iShares S&P GSCI Commodity-Indexed Trust
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 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-Q
Period ended 2026-06-30; filed 2026-08-06.
0001437749-26-026006
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001437749-26-035543
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 $997,414,489 at March 31, 2026 to $839,284,870 at June 30, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in net assets resulting from operations. The Trust’s net asset value was also affected by a net decrease in the number of outstanding Shares, which fell from 30,950,000 Shares at March 31, 2026 to 29,450,000 Shares at June 30, 2026, a consequence of 6,900,000 Shares (138 Baskets) being created and 8,400,000 Shares (168 Baskets) being redeemed during the quarter.
Current wording
The Trust’s net asset value increased from $839,284,870 at June 30, 2026 to $1,027,408,341 at September 30, 2026. 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 29,450,000 Shares at June 30, 2026 to 28,900,000 Shares at September 30, 2026, a consequence of 1,550,000 Shares (31 Baskets) being created and 2,100,000 Shares (42 Baskets) being redeemed during the quarter.
Previous wording
The 11.57% decrease in the NAV from $32.23 at March 31, 2026 to $28.50 at June 30, 2026 is directly related to the 12.19% decrease in the settlement price for the Index Futures. The NAV decreased slightly 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 24.74% increase in the NAV from $28.50 at June 30, 2026 to $35.55 at September 30, 2026 is directly related to a 23.89% 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, 2026 was $124,883,285, resulting from a net realized and unrealized loss of $132,110,252, partially offset by a net investment income of $7,226,967. For the quarter ended June 30, 2026, the Trust had a net realized and unrealized loss of $10,925 on short-term investments and a net realized and unrealized loss of $132,099,327 on futures contracts. Other than the Sponsor’s fee of $1,894,716 and brokerage commissions and fees of $138,415, 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, 2026 was $206,505,299, resulting from a net investment income of $7,172,772 and a net realized and unrealized gain of $199,332,527. For the quarter ended September 30, 2026, the Trust had a net realized and unrealized loss of $89,753 on short-term investments and a net realized and unrealized gain of $199,422,280 on futures contracts. Other than the Sponsor’s fee of $1,835,610 and brokerage commissions and fees of $125,467, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2026
Current wording
The Nine-Month Period Ended September 30, 2026
Previous 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.
Current wording
The Trust’s net asset value decreased from $1,081,674,701 at December 31, 2025 to $1,027,408,341 at September 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 28,900,000 Shares at September 30, 2026, a consequence of 13,700,000 Shares (274 Baskets) being created and 31,650,000 Shares (633 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 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.
Current wording
The 53.96% increase in the Trust’s NAV from $23.09 at December 31, 2025 to $35.55 at September 30, 2026 is directly related to a 50.96% increase in the settlement price for the Index Futures. The Trust’s 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, 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.
Current wording
The net increase in net assets resulting from operations for the period ended September 30, 2026 was $398,333,045, resulting from a net realized and unrealized gain of $377,175,037, and a net investment income of $21,158,008. For the nine months ended September 30, 2026, the Trust had a net realized and unrealized loss of $357,786 on short-term investments and a net realized and unrealized gain of $377,532,823 on futures contracts. Other than the Sponsor’s fee of $5,505,124 and brokerage commissions and fees of $386,476, the Trust had no expenses during the period.