Key Takeaways
- • The iShares S&P GSCI Commodity-Indexed Trust filed its Form 10-Q for the quarter ended June 30, 2024, with the SEC, reported as August 8, 2024.
- • Shares outstanding rose from 46,800,000 to 49,500,000 in the quarter, reflecting 4,700,000 shares created and 2,000,000 shares redeemed.
- • Net asset value per share increased 0.41%, from $22.10 at March 31, 2024 to $22.19 at June 30, 2024, primarily attributed to interest income from U.S. Treasury bills.
- • The Trust is managed by iShares Delaware Trust Sponsor LLC, with BlackRock Institutional Trust Company, N.A. as Trustee and BlackRock Fund Advisors as commodity trading advisor.
Summary
The iShares S&P GSCI Commodity-Indexed Trust, a Delaware statutory trust, released its Form 10-Q report for the quarter ended June 30, 2024. The Trust issues units of beneficial interest representing fractional undivided interests in its net assets and holds long positions in exchange-traded index futures contracts on the S&P GSCI Excess Return Index, along with cash and U.S. Treasury securities as collateral. The Trust is classified as a commodity pool under the Commodity Exchange Act.
The Trust is operated by iShares Delaware Trust Sponsor LLC, with BlackRock Institutional Trust Company, N.A. serving as Trustee and BlackRock Fund Advisors acting as commodity trading advisor. During the quarter, shares outstanding increased from 46,800,000 to 49,500,000, driven by the creation of 4,700,000 shares and the redemption of 2,000,000 shares. According to the filing, creations and redemptions generally occur in-kind.
The Trust's net asset value rose 0.41%, from $22.10 at March 31, 2024 to $22.19 at June 30, 2024, despite a decrease in the settlement price for index futures. The filing attributes the increase primarily to interest income from U.S. Treasury bills.
The filing notes that the Trust's market risk is influenced by limited liquidity in the Index Futures market and the activities of other market participants, and that the Trust represents a significant portion of the long-side open interest in Index Futures. Credit risk exposures include potential defaults by the CME clearing house and the Trust's futures commission merchant, as well as exposure through its holdings of U.S. Treasury bills. The Sponsor stated it does not anticipate any further liquidity needs, with ordinary expenses met by cash on hand, and is unaware of trends or events likely to materially change the Trust's liquidity needs.
The Trust is operated by iShares Delaware Trust Sponsor LLC, with BlackRock Institutional Trust Company, N.A. serving as Trustee and BlackRock Fund Advisors acting as commodity trading advisor. During the quarter, shares outstanding increased from 46,800,000 to 49,500,000, driven by the creation of 4,700,000 shares and the redemption of 2,000,000 shares. According to the filing, creations and redemptions generally occur in-kind.
The Trust's net asset value rose 0.41%, from $22.10 at March 31, 2024 to $22.19 at June 30, 2024, despite a decrease in the settlement price for index futures. The filing attributes the increase primarily to interest income from U.S. Treasury bills.
The filing notes that the Trust's market risk is influenced by limited liquidity in the Index Futures market and the activities of other market participants, and that the Trust represents a significant portion of the long-side open interest in Index Futures. Credit risk exposures include potential defaults by the CME clearing house and the Trust's futures commission merchant, as well as exposure through its holdings of U.S. Treasury bills. The Sponsor stated it does not anticipate any further liquidity needs, with ordinary expenses met by cash on hand, and is unaware of trends or events likely to materially change the Trust's liquidity needs.
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