Table Of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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FORM 10-Q

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☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2014

 

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________to __________

 

Commission file number: 001-32947

 

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iShares® S&P GSCI™ Commodity-Indexed Trust

 

(Exact name of registrant as specified in its charter)

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Delaware	51-6573369
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

 

c/o iShares® Delaware Trust Sponsor LLC

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

iShares® Product Research & Development

(Address of principal executive offices)

 

(415) 670-2000

(Registrant’s telephone number, including area code)

 

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N/A

 (Former name, former address and former fiscal year, if changed since last report)

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
(Do not check if a smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐ No ☒

 

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Table of Contents

 

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Statements of Financial Condition at September 30, 2014 and December 31, 2013	1
	Statements of Operations for the three and nine months ended September 30, 2014 and 2013	2
	Statements of Changes in Shareholders’ Capital for the nine months ended September 30, 2014 and the year ended December 31, 2013	3
	Statements of Cash Flows for the nine months ended September 30, 2014 and 2013	4
	Schedules of Investments at September 30, 2014 and December 31, 2013	5
	Notes to Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	19
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	21
SIGNATURES		22

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 

iShares® S&P GSCI™ Commodity-Indexed Trust

Statements of Financial Condition (Unaudited)

At September 30, 2014 and December 31, 2013

 

		September 30, 2014				December 31, 2013
Assets
Current Assets
Cash and cash equivalents		$	19,763,953			$	11,089,091
Short-term investments(a)			936,712,459				1,111,804,587
Short-term investments held at brokers (restricted)(b)			50,425,989				53,997,606
Total Assets		$	1,006,902,401			$	1,176,891,284
Liabilities and Shareholders’ Capital
Current Liabilities
Payable for variation margin on open futures contracts (Note 9)		$	27,109,311			$	5,059,530
Sponsor’s fees payable			629,006				738,805
Total Liabilities		$	27,738,317				5,798,335
Commitments and Contingent Liabilities (Note 7)			—				—
Shareholders’ Capital
Shares, no par value, unlimited amount authorized (at redemption value) – 33,150,000 issued and outstanding at September 30, 2014 and 36,400,000 issued and outstanding at December 31, 2013			979,164,084				1,171,092,949
Total Shareholders’ Capital			979,164,084				1,171,092,949
Total Liabilities and Shareholders’ Capital		$	1,006,902,401			$	1,176,891,284
Net Asset Value per Share		$	29.54			$	32.17

 

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(a)     Cost of short-term investments at September 30, 2014 and December 31, 2013: $936,712,459 and $1,111,804,587, respectively.

(b)     Cost of short-term investments held at brokers (restricted) at September 30, 2014 and December 31, 2013: $50,425,989 and $53,997,606, respectively.

 

 

See notes to financial statements.

 

 

iShares® S&P GSCI™ Commodity-Indexed Trust

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2014 and 2013

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014				2013
Investment Income
Interest		$	99,328			$	94,496			$	414,341			$	497,296
Total investment income			99,328				94,496				414,341				497,296
Expenses
Sponsor’s fees			2,030,598				2,234,440				6,086,463				6,392,229
Brokerage commissions and fees			138,402				—				590,725				550
Total expenses			2,169,000				2,234,440				6,677,188				6,392,779
Net investment loss			(2,069,672	)			(2,139,944	)			(6,262,847	)			(5,895,483	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on short-term investments			8,576				1,086				29,121				5,912
Net realized loss on futures contracts			(99,275,900	)			(944,965	)			(138,661,150	)			(7,724,677	)
Net change in unrealized appreciation/depreciation on futures contracts			(43,732,303	)			45,995,242				49,609,765				(10,361,745	)
Net realized and unrealized gain (loss)			(142,999,627	)			45,051,363				(89,022,264	)			(18,080,510	)
Net gain (loss)		$	(145,069,299	)		$	42,911,419			$	(95,285,111	)		$	(23,975,993	)
Net gain (loss) per Share		$	(4.26	)		$	1.19			$	(2.85	)		$	(0.68	)
Weighted-average Shares outstanding			34,042,391				36,134,239				33,490,842				35,071,062

 

 

See notes to financial statements.

