At a glance
GSG charges 0.75% a year, above the 0.65% average of the 7 funds most like it (the 5th cheapest of 7). It has $1.10B in assets, the 6th largest of that group. Over the past year it returned +59.6% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +18.7% a year. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 23.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 41 months after the lows.
The short version
The iShares S&P GSCI Commodity-Indexed Trust (GSG) is a commodity pool. It holds futures tied to the S&P GSCI, a broad commodity index, plus Treasury collateral, and does not own stocks or physical commodities. It may suit investors who want raw-material prices in a portfolio. Its 0.75% expense ratio is above the 0.65% average of similar funds. It is taxed as a partnership, so investors get a Schedule K-1 instead of a 1099.
Price history
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GSG +59.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GSG price data to Oct 27, 2026 | +60.4% | +59.6% | +18.7% | +15.7% | +9.5% | -1.3% |
- Over the year to Oct 27, 2026, GSG returned +59.6%, 1st of 8 among similar funds.
- Its 5-year annualized return was +15.7% and its 10-year +9.5%.
- In the 2020 COVID crash it fell 36.8% and regained its old high 13.3 months after the low.
- Its worst full calendar year was 2008 (-45.8%); its best was 2021 (+39.1%).
- The deepest fall in its price history was 89.6% (Jul 2, 2008 to Apr 28, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +60.4% |
| 2025 | +5.9% |
| 2024 | +8.5% |
| 2023 | -5.5% |
| 2022 | +24.1% |
| 2021 | +39.1% |
| 2020 | -23.2% |
| 2019 | +15.6% |
| 2018 | -13.9% |
| 2017 | +3.9% |
| 2016 | +10.1% |
| 2015 | -34.1% |
| 2014 | -33.0% |
| 2013 | -1.8% |
| 2012 | -0.6% |
| 2011 | -3.3% |
| 2010 | +7.2% |
| 2009 | +11.2% |
| 2008 | -45.8% |
| 2007 | +31.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.2% over that stretch · deepest drop along the way 71.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.3% over that stretch · deepest drop along the way 36.8%, back to its old high 13.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 27.3% over that stretch · deepest drop along the way 23.9%, back to its old high 41.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2021 | $0.0424 | -57.5% |
| 2020 | $0.0998 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself. As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
GSG aims to match the S&P GSCI Total Return Index, before fees. S&P Dow Jones Indices runs the index. The underlying S&P GSCI is production-weighted: commodities produced in larger amounts worldwide get bigger weights, so the commodities are not weighted equally. The Trust does not buy each commodity's futures contracts one by one. Instead, it holds long positions in futures on the S&P GSCI Excess Return Index, which trade on the Chicago Mercantile Exchange. That index already includes the effect of "rolling," which means closing contracts that are about to expire and opening later ones in their place.
A futures position needs only a deposit, called margin. The Trust's 10-K, filed February 27, 2026, put the starting margin at roughly 3% to 10% of each position's value. The rest of the money sits in cash and US Treasury securities. The interest on that collateral supplies the "total return" part of the index. Gains and losses on the futures are settled in cash every day through Goldman Sachs, the clearing broker. The Trust is passive: BlackRock Fund Advisors does not try to time price moves or limit losses.
Only authorized brokers can create or redeem shares, and only in blocks of 50,000. Everyone else trades on NYSE Arca, where the share price can be above or below the value of the Trust's assets.
What it really costs
- GSG charges 0.75% a year, versus an average of 0.65% for the similar funds below (5th of 7, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
GSG rose during the 2021–2022 inflation surge, but it fell hard in the 2008 and 2020 crashes, so it has worked better as an inflation hedge than as a crisis hedge.
GSG adds something most stock and bond funds don't: exposure to raw-material prices. From the stock market's January 2022 peak to its October 2022 low, GSG gained 27.3%. It offers little shelter in a crash, though. It fell 71.1% from July 2008 to February 2009 and lost 45.8% in calendar 2008. In early 2020 it dropped 36.8% and took about 13 months to recover. Its deepest decline, 89.6% from July 2008 to April 2020, had not been made back as of October 27, 2026. A retiree forced to sell during a slump could lock in heavy losses. GSG paid no income in the year to October 27, 2026. It charges 0.75% a year, and its K-1 tax form adds paperwork. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a broad, production-weighted commodity holding as a possible inflation hedge; it returned 39.15% in 2021 and 24.08% in 2022.
- Holders comfortable with a Schedule K-1 and with owing tax on the Trust's gains each year, even without selling shares.
- Patient investors who can ride out long slumps without selling, such as its 89.6% drop from July 2008 to April 2020.
Look elsewhere if
- Investors seeking income: GSG made no distributions in the year to October 27, 2026.
- Those wanting a stock-crash hedge: GSG fell 71.1% in 2008–2009 and 36.8% in early 2020.
- Cost- or tax-conscious investors: its 0.75% fee tops the 0.65% peer average, and PDBC and BCI are marketed as K-1-free.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GSG this fund | 0.75% | $1.10B | +59.6% | +18.7% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| DBC Invesco DB Commodity Index Tracking Fund | 0.85% | $1.30B | +52.2% | +15.3% |
| COMT iShares U.S. ETF Trust iShares GSCI Commodi… | 0.48% | $683.2M | +54.4% | +17.0% |
| DJP iPath Bloomberg Commodity Index Total Retur… | 0.7% | $604.1M | +42.5% | +16.5% |
Questions investors ask
Does GSG pay a dividend?
No. GSG made no distributions in the year to October 27, 2026, so its trailing yield was 0%. That follows from its design: it holds commodity futures and Treasury collateral, and interest earned stays inside the Trust, where it shows up in the share price. Because GSG is taxed as a partnership, holders can still owe tax on their share of its gains each year, even without receiving any cash.
Is GSG a good inflation hedge?
It has sometimes worked as one. GSG returned 39.15% in 2021 and 24.08% in 2022, when inflation was rising. It also gained 27.3% between the stock market's January 2022 peak and its October 2022 low. Its record is uneven, though. It lost 45.8% in 2008, and its 89.6% slide from July 2008 to April 2020 had not been made back as of October 27, 2026. Past results don't predict future ones.
What's the difference between GSG and COMT?
Both are iShares commodity funds linked to GSCI commodities, but they differ in approach and cost. GSG tracks the S&P GSCI Total Return Index through futures and charges 0.75%. COMT, the iShares GSCI Commodity Dynamic Roll Strategy ETF, charges 0.48%. As its name says, it uses a "dynamic roll," a different way of choosing which futures contracts to hold, so it is not a like-for-like substitute. In the year to October 27, 2026, GSG returned 59.6% and COMT returned 54.4%.
Does GSG issue a K-1?
Yes. GSG is a commodity pool taxed as a partnership, so investors receive a Schedule K-1 instead of a Form 1099. Each holder owes tax on their share of the Trust's gains every year, even without selling shares. K-1s can make tax filing more complicated and often arrive later than 1099s. Funds such as PDBC and BCI are marketed as K-1-free, which is worth comparing for investors who want simpler paperwork.
How risky is GSG?
Very risky by fund standards. Its volatility, a measure of how widely its price swings, was 25.8% over the year to October 27, 2026. Its deepest drop was 89.6%, from July 2, 2008 to April 28, 2020, and it had not recovered that loss. Rolling expiring futures into later ones can add to or subtract from returns. Despite a 59.6% one-year gain, GSG had still lost money since its July 2006 launch.