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Note 9 - Investing in Index Futures
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and the year ended December 31, 2024, the average month-end notional amounts of open Index Futures were $990,296,644 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 September 30, 2025 and December 31, 2024:

 

  Asset Derivatives Fair Value Liability Derivatives Fair Value 
September 30, 2025           
Commodity contracts Receivable for variation margin on open futures contracts $— 

Payable for variation margin on open futures contracts

 $8,121,169 
            
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 nine months ended September 30, 2025 and 2024:

 

  

Statements of

Operations Location

 

Net Realized

Gain (Loss)

  

Net Change in Unrealized

Appreciation/Depreciation

 
Three Months Ended September 30, 2025          
Commodity contracts Net realized gain (loss) from futures contracts $17,956,102  $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   11,839,522 
           
Three Months Ended September 30, 2024          
Commodity contracts Net realized gain (loss) from futures contracts $(77,701,360) $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   6,815,884 
           
Nine Months Ended September 30, 2025          
Commodity contracts Net realized gain (loss) from futures contracts $48,119,207  $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   (25,642,257)
           
Nine Months Ended September 30, 2024          
Commodity contracts Net realized gain (loss) from futures contracts $(21,217,007) $— 
  Net change in unrealized appreciation/depreciation on futures contracts  —   24,341,184