 

 

iShares® S&P GSCI™ Commodity-Indexed Trust

Statements of Changes in Shareholders’ Capital (Unaudited)

For the nine months ended September 30, 2014 and the year ended December 31, 2013

 

		Nine Months Ended September 30, 2014				Year Ended December 31, 2013
Shareholders’ Capital, Beginning of Period		$	1,171,092,949			$	1,167,588,732
Contributions			252,340,901				279,756,686
Redemptions			(348,984,655	)			(244,882,603	)
Net investment loss			(6,262,847	)			(7,939,895	)
Net realized gain (loss) on short-term investments			29,121				(69,917	)
Net realized loss on futures contracts			(138,661,150	)			(12,545,042	)
Net change in unrealized appreciation/depreciation on futures contracts			49,609,765				(10,815,012	)
Shareholders’ Capital, End of Period		$	979,164,084			$	1,171,092,949

 

 

See notes to financial statements.

 

 

iShares® S&P GSCI™ Commodity-Indexed Trust

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2014 and 2013

 

		Nine Months Ended September 30,
		2014				2013
Cash Flows from Operating Activities
Net loss		$	(95,285,111	)		$	(23,975,993	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Purchases of short-term investments			(3,907,427,152	)			(3,313,089,740	)
Sales/maturities of short-term investments			4,086,531,783				3,173,384,473
Accretion of discount			(411,765	)			(484,217	)
Net realized gain on short-term investments			(29,121	)			(5,912	)
Change in operating assets and liabilities:
Cash and cash equivalents held at brokers (restricted)			—				34,374,633
Receivable for variation margin on open futures contracts			—				2,942,400
Interest receivable							161
Payable for variation margin on open futures contracts			22,049,781				5,202,484
Sponsor’s fees payable			(109,799	)			43,915
Net cash provided by (used in) operating activities			105,318,616				(121,607,796	)
Cash Flows from Financing Activities
Contributions			252,340,901				263,677,995
Redemptions			(348,984,655	)			(133,315,923	)
Net cash provided by (used in) financing activities			(96,643,754	)			130,362,072
Net increase in cash and cash equivalents			8,674,862				8,754,276
Cash and Cash Equivalents
Beginning of period			11,089,091				188,035
End of period		$	19,763,953			$	8,942,311

 

 

See notes to financial statements. 

 

 

iShares® S&P GSCI™ Commodity-Indexed Trust Schedules of Investments (Unaudited) At September 30, 2014 and December 31, 2013

 

September 30, 2014

 

Face Amount			Security Description		Fair Value
			United States Treasury bills(a):
$	27,000,000		0.03% due 10/16/14		$	26,997,953
	40,000,000		0.03% due 10/30/14			39,998,953
	100,000,000		0.03% due 11/13/14			99,997,014
	38,345,000		0.05% due 11/20/14			38,342,470
	124,925,000		0.03% due 11/28/14			124,919,566
	116,641,000		0.03% due 12/04/14			116,635,712
	7,700,000		0.01% due 12/18/14			7,699,783
	70,000,000		0.06% due 01/08/15			69,987,969
	41,000,000		0.06% due 01/15/15			40,987,563
	95,655,000		0.06% due 01/22/15			95,637,168
	59,000,000		0.06% due 01/29/15			58,988,200
	32,000,000		0.06% due 02/05/15			31,993,509
	73,000,000		0.05% due 02/12/15			72,986,957
	42,000,000		0.05% due 02/19/15			41,991,281
	120,000,000		0.05% due 03/12/15			119,974,350
			Total United States Treasury bills (cost: $ 987,138,448) – 100.81%(b)		$	987,138,448

 

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(a)     A portion of the above United States Treasury bills are posted as margin for the Trust’s Index Futures position as described in Note 2D.

(b)     Percentage is based on shareholders’ capital.

