Neither the Trust nor the Investing Pool is an investment company registered under the Investment Company Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. Investments in shares of the Trust are speculative and involve a high degree of risk. You could lose all or a substantial portion of your investment in the shares of the Trust. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus. This information must be accompanied by a current prospectus.
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| S&P GSCI(TM) Commodity-Indexed Trust (GSG) |
The investment objective of the iShares® S&P GSCI™ Commodity-Indexed Trust ("the Trust") is to seek investment results, through the Trust's investment in the iShares® S&P GSCI™ Commodity-Indexed Investing Pool ("Investing Pool"), that correspond generally to the performance of the S&P GSCI™ Total Return Index ("the Index") before payment of the Trust's and the Investing Pool's expenses and liabilities. The Index is intended to reflect the performance of a diversified group of commodities.
| NAV as of 7/2/2009 | Price as of 7/2/2009 | ||
|---|---|---|---|
| NAV * | $28.88 | Price | $28.99 |
| Change | $-0.93 | Change | $-0.84 |
| Change | -3.12% | Change | -2.82% |
| Profile as of 7/2/2009 | |||
|---|---|---|---|
| Total Net Assets | $1,384,927,629 | Number of CERFs for Deposit | 35 |
| Shares Outstanding | 47,950,000 | Estimated Cash Component for Deposit | $1,444,034.69 |
| Expense Ratio | 0.75% | ||
| Beta (vs. S&P 500) | 0.92% | ||
| Premium/Discount as of 7/2/2009 | |
|---|---|
| Premium/Discount | 0.16% |
| NAV | $28.88 |
| Mid-Point | $28.930 |
| Closing Price | $29.02 |
| Last Trade Time | N/A |
| Trading Volume | 159,101 |
| Click here for important information about Premium/Discount | |
| Trading Information | |
|---|---|
| Related Index | GSCITR |
| NAV Ticker | GSG.NV |
| Underlying Trading Value Ticker | GSG.IV |
| Shares Outstanding Ticker | GSG.SO |
| CUSIP | 46428R107 |
| Options Available | |
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The iShares® S&P GSCI™ Commodity-Indexed Trust (the "Trust") and the iShares® S&P GSCI™ Commodity-Indexed Investing Pool ("Investing Pool"), in which the Trust invests all its assets, are each commodity pools as defined in the Commodity Exchange Act and the applicable regulations of the CFTC. The Sponsor of the Trust is Barclays Global Investors International, Inc., ("BGII"), a commodity pool operator ("CPO") registered with the CFTC. BGII is also the Manager and CPO of the Investing Pool. Barclays Global Fund Advisors ("BGFA") serves as the commodity trading advisor of the Investing Pool and is registered with the CFTC. Barclays Global Investors Fund Distribution Company ("BGIFDC"), a broker-dealer and FINRA member, provides promotional support to the Trust. BGIFDC is a subsidiary of BGII. BGFA is a subsidiary of Barclays Global Investors, N.A. ("BGINA"), a national banking association and the Trustee. BGII and BGINA are majority-owned affiliates of Barclays Bank PLC. Neither the Trust nor the Investing Pool is an investment company registered under the Investment Company Act.
Investments in shares of the Trust are speculative and involve a high degree of risk. You could lose all or a substantial portion of your investment in the shares of the Trust. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus. The value of the shares of the Trust, which seeks to track the S&P GSCI™ Total Return Index ("Index"), depends on the value of CERFs held by the Investing Pool, which are futures contracts on the S&P GSCI™ Excess Return Index ("GSCI-ER"), and will fluctuate based on the prices of commodity futures contracts reflected in the GSCI-ER. Commodities markets have historically been extremely volatile, creating the potential for losses regardless of the length of time the shares are held. Commodity futures trading may be illiquid. In addition, suspensions or disruptions of market trading in the commodities markets and related futures markets may adversely affect the value of your shares. The Investing Pool and the Trust are subject to the fees and expenses which are payable without regard to profitability. Shares may outperform or underperform the Index. The Trust involves a complex tax structure and there may be delays in distributing important tax information. Further, the Trust is not required to provide periodic pricing or valuation information to investors. The Trust is a passive investment vehicle. This means that the value of your shares may be adversely affected by trust losses that, if the trust had been actively managed, it might have been possible to avoid.
The price you receive upon the sale of your shares may be less than their NAV. The NAV will fluctuate with changes in the market value of the Investing Pool's assets, and market supply and demand. Brokerage commissions and fees will reduce returns.
Although shares of the Trust may be bought or sold on the exchange through any brokerage account, shares of the Trust are not redeemable from the Trust except in one or more blocks of 50,000 units called Baskets. Only institutions that become Authorized Participants may purchase or redeem Baskets.
Shares of the Trust may not provide the anticipated benefits of diversification from other asset classes. The lack of an active trading market for the shares may result in losses on your investment at the time of disposition of your shares. The Trust and the Investing Pool have no operating history. Therefore, there is no performance history to serve as a factor for evaluating an investment in the shares.
