GSG 10-K & 10-Q changes, risk factors and insider trading

With respect to the position aggregation rules adopted by the CFTC in December 2016, those final rules, which became effective on February 14, 2017, expand the circumstances requiring persons to aggregate referenced contracts that are owned or controlled by such persons. Specifically, the final aggregation rules require a person holding positions in multiple commodity pools with substantially identical trading strategies to aggregate the pools’ positions in referenced contracts, on a pro‑rata basis, with other positions in referenced contracts held or controlled by such person. These aggregation rules will apply to all commodity derivative contracts that are subject to position limits under the Final Position Limits Rules. The CFTC staff has granted relief, until the earlier of August 12, 2025 or the effective date of a rulemaking codifying such relief, from various conditions and requirements in the final aggregation rules, including the “substantially identical trading strategies” aggregation requirement. Under this relief, a person would not be required to aggregate positions on the basis of the “substantially identical trading strategies” aggregation requirement unless the person is holding or controlling the trading of positions in multiple accounts or commodity pools with substantially identical trading strategies in order to willfully circumvent applicable position limits. Although Index Futures are not among the referenced contracts identified in the Final Position Limits Rules, if federal position limits are extended to Index Futures or if the Exchange adopts similar aggregation rules, some participants in the market for Index Futures may be encumbered in trying to hedge their exposure, which could reduce liquidity in such Index Futures and the futures contracts and commodities underlying the S&P GSCI-ER and adversely affect the value of the Shares.

Russia’sThe invasionTrust ofmay Ukraine,be andnegatively sanctions broughtimpacted by the Unitedeffects Statesof geopolitical events on the global economy and other countries against Russia, have resulted in significant disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors.

RussiaGeopolitical launchedevents, aincluding large-scalethe invasioncontinuation of Ukrainethe onRussian Februarywar 24,in 2022.Ukraine, Amongconflict in the Middle East and other things,hostilities, and trade conflicts, could disrupt and adversely impact the conflictglobal economy and markets for certain commodities. For example, the Russian war in Ukraine has led to disruptions and increased volatility in the markets for certain commodities, including energy, precious metals, agriculture and other sectors, as well as for certain commodity futures contracts that make up the S&P GSCI-ER due to actual and potential disruptions in the supply of commodities underlying such contracts. The United States, other countries and certain international organizations have imposed broad ranging economic sanctions on Russia and certain Russian corporations and individuals. In March 2022, the United States announced that it would banbanned imports of oil, natural gas and coal from Russia. As a result, the invasion of Ukraine and related events have contributed to backwardation (i.e., when current prices are higher than future prices) in the market for energy futures contracts such as crude oil, heating oil and natural gas. The continued impact on commodities and futures prices of the U.S. ban, as well as the extent and duration of the military action, resulting sanctions and associated market disruptions, are impossible to predict and depend on a number of factors. The continued impact of these events orand anyother relatedgeopolitical developmentsevents could be significant and may have a severe adverse effect on the performance of the Index and the value of the Shares.

The Sponsor, ana indirectconsolidated subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust. The Sponsor relies on BlackRock’s enterprise risk management (“ERM”) framework for the Trust’s cybersecurity risk management and strategy. Although BlackRock has implemented policies and controls, and takes protective measures involving significant expense, to prevent and address potential data breaches, inadvertent disclosures, increasingly sophisticated cyber-attacks and cyber-related fraud, there can be no assurance that any of these measures proves fully effective. In addition, a successful cyber-attack may persist for an extended period of time before being detected, and it may take a considerable amount of time for an investigation to be completed and the severity and potential impact to be known. Furthermore, the Trust cannot control the cybersecurity plans and systems of its Service Providers. The Trust and its Shareholders could be negatively impacted as a result.

The Trust is not registered as an investment company for purposes of United States federal securities laws, and is not subject to regulation by the SEC as an investment company. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies registered under the Investment Company Act. For example, the provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under limited circumstances) and limit sales loads do not apply to the Trust. The Sponsor is registered with the CFTC as a commodity pool operatoroperator, and the Advisor is registered with the CFTC as a commodity trading advisor. The CFTC therefore has jurisdiction over these entities and regulatory authority over certain activities of the Trust. The nature and degree of this regulation differs from the regulatory scheme imposed under the Investment Company Act.

If the Trust were to fail to qualify as a partnership for U.S. federal income tax purposes, the Trust’s income and items of deduction would not pass through to the Shareholders, the Trust would be required to pay tax at corporate rates on any portion of the Trust’s net income that does not constitute tax-exempttax‑exempt income and distributions by the Trust to the Trust’s Shareholders would be taxable dividends to the extent of the Trust’s earnings and profits.

If the IRS makes audit adjustments to the Trust’s income tax returns for tax years beginning after 2017,returns, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust, in which case the cash available for the distribution to the Trust’s Shareholders might be substantially reduced.