 

As of September 30, 2014, the open futures contracts were as follows:

 

	Number of Contracts			Expiration Date		Current Notional Amount				Net Unrealized Depreciation
		22,546		December 2014		$	977,314,990			$	25,698,072

 

December 31, 2013 

 

Face Amount			Security Description		Fair Value
			United States Treasury bills(a):
$	547,517,000		0.01% - 0.13% due 01/16/14		$	547,492,728
	22,000,000		0.07% due 02/13/14			21,998,112
	10,000,000		0.07% due 02/20/14			9,999,021
	13,000,000		0.04% due 02/27/14			12,999,259
	413,925,000		0.05% - 0.08% due 03/06/14			413,865,494
	75,000,000		0.08% due 05/01/14			74,981,000
	4,500,000		0.08% due 05/08/14			4,498,714
	20,000,000		0.09% due 05/15/14			19,992,928
	10,000,000		0.09% due 06/12/14			9,996,062
	50,000,000		0.09% due 06/19/14			49,978,875
			Total United States Treasury bills (cost: $1,165,802,193) – 99.55%(b)		$	1,165,802,193

 

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(a)     A portion of the above United States Treasury bills are posted as margin for the Trust’s Index Futures position as described in Note 2D.

(b)     Percentage is based on shareholders’ capital.

 

As of December 31, 2013, the open futures contracts were as follows: 

 

	Number of Contracts			Expiration Date		Current Notional Amount				Net Unrealized Depreciation
		24,973		March 2014		$	1,170,721,754			$	75,307,837

 

 

See notes to financial statements. 

 

 

iShares® S&P GSCI™ Commodity Indexed Trust

Notes to Financial Statements (Unaudited)

September 30, 2014

 

 

1 - Organization

 

The iShares® S&P GSCI™ Commodity-Indexed Trust (the “Trust”) was organized as a Delaware statutory trust on July 7, 2006 and commenced operations on July 10, 2006. iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, is the “Sponsor” of the Trust (the “Sponsor”). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. The Trust is governed by the Third Amended and Restated Trust Agreement, dated as of December 31, 2013 (the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust Company (the “Delaware Trustee”). The Trust 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, or “Index Futures” on the S&P GSCI™ Excess Return Index (“S&P GSCI-ER”). In order to collateralize its Index Future positions and to reflect the U.S. Treasury component of the S&P GSCI™ Total Return Index (the “Index”), the Trust also holds “Collateral Assets,” which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Future positions. 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 commodities futures. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

 

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. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor and is registered with the CFTC.

 

The Trust was originally part of a two tiered structure that transacted in Index Futures through its subsidiary, the iShares® S&P GSCI™ Commodity-Indexed Investing Pool, or the “Investing Pool.” Following the close of business on December 31, 2013, the Investing Pool was liquidated and the interests in the Investing Pool held by the Trust and the Investing Pool’s manager were redeemed for all assets and liabilities held by the Investing Pool. As a result of the liquidation of the Investing Pool, the Trust now holds and transacts in Index Futures directly. Because the Trust and the Investing Pool were under common control at the time of the liquidation, the assets and liabilities transferred from the Investing Pool to the Trust were accounted for as a transaction among entities under common control. The financial statements of the Trust have been retroactively adjusted to reflect the following:

 

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Statements of Financial Condition – The assets, liabilities and shareholders’ capital have been carried forward at their historical carrying values.

●

Statements of Operations, Changes in Shareholders’ Capital and Cash Flows – The Trust’s financial statements reflect the Trust’s activities, had it conducted its activities directly rather than through the Investing Pool, for all periods prior to December 31, 2013.

 

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 28, 2014.

 

 

The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, under the Investment Company Act of 1940, as amended.

 

2 - Summary of Significant Accounting Policies                              

 

A.	Basis of Accounting

 

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

 

B.	Investment in Index Futures

 

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

 

