1346616--2/27/2009--iShares_S&P_GSCI_Commodity-Indexed

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The value of the Shares depends on the value of CERFs, which will fluctuate based on the prices of commodity futures contracts reflected in the S P GSCI-ER. These prices may be volatile, thereby creating the potential for losses, regardless of the length of time you intend to hold your Shares. Historical performance of the Index and the S P GSCI-ER is no guide to their future performance or to the performance of the Shares. Commodity futures trading may be illiquid. In addition, suspensions or disruptions of market trading in the commodities markets and related futures markets may adversely affect the value of your Shares. During a period when commodity prices are fairly stationary, an absence of backwardation in the prices of the commodities included in the S P GSCI-ER may itself cause the price of your Shares to decrease. Regulatory developments with respect to the futures and over-the-counter markets, and in particular, with respect to speculative trading in futures contracts and over-the-counter derivatives involving commodities and commodity indices, could adversely affect the value of your Shares. The trading of CERFs - the sole contract traded by the Investing Pool - presents risks unrelated to the S P GSCI-ER that could adversely affect the value of your Shares. The S P GSCI-ER may in the future include contracts that are not traded on regulated futures exchanges and that offer different or diminished protections to investors. Changes in the composition and valuation of the S P GSCI-ER may adversely affect your Shares. Ownership of the S P GSCI indexes changed. A cessation of publication of the S P GSCI-ER could materially and adversely affect the activities of the Trust. The rolling of the Investing Pool s position in CERFs from an expiring CERF into a newly listed CERF could expose the Investing Pool to risks arising from trading activity in CERFs. The liquidation of CERFs could expose the Investing Pool to the effects of temporary aberrations or distortions in the market, which could adversely affect the prices at which the Investing Pool s CERF positions are liquidated. The Investing Pool s Clearing FCM could fail. Because the Investing Pool must deposit as margin an amount equal to 100% of the value of the CERFs it holds, the Investing Pool could be exposed to greater risk in the event of the bankruptcy of the Clearing FCM or the CME clearing house. You have no recourse to the Index Sponsor. The returns on the Shares will not precisely correlate with the performance of the Index. Because the Trust and the Investing Pool are passive investment vehicles, the value of the Shares may be adversely affected by losses that, if these vehicles had been actively managed, might have been possible to avoid. Fees and expenses payable by the Investing Pool are charged regardless of profitability and may result in a depletion of its assets. The price you receive upon the sale of your Shares may be less than their NAV. The Trust is not obligated to pay periodic distributions or dividends to Shareholders. The Trust could be liquidated at a time when the disposition of its interests will result in losses to investors in Shares. The Manager has broad discretion to liquidate the Investing Pool at any time. Shareholders with large holdings may choose to dissolve the Trust and thereby adversely affect your investment in the Shares. The Shares may not provide anticipated benefits of diversification from other asset classes. The liquidity of the Shares may be affected by the withdrawal from participation of Authorized Participants or by the suspension of issuance, transfers or redemptions of Shares by the Trustee. The lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares. You may be adversely affected by redemption orders that are subject to postponement, suspension or rejection under certain circumstances. Competition from other commodities-related investments could limit the market for, and reduce the liquidity of, the Shares. The price of the Shares could decrease if unanticipated operational or trading problems arise. Exchange position limits and other rules may restrict the creation of Baskets and the operation of the Investing Pool. As a Shareholder, you will not have the rights normally associated with ownership of common shares. As a Shareholder, you will not have the protections normally associated with the ownership of shares in an investment company registered under the Investment Company Act. Competing claims over ownership of relevant intellectual property rights could adversely affect the Trust, the Investing Pool or an investment in the Shares. The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or if the Investing Pool is required to indemnify the Manager. Regulatory changes or actions may affect the Shares. NYSE Arca may halt trading in the Shares, which would adversely impact your ability to sell your Shares. The relationships between the Sponsor and the Trustee and the Manager and the Advisor and the proprietary and managed trading activities of the Sponsor and its affiliates could conflict with your interests as a Shareholder. Proprietary trading and other activities by Goldman, Sachs Co. and its affiliates could conflict with your interests as a Shareholder. The IRS could take the position that CERFs must be taxed under special mark-to-market rules that would require gain to be taken into account on an annual basis. Your tax liability could exceed cash distributions on your Shares. The IRS could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the Shares if the IRS does not accept the assumptions or conventions utilized by the Trust or the Investing Pool.

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1346616--2/27/2009--iShares_S&P_GSCI_Commodity-Indexed_Trust