S&P GSCI(R) Commodity-Indexed Trust (GSG) Inception date: 7/10/2006
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.
- Download current prospectus Please read the prospectus carefully before investing
- Access periodic SEC reports
Please read the prospectus carefully before investing
Total Returns as of 12/31/2009
Total Returns (%) |
Market Price Returns (%) |
||||
|---|---|---|---|---|---|
| GSG | Index  |
GSG | |||
| YTD | 15.12 | 13.48 | 11.48 | ||
| 1 Month | 0.86 | 0.86 | 1.05 | ||
| 3 Months | 7.83 | 8.42 | 7.31 | ||
| 6 Months | 5.85 | 6.50 | 6.27 | ||
| 1 Year | 15.12 | 13.48 | 11.48 | ||
| 3 Years | -7.37 | -6.95 | -7.33 | ||
| 5 Years | -- | -3.00 | -- | ||
| 10 Years | -- | 5.05 | -- | ||
| Since Inception | -11.82 | -11.50 | -11.67 | ||
| Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. | |||||
Annual Returns
Total Returns (%) |
Market Price Returns (%) |
||
|---|---|---|---|
| GSG | Index |
GSG | |
| 2009 | 15.12 | 13.48 | 11.48 |
| 2008 | -47.47 | -46.49 | -- |
| 2007 | 31.45 | 32.67 | -- |
Fees & Expenses
| Expense Type | Amount |
|---|---|
| Expense Ratio | 0.75% |
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
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 BlackRock Asset Management International Inc., ("BAMII"), a commodity pool operator ("CPO") registered with the CFTC. BAMII is also the Manager and CPO of the Investing Pool. BlackRock Fund Advisors ("BFA") serves as the commodity trading advisor of the Investing Pool and is registered with the CFTC. BlackRock Fund Distribution Company ("BFDC"), a broker-dealer and FINRA member, provides promotional support to the Trust. BFDC is a subsidiary of BAMII. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A. ("BITC"), a national banking association and the Trustee. BAMII and BITC are affiliates of BlackRock, Inc. 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 iShares 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 Trust; (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 Trust; (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.
Index returns are for illustrative purposes only and do not represent actual iShares S&P GSCI Commodity-Indexed Trust performance. Index returns do not reflect any management fees, transaction costs, or expenses. Past performance does not guarantee future results.
Market returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined for most iShares products), and do not represent the returns you would receive if you traded shares at other times.
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.
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