- 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 year ended

December 31, 2018

and the year ended

December 31, 2017,

the average month-end notional amounts of open Index Futures were $

1,392,468,027

and

$1,144,402,412,

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

December 31, 2018

and

December 31, 2017:

	Asset Derivatives	Fair Value		Liability Derivatives	Fair Value
December 31, 2018
Commodity contracts	Receivable for variation margin on open futures contracts	$	920,643	Payable for variation margin on open futures contracts	$	—

December 31, 2017
Commodity contracts	Receivable for variation margin on open futures contracts	$	5,558,077	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 years ended

December

31,

2018,

2017

and

2016:

	Statements of Operations Location	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
December 31, 2018
Commodity contracts	Net realized gain (loss) from futures contracts	$	(11,940,106	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			(190,921,734	)

December 31, 2017
Commodity contracts	Net realized gain (loss) from futures contracts	$	3,410,884		$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			77,224,746

December 31, 201 6
Commodity contracts	Net realized gain (loss) from futures contracts	$	76,363,644		$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			12,329,480