Index Futures are futures contracts listed on the CME whose settlement at expiration is based on the value of the S&P GSCI-ER at that time. Prior to April 8, 2013, the terms of the Index Futures required the Trust to deposit initial margin with a value equal to 100% of the value of each Index Future position at the time the position was established, thereby making additional payments or receipts of cash (known as “variation margin”) unnecessary. On January 31, 2013 and February 8, 2013, the CME proposed amended rules for the Index Futures, including the Index Futures held by the Trust. The changes relating to these amendments included eliminating the performance bond requirement that requires certain market participants, such as the Trust, to deposit 100% margin in respect of their long positions in Index Futures, replacing it with the margin requirements applicable to other market participants. These amendments became effective on April 8, 2013. In connection with these changes on April 8, 2013, the excess Collateral Assets that were held as margin by the Trust’s clearing futures commission merchant (“Clearing FCM”) were returned to the Trust. On a daily basis, the Trust is obligated to pay, or entitled to receive, variation margin in an amount equal to the daily settlement level of its Index Futures positions. Such payments or receipts are recorded as unrealized appreciation or depreciation. When an Index Future is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Future at the time it was opened and the value at the time it was closed. The Trust deposits with the Clearing FCM the required margin for the Index Futures in the form of cash or other Collateral Assets.

 

Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price for the Index Future. lf there is no announced settlement price for a particular Index Future on that day, the Trustee will use the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

 

 

For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).

 

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

 

C.	Cash and Cash Equivalents

 

The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.

 

D.	Short-Term Investments

 

Short-term investments on the Statements of Financial Condition consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.

 

As of September 30, 2014 and December 31, 2013, the Trust had short-term investments held at brokers of $50,425,989 and $53,997,606, respectively, which were posted as margin for the Trust’s Index Future positions.

 

E.	Securities Transactions, Income and Expense Recognition

 

Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis.

 

F.	Income Taxes

 

The Trust is treated as a partnership for federal, state and local income tax purposes.

 

No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.

 

The Sponsor has reviewed the tax positions as of September 30, 2014, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Trust’s financial statements.

 

G.	Calculation of Net Asset Value

 

The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Future positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).

 

 

H.	Distributions

 

Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to Shareholders. The Trust is under no obligation to make periodic distributions to Shareholders.

 

I.	Recent Accounting Standards

 

In June 2013, the FASB issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company and is effective for interim and annual periods beginning after December 15, 2013. Adoption of ASU 2013-08 did not have a material impact on the Trust’s financial statements.

 

3 - Offering of the Shares                                             

 

Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the “Authorized Participants”). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.

 

Share activity was as follows:

 

		Nine Months Ended September 30, 2014								Year Ended December 31, 2013
		Shares				Amount				Shares				Amount
Shares issued			7,650,000			$	252,340,901				8,450,000			$	279,756,686
Shares redeemed			(10,900,000	)			(348,984,655	)			(7,600,000	)			(244,882,603	)
Net increase (decrease)			(3,250,000	)		$	(96,643,754	)			850,000			$	34,874,083

 

4 - Trust Expenses

 

The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded  as brokerage commissions and fees in the Statements of Operations as incurred.

 

 

The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.

 

The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually.

 

5 - Related Parties                                                  

 

The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust.

 

6 - Indemnification

 

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.

 

The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement.

 

7 - Commitments and Contingent Liabilities

 

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

 

 

8 - Financial Highlights

 

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2014 and 2013.

  

		Three Months Ended September 30,								Nine Months Ended September 30,
		2014				2013				2014				2013
Net asset value per Share, beginning of period		$	33.82			$	30.95			$	32.17			$	32.84
Net investment loss(a)			(0.06	)			(0.06	)			(0.19	)			(0.17	)
Net realized and unrealized gain (loss)(b)			(4.22	)			1.49				(2.44	)			(0.29	)
Net increase (decrease) in net assets from operations			(4.28	)			1.43				(2.63	)			(0.46	)
Net asset value per Share, end of period		$	29.54			$	32.38			$	29.54			$	32.38
Total return, at net asset value(c)			(12.66	)%			4.62	%			(8.18	)%			(1.40	)%
Ratio to average net assets:
Net investment loss(d)			(0.77	)%			(0.72	)%			(0.77	)%			(0.69	)%
Expenses(d)			0.80	%(e)			0.75	%			0.82	%(e)			0.75	%

 

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(a)     Based on average Shares outstanding during the period.

(b)     The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments.

(c)     Based on the change in net asset value of a Share during the period. Percentage is not annualized.

(d)     Percentage is annualized.

(e)     The ratio of expenses to average net assets includes brokerage commissions and fees in connection with the roll of Index Futures. Excluding such brokerage commissions and fees, the ratio of expenses to average net assets for the three and nine months ended September 30, 2014 would have been 0.75%.

