iShares S&P GSCI Commodity-Indexed Trust (NYSE Arca: GSG) is a Delaware statutory trust that issues units of beneficial interest, called Shares, representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts on the S&P GSCI Excess Return Index, together with cash, U.S. Treasury securities, and other short-term securities eligible as margin deposits for those futures positions. Its objective is to track the results, before expenses and liabilities, of the S&P GSCI Total Return Index, which represents a diversified, fully collateralized investment in commodity futures contracts. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company and affiliate of BlackRock, serves as the Trust's sponsor. BlackRock Institutional Trust Company serves as trustee. The Trust does not operate an active business; it is a passive investment vehicle whose net asset value rises and falls with the underlying commodity futures index it tracks.

Revenue model

The Trust is a passive statutory trust and does not generate operating revenue in the conventional sense. Shareholders bear the Trust's expenses, which are deducted from net assets. The Trust's economics are driven entirely by the performance of the S&P GSCI Total Return Index, with no fee income, subscription revenue, or product sales disclosed in the filing excerpts.

Products and services

The Trust issues Shares (units of beneficial interest) that represent fractional undivided interests in its net assets. Net assets consist of long positions in exchange-traded S&P GSCI Excess Return Index futures contracts of various expirations, plus Collateral Assets including cash, U.S. Treasury securities, and other short-term securities eligible as futures margin deposits.

Customers and end markets

The filing excerpts do not specify customer types or end markets beyond noting that BlackRock and its affiliates may hold Shares as of January 30, 2026. The Trust is structured as a publicly traded commodity index product available to investors seeking exposure to the S&P GSCI Total Return Index.

Value-chain role

Passive commodity index vehicle. The Trust sits between investors and exchange-traded commodity futures markets, providing pooled, collateralized exposure to the S&P GSCI Total Return Index without active portfolio management.

Geographic exposure

The filing excerpts do not disclose geographic revenue or asset breakdowns. The Trust is organized as a Delaware statutory trust and files with the SEC.

Source: SEC 10-K, filed 2026-02-27

Industry: Commodity Contracts Brokers & Dealers