The Shares® S&P GSCI™ Commodity-Indexed Trust issues shares representing fractional undivided beneficial interests in its net assets. The Trust is registered under the Securities Act of 1933 of the United States but is not registered for distribution, or traded, anywhere outside the United States. Please note that, since the shares of the Trust are expected to reflect the price of commodities, as described more fully in the prospectus, held by the Trust, the market price of the shares will be as unpredictable as the price of those commodities have historically been.
The price received upon the sale of shares of the iShares® S&P GSCI™ Commodity-Indexed Trust, which trade at market price, may be more or less than the value of the commodities represented by them. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of risk factors relative to the iShares® S&P GSCI™ Commodity-Indexed Trust, carefully read the prospectus.
Following an investment in the iShares® S&P GSCI™ Commodity-Indexed Trust, several factors may have the effect of causing a decline in the prices of the commodities and a corresponding decline in the price of the shares. Among them: (i) a change in economic conditions, such as a recession, can adversely affect the price of the commodities. These commodities are used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the iShares; (ii) a significant change in the attitude of speculators and investors towards the commodities. Should the speculative community take a negative view towards the commodities, a decline in world commodities prices could occur, negatively impacting the price of the iShares; (iii) a significant increase in the commodity price hedging activity by commodities producers.
The S&P GSCI™ Total Return Index is an index on a production-weighted basket of principal physical commodities that reflects the level of commodity prices at a given time and is designed to be a measure of the performance over time of the markets for these commodities. The GSCI-ER reflects the returns that are potentially available through a rolling uncollateralized investment in the contracts comprising the S&P GSCI™ Total Return Index. The S&P GSCI™ Total Return Index reflects the value of an investment in the GSCI-ER together with a Treasury bill return.
The Trust is not sponsored, endorsed, sold, or promoted by Standard & Poor's or its affiliates. Neither Standard & Poor's, nor its affiliates, make any representation regarding the advisability of investing in the Trust.
For more information on how the net asset value (NAV) is determined, see the prospectus. On each Business Day on which the New York Stock Exchange is open for regular trading, as soon as practicable after the close of regular trading of the shares on the New York Stock Exchange (normally 4:00 P.M., New York time), the Trustee will determine the net asset value of the Trust and the NAV as of that time. The Trustee will determine 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 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 equity investment in the Investing Pool on that day and (2) any other assets of the Trust, in each case as of the close of trading on that day. In turn, the value of the Trust's investment in the Investing Pool is obtained by subtracting the Investing Pool's expenses and liabilities on that day from the value of (a) the Investing Pool's CERF position (including the assets posted as margin) on that day, (b) the interest earned on those assets by the Investing Pool and (c) any other assets of the Investing Pool, and multiplying the result by the Trust's ownership percentage of the Investing Pool's equity.
The Trustee will value the Trust's assets on the basis of the value of its ownership of Investing Pool Interests, as reported to the Trustee by or on behalf of the Manager. On each day on which the Trustee determines the value of the Trust's assets, the Manager will value the Investing Pool's assets as of the same time on that day on the basis of the then-most recent settlement price for CERFs on the CME and the then-current market value of any other assets. The value of the Investing Pool's CERF position (including any related margin) will equal the product of (a) the number of CERF contracts owned by the Investing Pool and (b) the settlement price on the date of calculation.
The Premium/Discount table presents information about the difference between the daily market price for shares of the Trust and the Trust's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Trust's NAV is calculated (usually 4:00 pm Eastern time). The table above shows the premium or discount expressed as a percentage of NAV. Although BGI believes that market makers will take advantage of differences between the NAV and the trading price of iShares through arbitrage opportunities, BGI cannot guarantee that they will do so.
Why is there a difference between NAV and Closing Price? A major reason for the difference is that Timing Discrepancies can exist between the NAV and Closing Price (last trade) reported above. Information is constantly flowing to and among investors, corporations, and financial institutions that affects their outlook on the financial markets and the value of securities. This process, known as Price Discovery, is why market prices change and evolve throughout the trading day. It is important to note that even when markets are closed, the price discovery process continues 24 hours a day, 7 days a week, 365 days a year.
Definitions of Terms:
beta: The measure of an asset's risk in relation to the S&P 500.
Bid/Ask Midpoint (Market Price): The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Trust's NAV is calculated (usually 4:00 pm Eastern time).
Closing Price (Last Trade): The Closing Price is the price of the last reported trade on any major market.
Premium: The amount an iShares is trading above the reported NAV expressed as a percentage of the NAV.
Discount: The amount an iShares is trading below the reported NAV expressed as a percentage of NAV.
Exchange Trading Symbol: The Exchange Trading Symbol is used to find the price at which the iShares last traded on the stock exchange it is listed on. Using the symbols provided above, these values can be accessed using any major quotation system such as Bloomberg or Reuters. Shares of the Trust trade on the New York Stock Exchange.
© Copyright 2009