Note 9 - Investing in Index Futures

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 theS&P GSCI-ER at that time. Therefore, the value of the Trust will fluctuate based upon the value of theS&P GSCI-ER and the prices of futures contracts and commodities underlying theS&P GSCI-ER. The commodities markets have historically been extremely volatile. For the nine months ended September 30, 2015 and the year ended December 31, 2014, the average month-end notional amounts of open Index Futures were $800,638,027 and $1,035,531,869, 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, 2015 and December 31, 2014:

	Asset Derivatives	Fair Value		Liability Derivatives	Fair Value
September 30, 2015
Commodity contracts	Receivable for variation margin on open futures contracts	$	6,562,418	Payable for variation margin on open futures contracts	$	—
December 31, 2014
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	7,717,674

The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three months and nine months ended September 30, 2015 and 2014:

	Statements of Operations Location	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Three Months Ended September 30, 2015
Commodity contracts	Net realized gain (loss) from futures contracts	$	(152,499,032	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			(15,131,979	)
Three Months Ended September 30, 2014
Commodity contracts	Net realized gain (loss) from futures contracts	$	(99,275,900	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			(43,732,303	)

Nine Months Ended September 30, 2015
Commodity contracts	Net realized gain (loss) from futures contracts	$	(222,057,163	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			52,483,833
Nine Months Ended September 30, 2014
Commodity contracts	Net realized gain (loss) from futures contracts	$	(138,661,150	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			49,609,765