iShares S&P GSCI Commodity-Indexed Trust Quarterly Report Released - Here’s What You Should Know

iShares S&P GSCI™ Commodity-Indexed Trust
Quarterly Report for Period Ended June 30, 2025

Key Financial Metrics

• Net asset value (NAV) as of June 30, 2025: $959,404,265 (down from $967,549,530 at December 31, 2024 and $1,053,139,808 at March 31, 2025)
• Shares outstanding as of June 30, 2025: 43,500,000 (down from 44,500,000 at December 31, 2024)
• NAV per share: $22.06 (up from $21.74 at December 31, 2024; down from $22.75 at March 31, 2025)
• Total assets: $964,427,124 (as of June 30, 2025)
• Six-month net investment income: $16,957,908 (vs. $22,928,627 in the prior year period)
• Six-month net realized gain from futures: $30,163,105 (2024: $56,484,353)
• Six-month net change in unrealized appreciation/depreciation on futures: $(37,481,779) (2024: $17,525,300)
• Six-month net increase in net assets from operations: $9,414,990 (2024: $96,838,770)
• Cash and cash equivalents: $688,035 (down from $1,502,280 at year-end)
• U.S. Treasury bills held (June 30, 2025): $963,739,089 (cost: $963,728,753)

Performance

• NAV per share rose 1.47% over the six months ended June 30, 2025 (from $21.74 to $22.06)
• For Q2 2025: total return (at NAV) was -3.03% (Q2 2024: +0.41%)
• Net decrease in net assets resulting from operations for Q2 2025: $(36,143,954)
• Net investment income per share for six months ended June 30, 2025: $0.38 (2024: $0.49)
• Net realized and unrealized loss per share for six months ended June 30, 2025: $(0.06) (2024: $1.62)

Management Discussion and Analysis

• NAV decreased in Q2 2025 primarily due to net realized and unrealized losses on Index Futures, accounting for a 3.03% decrease in NAV in the quarter (from $22.75 to $22.06).
• Despite the Q2 loss, full six-month NAV is up 1.47% since year-end, supported by net realized gains earlier in the year and substantial income from short-term investments (interest income for six months: $20,978,438).
• Index Futures positioning: as of June 30, 2025, the Trust held 32,469 open S&P GSCI-ER futures contracts (notional: $956,692,591, net unrealized depreciation: $(4,872,673)), compared with 32,662 contracts at year-end (notional: $964,446,802, net unrealized appreciation: $32,609,106).
• Capital share transactions in H1 2025: 8,600,000 shares issued, 9,600,000 shares redeemed, net decrease of 1,000,000 shares.
• Management notes the Trust’s liquidity is robust, with U.S. Treasury bills and short-term investments comprising the entirety of assets outside of futures margin balances.
• The Sponsor is unaware of any other trends, demands, or events that could materially impact liquidity or capital resources.
• Operating expenses remained essentially flat year-over-year (six-month total: $4,020,530 in 2025 vs. $4,232,960 in 2024).

Risks

• Geopolitical Risk: The Trust is directly exposed to the impact of ongoing international crises such as the Russian war in Ukraine and conflicts in the Middle East, which may increase market volatility and affect the value of Index Futures.
• Interest Rate Risk: As the Trust holds significant amounts of cash and U.S. Treasury bills, changes in interest rates may negatively affect investment income and the market values of these holdings.
• Counterparty/Custodial Risk: The Trust uses Goldman Sachs & Co. LLC as its clearing futures commission merchant. A failure of Goldman Sachs to properly segregate assets or a clearinghouse default could lead to losses. The Trust is reliant on CME and other regulated clearing organizations, subject to the segregation requirements of the Commodity Exchange Act.
• Market Risk: As the Trust holds and trades commodity futures contracts, it is exposed to commodity price risk, as evidenced by the $37.5 million unrealized loss on futures in H1 2025 versus a $17.5 million unrealized gain in the prior year period.
• Redemption Risk: During Q2, 8,000,000 shares were redeemed at an average price of $21.38 per share; a sustained rate of redemptions could concentrate costs and reduce NAV per share.

Conclusion The iShares S&P GSCI™ Commodity-Indexed Trust’s performance in the first half of 2025 was mixed, with a modest increase in NAV for the half year but a negative return in Q2, driven substantially by unrealized losses in Index Futures. Investors should note the Trust’s sensitivity to interest rate and commodity market movements as well as elevated geopolitical and custody risks. Operationally, the Trust remains stable with substantial holdings in highly liquid U.S. Treasury bills and consistent management of expenses.

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