iShares S&P GSCI Commodity-Indexed Trust Reports Decrease in NAV to $959.4 Million as of June 30, 2025

The iShares S&P GSCI Commodity-Indexed Trust reported a net asset value (NAV) of $959.4 million as of June 30, 2025, a decrease from $967.5 million at the end of the previous fiscal period. The Trust's NAV per share also declined from $21.74 to $22.06 during the same period. The Trust's financial performance was impacted by a net decrease in the number of outstanding shares, which fell from 44.5 million to 43.5 million, primarily due to the redemption of 9.6 million shares against the issuance of 8.6 million shares. The Trust experienced a net decrease in net assets resulting from operations of $36.1 million for the quarter, driven by a net realized and unrealized loss of $44.1 million, partially offset by net investment income of $7.9 million.

In comparison to the same period last year, the Trust's investment income for the three months ended June 30, 2025, was $9.8 million, down from $14.1 million in 2024. Total expenses also decreased to $1.9 million from $2.2 million year-over-year. The Trust's net investment income for the six months ended June 30, 2025, was $17 million, a decline from $22.9 million in the prior year. The decrease in investment income is attributed to lower interest income from U.S. Treasury bills, which the Trust holds as collateral for its futures positions.

Operationally, the Trust's assets primarily consist of long positions in exchange-traded index futures contracts on the S&P GSCI Excess Return Index, along with cash and short-term investments. As of June 30, 2025, the Trust held $920.7 million in short-term investments and $688,035 in cash. The Trust's total assets decreased slightly from $968.2 million at the end of 2024. The Trust's market share remains significant in the commodity index space, although specific figures were not disclosed in the filing.

Looking ahead, the Trust's management indicated that it does not anticipate any significant changes in liquidity needs, as the creation and redemption of shares typically occur in-kind. However, the Trust remains exposed to market risks associated with fluctuations in commodity prices and interest rates, which could impact its performance. The management also noted that geopolitical events and changes in market conditions could further influence the Trust's operations and investment strategy. The Trust's ability to recover assets in the event of a default by its clearing futures commission merchant remains a critical risk factor, as highlighted in the filing.