iShares VII Public Limited Company - iShares MSCI USA UCITS ETF

What they do

The Trust issues and redeems shares in baskets of 50,000, only through Authorized Participants, in exchange for Index Futures and collateral assets. It holds long positions in exchange-traded index futures on the S&P GSCI Excess Return Index, plus cash, U.S. Treasuries and other short-term securities as margin. The Trust is a passive commodity pool; it does not seek profit from price changes, only to track the Index before expenses. Shares trade on NYSE Arca under the ticker GSG.

Revenue drivers

• Commodity futures performance — The Trust's net income is driven by changes in the value of its Index Futures positions, which mirror the S&P GSCI-ER. Net income ranged from $366.0M in 2021 to -$66.5M in 2023, reflecting commodity price volatility.
• Collateral assets — The Trust holds cash, U.S. Treasury securities and other short-term securities as margin. Income from these assets supports the total return objective but is not a primary revenue line; annual revenue was $42.5M in 2025.
• Basket creations and redemptions — Authorized Participants create and redeem baskets in exchange for Index Futures and collateral, affecting the Trust's asset base and NAV. The Trust issues shares continuously but does not earn fees from these transactions.

Recent performance

For the quarter ended March 31, 2026, revenue was $8.7M, down from $10.7M in Q4 2025 and $10.8M in Q3 2025. Annual revenue declined to $42.5M in 2025 from $51.3M in 2024. Net income was $57.0M in 2025 versus $70.0M in 2024. Diluted EPS was $1.26 in 2025, down from $1.53 in 2024. Operating cash flow was negative $58.2M in 2025, swinging from positive $69.6M in 2024.

Strategy

The Trust is a passive vehicle with no investment discretion; the Advisor transacts in Index Futures only to track the S&P GSCI Total Return Index. It maintains long futures positions and collateral to satisfy margin requirements. Management does not pursue profit from price movements and has no stated expansion or divestiture plans. The Trust's strategy is to deliver the index return before expenses and liabilities.

Risks

• Commodity price volatility — The value of shares fluctuates with commodity futures prices, which can be volatile due to supply, demand, weather, geopolitical events and other factors, potentially causing losses regardless of holding period.
• Liquidity and redemption limitations — Non-Authorized Participants cannot redeem shares; they must sell in the secondary market, and the price may be less than NAV if demand is insufficient.
• Tracking error — The Trust may not perfectly track the Index due to expenses, timing of creations/redemptions and futures roll costs, leading to performance deviations.
• Regulatory and tax changes — Changes in laws or regulations, including tax rules affecting commodity pools, could adversely impact the Trust's operations or shareholder returns.

Outlook

Management does not provide forward-looking performance guidance due to its passive nature. The 10-Q discusses risks from general economic, market and political conditions, and notes that actual results may differ materially. No specific outlook or investment plans were disclosed in the provided filings.