The iShares S&P GSCI Commodity-Indexed Trust reported a net asset value (NAV) of $967.5 million as of December 31, 2024, a slight decrease from $968.1 million at the end of 2023. This decline was primarily attributed to a reduction in the number of outstanding shares, which fell from 48.2 million to 44.5 million during the year. The Trust experienced a net increase in net assets resulting from operations amounting to approximately $70 million, driven by a net realized and unrealized gain of $26.9 million. The NAV per share increased by 8.27% from $20.08 to $21.74, correlating with a 3.79% rise in the settlement price for the Index Futures.
In comparison, the Trust's NAV had decreased from $1.22 billion in 2022 to $968.1 million in 2023, reflecting a significant drop in the number of outstanding shares from 57.6 million to 48.2 million. This was influenced by the creation of 7.75 million shares and the redemption of 17.1 million shares during the year. The NAV per share decreased by 5.37% due to a 9.09% decline in the settlement price for the Index Futures, although this was partially offset by interest income from U.S. Treasury bills.
The Trust's operational strategy remains focused on tracking the S&P GSCI Total Return Index through long positions in Index Futures and collateral assets. The Trust does not engage in profit-seeking activities related to fluctuations in the Index or its underlying assets. As of December 31, 2024, the Trust's assets primarily consisted of Index Futures and cash or other collateral assets used to meet margin requirements. The Trust's interest income for the year was approximately $51.3 million, which was utilized to cover the Sponsor's fees and other operational expenses.
Looking ahead, the Trust's management anticipates continued fluctuations in the value of its Index Futures, influenced by market conditions and the broader commodities landscape. The Trust's ability to maintain its investment strategy will depend on the liquidity of the Index Futures market and the performance of the underlying commodities. The Trust's management remains vigilant regarding potential regulatory changes that could impact its operations and the broader commodities market.
About iShares S&P GSCI Commodity-Indexed Trust
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