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

> Source: Nexqual · https://nexqual.com/GSG · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, iShares S&P GSCI Commodity-Indexed Trust (GSG), nexqual.com/GSG" · informational, not investment advice.

**Price:** USD 37.7 (+1.92% on the day) · last close of Oct 23, 2026; US market after hours, not a live price. Prev close 36.99 · day 37.33–37.75 · 52w 22.47–37.75 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y +62.1% vs S&P 500 +13.4%; 5Y +111.2% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $426K | $22.3M | $52.6M | $51.3M | $42.5M | — |
| Operating income | -$10.4M | $7.5M | $43.7M | $43.1M | $34.3M | — |
| Net income | $366M | $391M | -$66.5M | $70.0M | $57.0M | $239M |
| Operating margin | -2437.6% | 33.7% | 83.0% | 84.2% | 80.5% | — |
| Net margin | 85910.7% | 1752.0% | -126.6% | 136.6% | 133.9% | — |
| Revenue growth | -88.6% | +5135.8% | +135.6% | -2.5% | -17.0% | — |
| Cash + short-term investments | $1.45B | $1.11B | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +62.1% | +111.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +62.4% | +16.1% |
| Volatility (annualized) | 25.5% | 23.1% |
| Max drawdown | -18.8% (May 2026→Jun 2026) | -27.4% (Jun 2022→Mar 2023) |

## Peers
DBC (Invesco DB Commodity Index Trac) USD 34.1 +1.58% · DJP (iPath Bloomberg Commodity Index) USD 52.41 +0.77% · DBB (Invesco DB Base Metals Fund) USD 24.88 +1.10% · DBA (Invesco DB Agriculture Fund) USD 27.87 -0.18% · PDBC (Invesco Optimum Yield Diversifi) USD 20.34 +1.60%

## More
Full page: https://nexqual.com/GSG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GSG's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1332174/000143774926006060/gsg20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BlackRock, Inc. (BLK) | "BlackRock aims to inform and continuously improve its cybersecurity program through engagement with regulatory, client, insurer, vendor, partner, peer, government and industry organizations and associations, as well as e…" |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.6% | ±6.2% |
| 2026-12-18 | 56 | 32.8% | ±10.3% |
| 2027-01-15 | 84 | 30.8% | ±11.8% |
| 2027-04-16 | 175 | 29.9% | ±16.6% |