 

 

9 - Investing in Index Futures

 

Substantially all of the Trust’s assets are invested in Index Futures. The Index Futures’ settlement value at expiration is based on the value of S&P GSCI-ER at that time. Therefore, the value of the Trust will fluctuate based upon the value of the S&P GSCI-ER and the prices of the futures contracts and commodities underlying the S&P GSCI-ER. The commodities markets have historically been extremely volatile. For the nine months ended September 30, 2014 and the year ended December 31, 2013, the average month-end notional amounts of open Index Futures were $1,086,440,098 and $1,142,953,159, respectively.

 

The following table shows the variation margin on open futures contracts, by risk exposure category, on the Statements of Financial Condition as of September 30, 2014 and December 31, 2013:

 

	Asset Derivatives		Fair Value			Liability Derivatives		Fair Value
September 30, 2014
Commodity contracts	Receivable for variation margin on open futures contracts		$	—		Payable for variation margin on open futures contracts		$	27,109,311
December 31, 2013
Commodity contracts	Receivable for variation margin on open futures contracts		$	—		Payable for variation margin on open futures contracts		$	5,059,530

 

 

The following table shows the effect of the futures contracts, by risk exposure category, on the Statements of Operations for the three and nine months ended September 30, 2014 and 2013:

 

	Statements of Operations Location		Realized Gain (Loss)				Change in Unrealized Appreciation/ Depreciation
Three Months Ended September 30, 2014
Commodity contracts	Net realized gain (loss) on futures contracts		$	(99,275,900	)		$	—
	Net change in unrealized appreciation/depreciation on futures contracts			—				(43,732,303	)
Three Months Ended September 30, 2013
Commodity contracts	Net realized gain (loss) on futures contracts		$	(944,965	)		$	—
	Net change in unrealized appreciation/depreciation on futures contracts			—				45,995,242

Nine Months Ended September 30, 2014
Commodity contracts	Net realized gain (loss) on futures contracts		$	(138,661,150	)		$	—
	Net change in unrealized appreciation/depreciation on futures contracts			—				49,609,765
Nine Months Ended September 30, 2013
Commodity contracts	Net realized gain (loss) on futures contracts		$	(7,724,677	)		$	—
	Net change in unrealized appreciation/depreciation on futures contracts			—				(10,361,745	)

 

 

10 - Investment Valuation

 

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

 

Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures.

 

U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

 

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities;

 

Level 2 –

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

 

Level 3 –

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

 

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, which in turn could result in a difference between the Trust’s performance and the performance of the Trust’s underlying index.

 

The following table summarizes the valuation of the Trust’s investments by the fair value hierarchy levels as of September 30, 2014 and December 31, 2013:

 

		Level 1				Level 2				Level 3				Total
September 30, 2014
Futures Contracts(a)		$	(25,698,072	)		$	—			$	—			$	(25,698,072	)
U.S. Treasury bills			—				987,138,448				—				987,138,448

 

December 31, 2013
Futures Contracts(a)		$	(75,307,837	)		$	—			$	—			$	(75,307,837	)
U.S. Treasury bills			—				1,165,802,193				—				1,165,802,193

 

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(a)     Shown at the unrealized appreciation (depreciation) on the contracts.

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

 

Introduction

 

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, or “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 and similar securities that are eligible as margin deposits for the Trust’s Index Future 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 commodities futures. The Trust seeks to track the investment returns of the S&P GSCI™ Excess Return Index (the “Index”) before payment of the Trust’s expenses and liabilities.

 

iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. 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., 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 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 Trust intends to offer Shares on a continuous basis. The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares (“Baskets”). Only institutions that enter into an agreement with the Trust to become “Authorized Participants” may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share, or “NAV” of the Shares being purchased or redeemed. Owners of beneficial interests in Shares (“Shareholders”) who are not Authorized Participants have no right to redeem their Shares. In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists. The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.

 

Shares of the Trust trade on NYSE Arca, Inc. (“NYSE Arca”) under the symbol “GSG.”

