10-K: iShares S&P GSCI Trust Reports 2025 Growth

iShares S&P GSCI Commodity-Indexed Trust reports increased net assets and NAV in 2025, driven by share creations and positive investment income, while detailing comprehensive cybersecurity risk management.

Summary

• The Trust seeks to track the results of a fully collateralized investment in futures contracts on the S&P GSCI Total Return Index, holding long positions in S&P GSCI Excess Return Index futures contracts and collateral assets.
• Net assets increased from $967,549,530 at December 31, 2024, to $1,081,674,701 at December 31, 2025.
• Outstanding Shares grew from 44,500,000 at December 31, 2024, to 46,850,000 at December 31, 2025, with 17,800,000 shares created and 15,450,000 redeemed during the year.
• The Net Asset Value (NAV) per Share increased by 6.21% from $21.74 at December 31, 2024, to $23.09 at December 31, 2025, primarily due to a 2.76% increase in the settlement price for Index Futures and interest income from U.S. Treasury bills.
• Net increase in net assets resulting from operations for the year ended December 31, 2025, was $56,966,505, comprising $34,251,853 in net investment income and $22,714,652 in net realized and unrealized gain.
• Sponsor's fees for 2025 totaled $7,596,948, and brokerage commissions and fees were $694,933.
• BlackRock's Enterprise Risk Management (ERM) framework is utilized for the Trust's cybersecurity risk management and strategy.
• A Section 13(r) disclosure notes that Malaysia Airport Holdings Berhad, an affiliate of BlackRock, had Iran Airtour launch flights to one of its operated airports in November 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as moderately positive, reflecting a strong recovery in net assets and NAV in 2025 after two years of decline, driven by increased share creations and positive investment performance. However, inherent risks in commodity markets and the passive nature of the Trust temper the overall sentiment.

Positives

• Net assets increased by $114,125,171 in 2025, reaching $1,081,674,701, indicating a strong recovery from previous years.
• Net Asset Value (NAV) per Share increased by 6.21% to $23.09 in 2025, reflecting positive investment performance.
• The Trust achieved a net increase in net assets from operations of $56,966,505 in 2025, a significant improvement from a net decrease in 2023.
• Net investment income for 2025 was $34,251,853, contributing positively to overall performance.
• A net realized and unrealized gain of $22,714,652 was recorded in 2025, reversing a substantial loss from 2023.
• The Trust maintained effective internal control over financial reporting as of December 31, 2025, as audited by PricewaterhouseCoopers LLP.

Negatives

• Net assets decreased by $502,149 in 2024 and $253,058,178 in 2023, highlighting past volatility.
• The Trust experienced a net decrease in shares outstanding in 2024 (-3,700,000) and 2023 (-9,350,000), indicating net redemptions in those periods.
• A significant net realized and unrealized loss of $110,191,741 was incurred in 2023.
• The Trust is a passive investment vehicle, meaning it is directly affected by general declines in commodity prices without active management to mitigate losses.
• Fees and expenses are charged regardless of profitability, which can lead to a depletion of assets during unfavorable market conditions.
• The market for Index Futures has not developed significant liquidity, and the Trust represents substantially all of the long-side open interest, posing concentration risks.
• Goldman Sachs or its accountholders may represent a substantial portion of the short-side interest in the market, potentially exacerbating losses if the Trust is forced to liquidate positions.