If the IRS makes audit adjustments to the Trust’s U.S. federal income tax returns for the Trust’s taxable years beginning after December 31, 2017,returns, it may collect any resulting taxes (including any applicable penalties and interest) directly from the Trust. The Trust may have the ability to shift any such tax liability to the Sponsor and the Trust’s Shareholders in accordance with their interests in the Trust during the year under audit, but there can be no assurance that it will be able to do so, in which case the current Shareholders would economically bear the burden of the tax even if they were not Shareholders during the year under audit (or if they had a different percentage interest in the Trust in that year). If the Trust is required to make payments of taxes, penalties and interest resulting from audit adjustments, the cash available for distribution to the Trust’s Shareholders might be substantially reduced. Investors in the Shares are urged to consult their tax advisors regarding these rules and their potential impact.

In addition, the transferee of the Shares or the applicable withholding agent generally would be required to deduct and withhold a tax equal to 10% of the amount realized by the transferor on the disposition, which would include an allocable portion of the Trust’s liabilities and would therefore generally exceed the amount of cash received by the transferor in the disposition, unless an exception to withholding applies, including if the transferor provides an affidavit stating the transferor’s taxpayer identification number and that the transferor is not a foreign person. Another exception to this withholding requirement applies if the Trust properly certifies via public notice that it was not engaged in a trade or business within the United States at any time during the Trust’s taxable year through the date designated on the public notice. The Trust intends to post a quarterly notice to the Fund’sits website confirming that it has not engaged in a U.S. trade or business. This notice is intended to allow non-U.S. Shareholders to indicate that the amount realized on the transfer of their Shares should not be subject to this withholding tax. If the transferee fails to properly withhold such tax when required to do so, the Trust would be required to deduct and withhold from distributions to the transferee a tax in an amount equal to the amount the transferee failed to withhold, plus interest.

The net increase in net assets resulting from operations for the year ended December 31, 2024 was $69,991,022, resulting from a net investment income of $43,134,541 and a net realized and unrealized gain of $26,856,481. For the year ended December 31, 2024, the Trust had a net realized and unrealized loss of $183,791 on short-term investments and a net realized and unrealized gain of $27,040,272 on futures contracts. Other than the Sponsor’s Fees of $7,367,043 and brokerage commissions and fees of $749,551, the Trust had no expenses during the year.

Hostilities in the Middle East have resulted in, and could continue to result in, disruptions to the production, transportation and pricing of crude oil, natural gas and other commodities;; attacks on or damage to critical infrastructure, including refining facilities, maritime ports and international commercial marine vessels;; increased shipping costs;; and broader supply chain disruptions. The potential for a broader or prolonged conflict in the region could materially and adversely affect global supply and demand for oil, natural gas and other commodities, increase commodity price volatility, and adversely affect the liquidity, pricing and value of the commodity futures contracts underlying the Index.

The iShares S&P GSCI™ Commodity-Indexed Trust (the “Trust”) is a Delaware statutory trust that issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, (“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 the Trust’s Index Futures positions, referred to as “Collateral Assets.” The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commoditiescommodity futures. The Trust seeks to track the investment returns of the S&P GSCI™ Total Return Index (the “Index”) before payment of the Trust’s expenses and liabilities.

The Quarter Ended MarchJune 31,30, 2026

The Trust’s net asset value decreased from $1,081,674,701 at December 31, 2025 to $997,414,489 at March 31, 2026 to $839,284,870 at June 30, 2026. The decrease in the Trust’s net asset value resulted primarily from a net decrease in net assets resulting from operations. The Trust’s net asset value was also affected by a net decrease in the number of outstanding Shares, which fell from 46,850,000 Shares at December 31, 2025 to 30,950,000 Shares at March 31, 2026 to 29,450,000 Shares at June 30, 2026, a consequence of 5,250,0006,900,000 Shares (105138 Baskets) being created and 21,150,0008,400,000 Shares (423168 Baskets) being redeemed during the quarter. The decrease in the Trust’s net asset value was partially offset by a net increase in net assets resulting from operations.

The 39.58%11.57% increasedecrease in the NAV from $23.09 at December 31, 2025 to $32.23 at March 31, 2026 to $28.50 at June 30, 2026 is directly related to the 38.77%12.19% increasedecrease in the settlement price for the Index Futures. The NAV increaseddecreased moreslightly less than the settlement price for the Index Futures on a percentage basis due to the interest income from U.S. Treasury bills.

The net increasedecrease in net assets resulting from operations for the quarter ended MarchJune 31,30, 2026 was $316,711,031,$124,883,285, resulting from a net realized and unrealized loss of $132,110,252, partially offset by a net investment income of $6,758,269 and a net realized and unrealized gain of $309,952,762.$7,226,967. For the quarter ended MarchJune 31,30, 2026, the Trust had a net realized and unrealized loss of $257,108$10,925 on short-term investments and a net realized and unrealized gainloss of $310,209,870$132,099,327 on futures contracts. Other than the Sponsor’s fee of $1,774,798$1,894,716 and brokerage commissions and fees of $122,594,$138,415, the Trust had no expenses during the quarter.

The Trust’s assets as of MarchJune 31,30, 2026 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s fee and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of MarchJune 31,30, 2026, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that Goldman Sachs & Co. LLC or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market. The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.