 

Valuation of Index Futures; Computation of Trust’s Net Asset Value

 

The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee under the trust agreement. The Trustee determines the net asset value of the Trust and the NAV as of 4:00 p.m. (New York time), on each Business Day on which NYSE Arca is open for regular trading, as soon as practicable after that time. A “Business Day” is a day (1) on which none of the following occurs: (a) NYSE Arca is closed for regular trading, (b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business.

 

 

The Trustee values the Trust’s long positions in Index Futures on the basis of that day’s announced CME settlement prices for the Index Futures held by the Trust. The value of the Trust’s positions in any particular Index Future equals the product of (a) the number of such Index Futures owned by the Trust, (b) the settlement price of such Index Future on the date of calculation and (c) the multiplier of such Index Future. If there is no announced CME settlement price for a particular Index Future on a Business Day, the Trustee uses the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each Index Future currently held by the Trust is established on each trading day by the CME shortly after the close of trading for such Index Future, which is generally 2:40 p.m. (New York time).

 

The Trustee values all other holdings of the Trust at (a) its current market value, if quotations for such property are readily available, or (b) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined.

 

Once the value of the Index Futures and interest earned on the Trust’s Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.

 

Once the net asset value of the Trust has been calculated, the Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the calculation is made. Any changes to NAV that may result from creation and redemption activity are not reflected in the NAV calculations for purposes of the Trust’s operations until the Business Day following the Business Day on which they occur, but are reflected in the Trust’s financial statements as of such first Business Day. Creation and redemption orders received after 2:40 p.m. (New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day. Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m. (New York time). Orders are expected to settle by 11:00 a.m. (New York time) on the Business Day following the Business Day on which such orders are deemed to be received.

 

Results of Operations

 

The Quarter Ended September 30, 2014

 

The Trust’s net asset value decreased from $1,082,159,294 at June 30, 2014 to $979,164,084 at September 30, 2014. The decrease in the Trust’s net asset value resulted primarily from a net loss. The decrease in the Trust’s net asset value was partially offset by an increase in outstanding Shares, which rose from 32,000,000 Shares at June 30, 2014 to 33,150,000 Shares at September 30, 2014, a consequence of 3,750,000 Shares (75 Baskets) being created and 2,600,000 Shares (52 Baskets) being redeemed during the quarter.

 

Net loss for the quarter ended September 30, 2014 was $145,069,299, resulting from a net investment loss of $2,069,672 and a net realized and unrealized loss of $142,999,627. For the quarter ended September 30, 2014, the Trust had a net realized gain of $8,576 on short-term investments and a net realized and unrealized loss of $143,008,203 on futures contracts. Other than the Sponsor’s fees of $2,030,598 and brokerage commissions and fees of $138,402, the Trust had no expenses during the quarter.

 

The Nine Months Ended September 30, 2014

 

The Trust’s net asset value decreased from $1,171,092,949 at December 31, 2013 to $979,164,084 at September 30, 2014. The decrease in the Trust’s net asset value resulted primarily from a decrease in outstanding Shares, which fell from 36,400,000 Shares at December 31, 2013 to 33,150,000 Shares at September 30, 2014, a consequence of 7,650,000 Shares (153 Baskets) being created and 10,900,000 Shares (218 Baskets) being redeemed during the period. The Trust’s net asset value was also affected by a net loss.

 

 

Net loss for the nine months ended September 30, 2014 was $95,285,111, resulting from a net investment loss of $6,262,847 and a net realized and unrealized loss of $89,022,264. For the nine months ended September 30, 2014, the Trust had a net realized gain of $29,121 on short-term investments and a net realized and unrealized loss of $89,051,385 on futures contracts. Other than the Sponsor’s fees of $6,086,463 and brokerage commissions and fees of $590,725, the Trust had no expenses during the period.

 

Liquidity and Capital Resources

 

The Trust’s assets as of September 30, 2014 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Future 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 fees 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 September 30, 2014, 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. 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 Future positions.

 

The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs.

 

Because the Trust trades Index Futures, its capital is at risk due to changes in the value of the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).

