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Note 9 - Investing in Index Futures
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and the year ended December 31, 2025, the average month-end notional amounts of open Index Futures were $951,647,707 and $1,010,924,315, 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 March 31, 2026 and December 31, 2025:

 

    Asset Derivatives   Fair Value   Liability Derivatives   Fair Value  
March 31, 2026                      
Commodity contracts   Receivable for variation margin on open futures contracts   $ —   Payable for variation margin on open futures contracts   $ 5,504,689  
                       
December 31, 2025                      
Commodity contracts   Receivable for variation margin on open futures contracts   $ —   Payable for variation margin on open futures contracts   $ 11,332,892  

  

The following table shows the effect of the open futures contracts, by risk exposure category, on the Statements of Operations for the three months ended March 31, 2026 and 2025:

 

   

Statements of

Operations Location

  

Net Realized

Gain (Loss)

    

Net Change in Unrealized

Appreciation/Depreciation

  
Three Months Ended March 31, 2026                    
Commodity contracts   Net realized gain (loss) from futures contracts   $ 227,639,802     $ —  
   

Net change in unrealized appreciation/depreciation on futures contracts

     —       82,570,068  
                     
Three Months Ended March 31, 2025                    
Commodity contracts   Net realized gain (loss) from futures contracts   $ 38,182,150     $ —  
    Net change in unrealized appreciation/depreciation on futures contracts     —       (1,386,063 )