iShares S&P GSCI Commodity-Indexed Trust Files 2023 Annual Report

TL;DR

<b>iShares S&P GSCI Commodity-Indexed Trust filed its 2023 10-K report on February 20, 2024.</b>

AI Summary

iShares S&P GSCI Commodity-Indexed Trust (ISMCF) filed a Annual Report (10-K) with the SEC on February 20, 2024. The Trust's fiscal year ended December 31, 2023. Cost of short-term investments held at broker were $68,267,078 for 2023 and $101,996,781 for 2022. Net increase (decrease) in net assets per Share is based on average shares outstanding during the year. The Trust's filing is a 10-K report filed on February 20, 2024. The Trust is incorporated in Delaware (DE).

Why It Matters

For investors and stakeholders tracking iShares S&P GSCI Commodity-Indexed Trust, this filing contains several important signals. This filing provides a comprehensive overview of the Trust's financial performance and operations for the fiscal year ended December 31, 2023, which is crucial for investors to assess the Trust's value and future prospects. The detailed financial data, including short-term investment costs and net asset changes, allows investors to understand the Trust's liquidity, investment strategy, and overall financial health.

Risk Assessment

Risk Level: low — iShares S&P GSCI Commodity-Indexed Trust shows low risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and notes within the 10-K filing to understand the Trust's performance and asset allocation for the fiscal year 2023.

Key Numbers

• 971,687,389 — Total Assets (As of December 31, 2023)
• 100.42 — Percentage (Related to Total Assets)
• 0.42 — Percentage (Related to Total Assets)
• 100.00 — Percentage (Related to Total Assets)
• 3.05 — Rate (Discount rate paid at purchase for short-term investments)
• 3.89 — Rate (Discount rate paid at purchase for short-term investments)
• 903,420,311 — Cost of short-term investments (As of December 31, 2023)
• 1,099,953,044 — Cost of short-term investments (As of December 31, 2022)

Key Players & Entities

• iShares S&P GSCI Commodity-Indexed Trust (company) — Filer name
• 0001332174 (company) — Central Index Key
• 20231231 (date) — Conformed Period of Report
• 20240220 (date) — Filed as of date
• 400 HOWARD STREET (address) — Business Address
• SAN FRANCISCO (address) — Business Address City
• CA (address) — Business Address State
• 94105 (address) — Business Address Zip

FAQ

Risk Factors

• Market Fluctuations [high — financial]: The value of the Trust's investments, particularly commodity futures, can be highly volatile and subject to rapid and significant price changes.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the value of the Trust's holdings, including U.S. Treasury bills used as collateral or for short-term investments.
• Futures Contract Risks [high — operational]: The Trust relies on futures contracts, which carry risks such as leverage, counterparty default, and potential for large losses.
• Regulatory Changes [medium — regulatory]: Changes in regulations affecting commodity markets or investment funds could impact the Trust's operations and investment strategies.

Key Financial Figures

• $500,000 — expenses relating to the Trust of up to $500,000 annually. The Trust is not expected to

Filing Documents

• gsg20231231c_10k.htm (10-K) — 1117KB
• ex_615700.htm (EX-23.1) — 3KB
• ex_615701.htm (EX-31.1) — 12KB
• ex_615702.htm (EX-31.2) — 12KB
• ex_615703.htm (EX-32.1) — 6KB
• ex_615704.htm (EX-32.2) — 6KB
• ex_619393.htm (EX-97.1) — 30KB
• graph01.jpg (GRAPHIC) — 91KB
• 0001437749-24-004673.txt (&nbsp;) — 4319KB
• gsg-20231231.xsd (EX-101.SCH) — 42KB
• gsg-20231231_cal.xml (EX-101.CAL) — 22KB
• gsg-20231231_def.xml (EX-101.DEF) — 191KB
• gsg-20231231_lab.xml (EX-101.LAB) — 182KB
• gsg-20231231_pre.xml (EX-101.PRE) — 216KB
• gsg20231231c_10k_htm.xml (XML) — 585KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 Item 9A.

Controls and Procedures

Controls and Procedures 31 Item 9B. Other Information 31 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31 PART III Item 10. Directors, Executive Officers and Corporate Governance 32 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 35 Item 14. Principal Accounting Fees and Services 35 PART IV Item 15. Exhibits, Financial Statement Schedules 36 Item 16. Form 10-K Summary 37 Table of Contents PART I

Business

Item 1. Business. Summary The iShares S&P GSCI Commodity-Indexed Trust (the "Trust") is a Delaware statutory trust that issues units of beneficial interest, called "Shares," representing fractional undivided beneficial interests in its net assets. The Trust's assets consist of long positions in exchange-traded index futures contracts of various expirations (the "Index Futures") on the S&P GSCI Excess Return Index, (the "S&P GSCI-ER") together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions (the "Collateral Assets"). The Trust seeks to track the results, before expenses and liabilities, of the S&P GSCI Total Return Index (the "Index"), which represents a diversified, fully collateralized investment in futures contracts. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the "Sponsor"). BlackRock Institutional Trust Company, N.A., an affiliate of the Sponsor, is the trustee of the Trust (the "Trustee"). The Trust is a commodity pool, as defined in the Commodity Exchange Act (the "CEA") and the applicable regulations of the Commodity Futures Trading Commission (the "CFTC"), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. BlackRock Fund Advisors (the "Advisor"), an indirect subsidiary of BlackRock, Inc. ("BlackRock"), serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Trust has delegated day-to-day administration of the Trust to the Trustee. The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the "Trust Administrator"). Wilmington Trust Company, a Delaware trust company, serves as the Delaware trustee of the Trust (the "Delaw

View Full Filing

View this 10-K filing on SEC EDGAR