 

Market Risk

 

The Trust holds Index Future positions and Collateral Assets to satisfy applicable margin requirements on those Index Future positions. Because of this limited diversification of the Trust’s assets, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares. The value of the Index Futures is expected to track generally the S&P GSCI-ER, although this correlation may not be exact. The S&P GSCI-ER, in turn, reflects the value of a diversified group of commodities. The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Future market and activities of other market participants.

 

Credit Risk

 

When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Future position, and of a default by its clearing futures commission merchant (the “Clearing FCM”). In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Future positions and Collateral Assets posted as margin. The Trust is also exposed to credit risk as a result of its ownership of U.S. Treasury bills.

 

Off-Balance Sheet Arrangements and Contractual Obligations

 

The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

 

 

Critical Accounting Policies

 

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies.

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Quantitative Disclosure

 

The Trust is exposed to commodity price risk through the Trust’s holdings of Index Futures. The following table provides information about the Trust’s futures contract positions, which are sensitive to changes in commodity prices. As of September 30, 2014, the Trust’s open Index Future positions (long) were as follows:

 

Number of Contracts:	22,546
Expiration Date:	December 2014
Weighted-Average Price per Contract:	$	444.87
Notional Amount (Fair Value):	$	977,314,990

 

The notional amount is calculated using the settlement price for the Index Futures on the CME on September 30, 2014, which was $433.48 per contract, and the $100 multiplier applicable under the contract terms.

 

 

Qualitative Disclosure

 

As described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust’s Index Future positions. As a result, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares.

 

The Trust will not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the level of the Index or the S&P GSCI-ER, or the value of any Collateral Assets. The Trust’s exposure to market risk may be influenced by a number of factors, including the lack of liquidity of the Index Future market and activities of other market participants.

 

 

Item 4. Controls and Procedures

 

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

 

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

 

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

 

Item 1A. Risk Factors

 

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on February 28, 2014.

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

a)

None.

 

b)	Not applicable.

 

c)	2,600,000 Shares (52 Baskets) were redeemed during the quarter ended September 30, 2014.

 

Period		Total Number of Shares Redeemed				Average Price Per Share
7/01/14 to 7/31/14			100,000			$	31.99
8/01/14 to 8/31/14			2,000,000				31.65
9/01/14 to 9/30/14			500,000				30.10
Total			2,600,000				31.37

 

 

Item 3. Defaults Upon Senior Securities

 

None.

 

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

 

Item 5. Other Information

 

None.

 

 

Item 6. Exhibits

 

Exhibit No.		Description
3.1		Restated Certificate of Trust of iShares® S&P GSCI™ Commodity-Indexed Trust is incorporated by reference to Exhibit 3.1(i) filed with Current Report on Form 8-K on May 9, 2007
4.1		Third Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-193156 on January 2, 2014
4.2		Form of Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 filed with Current Report on Form 8-K on November 29, 2013
10.1		Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-193156 on January 2, 2014
10.2		Form of Sublicense Agreement is incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-126810 on May 26, 2006
10.3		Futures and Options Account Agreement is incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-193156 on January 2, 2014
10.4		Master Service Agreement is incorporated by reference to Exhibit 10.6 filed with Current Report on Form 8-K on March 4, 2013
10.5		Service Module for Custodial Services is incorporated by reference to Exhibit 10.5 filed with Registration Statement No. 333-193156 on January 2, 2014
10.6		Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.6 filed with Registration Statement No. 333-193156 on January 2, 2014
10.7		Form of Control Agreement is incorporated by reference to Exhibit 10.7 filed with Registration Statement No. 333-193156 on April 2, 2014
31.1		Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2		Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.

 

iShares® Delaware Trust Sponsor LLC,

Sponsor of the iShares® S&P GSCI™ Commodity-Indexed Trust (registrant)

 

/s/ Patrick J. Dunne

Patrick J. Dunne

President and Chief Executive Officer

(Principal executive officer)

 

Date:

November 7, 2014

 

 

/s/ Jack Gee

Jack Gee

Chief Financial Officer

(Principal financial and accounting officer)

 

Date:

November 7, 2014

 

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*     The registrant is a trust and the persons are signing in their capacities as officers of iShares® Delaware Trust Sponsor LLC, the Sponsor of the registrant. 

 

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