iShares S&P GSCI Commodity-Indexed Trust (GSG)

Price—Loading quote

AI: Fair-priced

Price checkShares trade almost exactly at the value of the assets inside the trust, leaving no bargain.

Unlike a normal company, this trust lets big institutions swap large blocks of shares for the underlying holdings, which pins the market price to the value of its assets. Official disclosures show the latest close sat about a tenth of a percent below that asset value, with typical trading spreads of a few hundredths of a percent. The wrapper therefore adds neither a discount nor a premium; the roughly forty-four percent year-to-date rise reflects the raw materials themselves repricing. Any cheapness case must rest on forecasting commodities, which lack dependable anchors.

Big pictureThis is a pass-through holding of energy-heavy commodity contracts plus short-term government bills, not a company.

The trust tracks a production-weighted basket of front-month futures, which are standardized agreements priced for later delivery, and crude oil plus other fuels dominate the weighting. Returns combine three engines: price moves, the gap captured when expiring contracts are replaced (traders call this roll yield), and interest on the Treasury bills backing the positions. With short-term rates near three-and-a-half percent or higher, collateral interest meaningfully cushions sideways markets. Against that stand a 0.75% annual sponsor fee and a ten-year record of only about six percent average yearly return.

Business strengthReported profits swing wildly with raw-material prices and say nothing about durable earning power.

Regulatory filings show net results whipsawing: a gain near four hundred million dollars three years ago, a loss of about sixty-seven million the next year, then gains near seventy million and fifty-seven million across the past two years, before a first-quarter gain above three hundred million this year flipped into a second-quarter loss of one hundred twenty-five million. Cash flows mirror those marks while share creations and redemptions offset them. There is no debt, no operations, and almost no corporate cash; assets are bills and futures margin. Nothing here compounds, so treat each accounting figure as price noise.

What could change the storyA Middle East de-escalation could quickly deflate the oil-driven gains; wider conflict would extend them.

Energy dominates the index, so the recent surge leans on a war-risk premium: Brent crude pushed above ninety dollars as sanctions tightened and tanker traffic through the Strait of Hormuz stayed a small fraction of normal, even though American commercial crude stockpiles rose for a third straight week to their highest level since spring. If diplomacy revives after the recent truce window expired, that premium could unwind quickly; fuller escalation would push the other way. Rate cuts trimming collateral interest and cooling precious-metals momentum are secondary swing factors.

AI: News

Oil extends Iran-sanctions rallyCrude jumped for a fifth straight session as Washington threatened unprecedented sanctions, lifting the trust's dominant energy exposure.

Earlier this week the Treasury Secretary pledged the toughest sanctions in history against Iran, and Brent crude closed above ninety-three dollars, up more than two percent, after a fifth straight gaining session. Tanker transits through the Strait of Hormuz remain far below pre-war levels. Because energy carries the largest weight in the index this trust tracks, the move feeds directly into its asset value, though attribution is uncertain since American commercial crude stockpiles simultaneously rose to their highest level since spring.

Gold tops $4,500 on Treasury moveA surprise Treasury bond-buyback plan sank yields and the dollar, sending gold up four percent in a day.

Midweek, the Treasury Department said it would at least double planned repurchases of long-dated bonds, pulling thirty-year yields back from multi-decade highs and knocking the dollar to a three-month low. Spot gold jumped more than four percent to its highest level in more than two months, and silver climbed past sixty-six dollars. Precious metals hold a smaller but still relevant weight in the trust's index, so the rally added to recent gains, though gold still sits well below its winter peak, showing how sharply this sleeve swings.

Fed holds rates steadyPolicymakers kept interest rates unchanged while weakening economic data reduced odds of a further increase soon.

Minutes from the Federal Reserve's most recent policy meeting, released this week, showed officials held their target range at three-and-a-half to three-and-three-quarters percent, with three dissents favoring an increase. Market-implied odds of another move at the next meeting slid from above eighty percent to roughly half or less after soft jobs, retail-sales, and inflation readings. Steady short rates keep the interest earned on this trust's Treasury-bill collateral elevated, a quiet but meaningful return contributor, while a softer rate path tends to weaken the dollar and support metals.

Loading local price history

Revenue

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$42.5M	$51.3M	$52.6M	$22.3M	$426,034	$3.7M	$21.4M	$24.5M	$9.7M	$2.3M	$235,603	$517,085	$664,549	$969,621	$1.6M
Operating expenses	$8.3M	$8.1M	$8.9M	$14.8M	$10.8M	$6.0M	$8.4M	$11.9M	$9.9M	$7.4M	$6.5M	$8.5M	$8.6M	$9.7M	$12.9M
Operating income	$34.3M	$43.1M	$43.7M	$7.5M	−$10.4M	−$2.3M	$13.0M	$12.6M	−$160,492	−$5.1M	−$6.3M	−$8.0M	−$7.9M	−$8.8M	−$11.3M
Operating margin	80.51%	84.16%	83.05%	33.73%	−2,437.65%	−60.82%	60.88%	51.32%	−1.65%	−222.36%	−2,676.45%	−1,547.20%	−1,194.78%	−904.36%	−684.75%
Net income	$57.0M	$70.0M	−$66.5M	$390.8M	$366.0M	−$183.6M	$174.9M	−$190.2M	$80.4M	$83.7M	−$303.0M	−$379.4M	−$31.4M	−$13.7M	−$37.7M
Net profit margin	133.90%	136.56%	−126.60%	1,752.03%	85,910.74%	−4,905.75%	817.65%	−776.45%	828.42%	3,646.44%	−128,620.83%	−73,368.13%	−4,720.47%	−1,417.19%	−2,285.32%
Basic EPSper basic share	$1.26	$1.53	-$1.28	$4.82	$4.51	-$3.09	$2.79	-$2.29	$1.05	$1.43	-$7.24	-$11.24	-$0.89	-$0.35	-$0.81

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of GSG
Holder	Shares held
BlackRock, Inc.	2.89M
MORGAN STANLEY	1.12M
Mizuho Bank, Ltd.	1.1M
USA FINANCIAL FORMULAS	955.93K
Quent Capital, LLC	935.69K
BANK OF AMERICA CORP /DE/	779.36K
STRATEGIC INVESTMENT MANAGEMENT, LLC	705.97K
JPMORGAN CHASE & CO	698.13K
SUMITOMO LIFE INSURANCE CO	615.3K
GOLDMAN SACHS GROUP INC	429K
WELLS FARGO & COMPANY/MN	260.93K
DEUTSCHE BANK AG\	257.88K
Alliance Wealth Advisors, LLC /UT	215.5K
HighTower Advisors, LLC	197.8K
DT Investment Partners, LLC	171.42K
Callan Family Office, LLC	168.1K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	152.27K
Sovran Advisors, LLC	127.73K
Accordant Advisory Group Inc	124.94K
Inscription Capital, LLC	118.04K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about GSG yet. Start the conversation.

Write the first post

iShares S&P GSCI Commodity-Indexed Trust (GSG)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.