iShares S&P GSCI Commodity-Indexed Trust reported strong first-quarter 2026 performance driven by commodity futures. Net assets were $997.4 million at March 31, 2026, with 30,950,000 Shares outstanding and a net asset value per Share of $32.23.
The NAV rose from $23.09 to $32.23, a 39.58% total return, mainly from a $310.2 million net gain on futures, plus $6.8 million in net investment income. This gain more than offset heavy redemptions, as 21,150,000 Shares were redeemed and 5,250,000 issued during the quarter.
The Trust held U.S. Treasury bills and collateral supporting long S&P GSCI-ER futures positions, with an open futures notional of about $996.2 million across 23,659 contracts at March 31, 2026. Management highlights exposure to commodity market volatility and geopolitical risks affecting energy and other commodities.
iShares S&P GSCI Commodity-Indexed Trust reports leadership changes at its sponsor. On March 27, 2026, Jay Jacobs was appointed to the Board of Directors of iShares Delaware Trust Sponsor LLC and became its President and Chief Executive Officer. The Sponsor manages the Trust.
Jacobs is a Managing Director at BlackRock and has served as U.S. Head of Equity ETFs since April 7, 2025, with prior ETF leadership roles at BlackRock and Global X. On the same date, Shannon Ghia resigned as Director and as President and Chief Executive Officer of the Sponsor, with the filing stating her resignation was not due to any dispute or disagreement regarding the Trust’s operations, policies or practices.
iShares S&P GSCI Commodity-Indexed Trust is a Delaware statutory trust and commodity pool that offers exposure to a diversified basket of commodity futures. It seeks to track the S&P GSCI Total Return Index by holding long positions in S&P GSCI Excess Return futures plus cash and U.S. Treasury collateral.
The Trust issues and redeems only 50,000‑Share “Baskets” with Authorized Participants in exchange for index futures and collateral; other holders trade Shares on NYSE Arca under the symbol GSG. As of June 30, 2025, non‑affiliate holdings had an aggregate market value of about $549,415,021, and as of January 30, 2026 there were 42,950,000 Shares outstanding.
NAV is calculated each Business Day based on futures settlement prices and collateral values, less expenses. The Sponsor pays most administrative and marketing costs in return for a fee of up to 0.75% of adjusted net asset value, while the Trust bears brokerage and certain other costs. Key risks highlighted include high commodity price volatility, contango and backwardation effects when rolling futures, potential liquidity disruptions and trading halts, CFTC position limits and aggregation rules, public health emergencies such as COVID‑19, and geopolitical shocks that can sharply move energy, metals and agricultural futures and, in turn, the Share price.
iShares S&P GSCI Commodity-Indexed Trust (GSG) filed its Q3 2025 report, showing higher NAV and net assets driven by futures gains and interest income. Net assets were $994,070,222 at September 30, 2025, and NAV per share was $22.90, up 3.81% from $22.06 at June 30, 2025. The trust recorded net investment income of $8,782,825 and net realized and unrealized gains of $29,859,648 for the quarter, mainly from S&P GSCI-ER futures.
The portfolio held U.S. Treasury bills at fair value of $999,246,373 (including $48,341,812 restricted as margin) and 32,687 open futures contracts with $991,815,104 notional and $6,966,849 in net unrealized appreciation. Quarterly expenses were $2,053,675, reflecting the sponsor’s 0.75% fee and brokerage costs. Shares outstanding were 43,400,000 at September 30, 2025; as of October 31, 2025, shares outstanding were 46,600,000. Creation/redemption during Q3 totaled 3,650,000 created and 3,750,000 redeemed.