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Note 9 - Investing in Index Futures
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

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 the 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 futures contracts and commodities underlying the S&P GSCI-ER. The commodities markets have historically been extremely volatile. For the six months ended June 30, 2025 and the year ended December 31, 2024, the average month-end notional amounts of open Index Futures were $979,625,600 and $978,676,366, respectively.

 

The following table shows the variation margin on open futures contracts, by risk exposure category, on the Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024:

 

  

Asset Derivatives

 

Fair Value

 Liability Derivatives 

Fair Value

 

June 30, 2025

           

Commodity contracts

 

Receivable for variation margin on open futures contracts

 $— Payable for variation margin on open futures contracts $4,437,061 
            

December 31, 2024

           

Commodity contracts

 

Receivable for variation margin on open futures contracts

 $3,037,571 Payable for variation margin on open futures contracts $— 

 

The following table shows the effect of the open futures contracts, by risk exposure category, on the Statements of Operations for the three and six months ended June 30, 2025 and 2024:

 

  

Statements of

Operations Location

 

Net Realized

Gain (Loss)

  

Net Change in Unrealized

Appreciation/Depreciation

 
Three Months Ended June 30, 2025          
Commodity contracts Net realized gain (loss) from futures contracts $(8,019,045) $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   (36,095,716)
           
Three Months Ended June 30, 2024          
Commodity contracts 

Net realized gain (loss) from futures contracts

 $(720,717) $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   (7,036,546)
           
Six Months Ended June 30, 2025          
Commodity contracts Net realized gain (loss) from futures contracts $30,163,105  $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   (37,481,779)
           
Six Months Ended June 30, 2024          
Commodity contracts 

Net realized gain (loss) from futures contracts

 $56,484,353  $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   17,525,300