Risks

• The value of Shares depends on Index Futures, which fluctuate based on volatile commodity futures prices, creating potential for losses.
• Historical performance of the Index and S&P GSCI-ER is not indicative of future performance, and there is no guarantee of an increase in their levels.
• Commodity futures trading may be illiquid, and market suspensions or disruptions can adversely affect Share value.
• Daily price fluctuation limits on futures exchanges can preclude trading or force liquidation at disadvantageous times or prices.
• The absence of backwardation or the existence of contango in commodity prices may adversely affect the value of Shares.
• Regulatory developments, including federal position limits and aggregation rules, could reduce liquidity and adversely affect the performance of the S&P GSCI-ER and Share value.
• Public health emergencies (e.g., COVID-19) and geopolitical events (e.g., Russian war in Ukraine) can disrupt global economies and commodity markets, increasing volatility and impacting Share value.
• The trading of various Index Futures presents risks unrelated to the S&P GSCI-ER, potentially causing divergence between their values.
• The S&P GSCI-ER may in the future include contracts not traded on regulated futures exchanges, offering diminished investor protections.
• Changes in the composition and valuation methodology of the S&P GSCI-ER may adversely affect Shares.
• A cessation of publication of the S&P GSCI-ER could materially and adversely affect the Trust's activities.
• Futures contracts are not assets with intrinsic value; trading transfers risk, and the Trust may be at an informational disadvantage.
• The Trust's ongoing trading activity in Index Futures (rolling positions) could incur transaction costs and be adversely affected by market conditions or other participants' trading activities.
• Market values of the Trust's investments may be negatively impacted by changes in interest rates.
• Liquidation of Index Futures to satisfy redemptions or pay expenses could expose the Trust to temporary market aberrations or distortions.
• The Trust is exposed to the credit risk of a default by the CME's clearing house or its Clearing FCM, potentially leading to loss of margin assets.
• A failure of the Clearing FCM to segregate assets or a default of the Clearing FCM or its customers may cause losses for the Trust.
• The Trust's performance could be adversely affected if the Clearing FCM reduces its internal risk limits for the Trust.
• Recourse to the Index Sponsor may be limited, as they disclaim liability for the Index's accuracy or completeness.
• Returns on the Shares will not precisely correlate with the performance of the Index due to various factors, including expense payments.
• The Trust is a passive investment vehicle and is not actively managed to ameliorate losses from commodity price declines.
• Fees and expenses payable by the Trust are charged regardless of profitability and may result in a depletion of its assets.
• The Trust's ability to operate is dependent on the Sponsor, Trustee, Advisor, and other key service providers; disruptions or terminations could adversely affect operations.
• The Trust is exposed to various operational risks, including human error, information technology failures, and cybersecurity incidents.
• The price received upon the sale of Shares may be less than their NAV due to market supply and demand and non-concurrent trading hours.
• The Trust is not obligated to pay periodic distributions or dividends to Shareholders.
• The Trust could be liquidated at a time when the disposition of its interests will result in losses to investors.
• The Sponsor has broad discretion to liquidate the Trust at any time, which may occur at an inopportune time for investors.
• Owners of 75% or more of the Shares have the power to dissolve the Trust, potentially affecting other investors.
• Affiliate shareholders with large holdings may conduct large sales, which could significantly reduce the Trust's asset size.
• The Shares may not provide anticipated benefits of diversification from other asset classes, as commodity performance may correlate with financial assets.
• The liquidity of the Shares may be affected by the withdrawal of Authorized Participants or the suspension of issuance, transfers, or redemptions.
• The lack of an active trading market for the Shares may result in losses at the time of disposition.
• Redemption orders are subject to postponement, suspension, or rejection under certain circumstances.
• Competition from other commodities-related investments could limit the market for, and reduce the liquidity of, the Shares.
• The price of the Shares could decrease if unanticipated operational or trading problems arise.
• Exchange position limits and other rules may restrict the creation of Baskets and the operation of the Trust.
• Shareholders do not have the rights normally associated with ownership of common shares, and the Sponsor and Trustee exercise substantial control.
• Shareholders do not have the protections normally associated with the ownership of shares in an investment company registered under the Investment Company Act.
• Competing claims over ownership of relevant intellectual property rights could adversely affect the Trust or an investment in the Shares.
• The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Advisor, or the Trustee or their respective agents.
• Regulatory changes or actions may affect the Shares, including potential new position limits or higher margin requirements.
• NYSE Arca may halt trading in the Shares, adversely impacting the ability to sell them.
• Conflicts of interest exist due to the Sponsor's affiliation with the Trustee and Advisor, and their proprietary/managed trading activities.
• Proprietary trading and other activities by Goldman Sachs and its affiliates could conflict with shareholder interests.
• Shareholders' U.S. federal income tax liability could exceed cash distributions on their Shares.
• The IRS could adjust or reallocate items of income, gain, deduction, loss, and credit with respect to the Shares.
• If the Trust were to fail to qualify as a partnership for U.S. federal income tax purposes, it would be taxed as a corporation.
• If the IRS makes audit adjustments to the Trust's income tax returns, it may collect resulting taxes directly from the Trust.
• Shareholders that are not U.S. persons could be subject to U.S. federal income tax, including a 10% withholding tax, on the disposition of their Shares.
• Individual Shareholders that are not U.S. persons could be subject to U.S. federal estate tax in respect of their Shares.

Future Outlook

The report includes cautionary notes regarding forward-looking statements, emphasizing that actual events or results may differ materially from expectations. This is attributed to various risks, including changes in commodity prices, market conditions, laws, and global economic and political developments. No specific guidance or future estimates are provided beyond these general disclaimers.

