,450,000 Shares at June 30, 2026, a consequence of 12,150,000 Shares (243 Baskets) being created and 29,550,000 Shares (591 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.

Previous wording

The 39.58% increase in the NAV from $23.09 at December 31, 2025 to $32.23 at March 31, 2026 is directly related to the 38.77% 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 23.43% increase in the Trust’s NAV from $23.09 at December 31, 2025 to $28.50 at June 30, 2026 is directly related to the 21.85% 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 wording

The net increase in net assets resulting from operations for the quarter ended March 31, 2026 was $316,711,031, resulting from a net investment income of $6,758,269 and a net realized and unrealized gain of $309,952,762. For the quarter ended March 31, 2026, the Trust had a net realized and unrealized loss of $257,108 on short-term investments and a net realized and unrealized gain of $310,209,870 on futures contracts. Other than the Sponsor’s fee of $1,774,798 and brokerage commissions and fees of $122,594, the Trust had no expenses during the quarter.

Current wording

The net increase in net assets resulting from operations for the period ended June 30, 2026 was $191,827,746, resulting from a net investment income of $13,985,236 and a net realized and unrealized gain of $177,842,510. For the six months ended June 30, 2026, the Trust had a net realized and unrealized loss of $268,033 on short-term investments and a net realized and unrealized gain of $178,110,543 on futures contracts. Other than the Sponsor’s fee of $3,669,514 and brokerage commissions and fees of $261,009, the Trust had no expenses during the period.