Industry Context

StockSavvy.ai notes that the iShares S&P GSCI Commodity-Indexed Trust operates within the broader commodity ETF market, which is highly sensitive to global economic conditions, geopolitical events, and regulatory changes. The reliance on a single index (S&P GSCI-ER) and the concentration of long-side open interest in Index Futures highlight potential liquidity and market manipulation risks, a common concern in niche commodity derivatives markets. The detailed cybersecurity governance framework reflects an increasing industry-wide focus on protecting financial systems from sophisticated cyber threats.

Management Changes

Corporate Governance

Related Party Transactions

• The Sponsor, the Trustee, and the Advisor are affiliates of BlackRock and are considered related parties to the Trust.
• The Trustee's and Advisor's fees are paid by the Sponsor and are not a separate expense of the Trust.
• The Sponsor receives a fee from the Trust, accruing daily at an annualized rate of up to 0.75% of the Adjusted Net Asset Value, payable monthly, which may be higher than an arms-length negotiation.
• The Sponsor and its affiliates (including the Trustee and Advisor) collectively exercise substantial control over the Trust.
• The Trust Agreement allows the Trustee and Sponsor to resolve conflicts of interest considering their own interests, customary practices, and accounting principles, without constituting a breach in the absence of bad faith.
• The Sponsor and its affiliates may engage in trading activities relating to Index Futures or components that are not for the Trust's account and may compete with trading activity in the Shares.
• Goldman Sachs, the Trust's Clearing FCM, and its affiliates may represent a substantial portion of the short-side market for Index Futures and actively trade related contracts, potentially conflicting with shareholder interests.
• Certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest in Malaysia Airport Holdings Berhad in March 2025. Malaysia Airport Holdings Berhad had Iran Airtour launch flights to one of its operated airports in November 2025, triggering a Section 13(r) disclosure.

Stakeholder Impact

• Shareholders face potential gains from commodity market exposure but are exposed to risks from market volatility, contango/backwardation, fees, and potential liquidation. They lack direct voting rights and rely on Sponsor/Trustee decisions. Tax implications include K-1 reporting, potential for tax liability exceeding cash distributions, and U.S. federal income/estate tax for non-U.S. persons.
• Employees of BlackRock and its affiliates are subject to BlackRock's insider trading policy and cybersecurity training, which aims to protect the firm's integrity and, indirectly, the Trust's operations.
• Service Providers (Trustee, Advisor, Clearing FCM, Trust Administrator, Index Sponsor, Authorized Participants) are critical to the Trust's functioning, and their operational stability and performance directly impact the Trust. They are indemnified by the Trust under certain conditions.
• Regulatory Authorities (SEC, CFTC, NYSE Arca) oversee the Trust, imposing rules and requirements that affect its operations, including reporting and position limits.

Next Steps

• The Trust is expected to roll out of existing positions in Index Futures and establish new positions on an ongoing basis.
• The Index Sponsor may at any time expand the listing cycle of Index Futures to include additional expiration dates and may amend the rules applicable to the Index Futures.
• The Index Sponsor may review both the procedures and criteria for determining the contracts to be included in the S&P GSCI, as well as for evaluating available liquidity on an intra-year basis.
• The Index Committee reviews the methodology at least once within any 12-month period to ensure indices continue to achieve stated objectives.
• The Index Sponsor is expected to publish the nature of any changes to the S&P GSCI composition through websites, news media, or other outlets with as much prior notice as reasonably practicable.
• The Index Sponsor reevaluates the composition of the S&P GSCI at the conclusion of each year.
• The Trust intends to post a quarterly notice to its website confirming that it has not engaged in a U.S. trade or business.

Key Dates

Recommendation

The Trust showed a strong recovery in 2025 with increased net assets and NAV, driven by positive investment performance and net share creations. This indicates a positive short-term trend. However, the inherent volatility and specific risks of commodity markets, including contango/backwardation, regulatory changes, and the passive management strategy, suggest that long-term performance remains subject to significant external factors. The concentration of market interest in Index Futures and potential conflicts of interest with related parties also warrant caution. A 'hold' recommendation reflects the improved recent performance while acknowledging the persistent, significant risks and lack of active management to mitigate downside.

Keywords

Commodity-Indexed Trust, S&P GSCI, Futures Contracts, Commodity Futures, ETF, BlackRock, SEC Filing, 10-K, Financial Report, Investment Performance, Risk Management, Cybersecurity, Commodity Market, Trading, Net Asset Value, Treasury Bills