10-Q

Table Of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2014

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission file number: 001-36044

iShares® Commodity Optimized Trust

(Exact name of registrant as specified in its charter)

Delaware	46-2428725
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o iShares® Delaware Trust Sponsor LLC

400 Howard Street

San Francisco, California 94105

Attn: Product Management Team

iShares® Product Research & Development

(Address of principal executive offices)

(415) 670-2000

(Registrant’s telephone number, including area code)

iShares® Dow Jones-UBS Roll Select Commodity Index Trust

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ (registrant)	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☐
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☒

	Table of Contents
		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Statements of Financial Condition at June 30, 2014 and December 31, 2013	1
	Statements of Operations for the three and six months ended June 30, 2014	2
	Statements of Changes in Shareholders’ Capital for the six months ended June 30, 2014 and for the period from August 8, 2013 (commencement of operations) to December 31, 2013	3
	Statement of Cash Flows for the six months ended June 30, 2014	4
	Schedules of Investments at June 30, 2014 and December 31, 2013	5
	Notes to Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16
Item 4.	Controls and Procedures	17
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	18
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Mine Safety Disclosures	18
Item 5.	Other Information	18
Item 6.	Exhibits	19
SIGNATURES		20

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Commodity Optimized Trust

Statements of Financial Condition (Unaudited)

At June 30, 2014 and December 31, 2013

	June 30, 2014		December 31, 2013
Assets
Current Assets
Cash and cash equivalents	$	70,003	$	51,845
Cash and cash equivalents held at brokers (restricted)		401,000		445,000
Short-term investments(a)		13,069,212		12,224,010
Total Assets	$	13,540,215	$	12,720,855
Liabilities and Shareholders’ Capital
Current Liabilities
Payable for variation margin on open futures contracts (Note 9)	$	128,289	$	118,719
Sponsor’s fees payable		8,267		7,543
Total Liabilities		136,556		126,262
Commitments and Contingent Liabilities (Note 7)		—		—
Shareholders’ Capital
Shares, no par value, unlimited amount authorized (at redemption value) – 250,000 issued and outstanding at June 30, 2014 and 250,000 issued and outstanding at December 31, 2013		13,403,659		12,594,593
Total Shareholders’ Capital		13,403,659		12,594,593
Total Liabilities and Shareholders’ Capital	$	13,540,215	$	12,720,855
Net asset value per Share	$	53.61	$	50.38

(a)    Cost of short-term investments at June 30, 2014 and December 31, 2013: $13,069,212 and $12,224,010, respectively.

See notes to financial statements.

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iShares® Commodity Optimized Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2014(a)

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Investment Income
Interest	$	1,587		$	3,388
Total investment income		1,587			3,388
Expenses
Sponsor’s fees		25,223			49,184
Brokerage commissions and fees		2,535			5,076
Total expenses		27,758			54,260
Net investment loss		(26,171	)		(50,872	)
Net Realized and Unrealized Gain (Loss)
Net realized gain on short-term investments		9			51
Net realized gain (loss) on futures contracts		(187,228	)		692,003
Net change in unrealized appreciation/depreciation on futures contracts		288,753			167,884
Net realized and unrealized gain		101,534			859,938
Net gain	$	75,363		$	809,066
Net gain per Share	$	0.30		$	3.24
Weighted-average Shares outstanding		250,000			250,000

(a)     Commencement of operations, August 8, 2013.

See notes to financial statements.

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iShares® Commodity Optimized Trust

Statements of Changes in Shareholders’ Capital (Unaudited)

For the six months ended June 30, 2014

and the period from August 8, 2013 (commencement of operations) to December 31, 2013

	Six Months Ended June 30, 2014			Period from August 8, 2013 (commencement of operations) to December 31, 2013
Shareholders’ Capital, Beginning of Period	$	12,594,593		$	—
Contributions		—			12,467,032
Net investment loss		(50,872	)		(22,327	)
Net realized gain on short-term investments		51			187
Net realized gain on futures contracts		692,003			174,717
Net change in unrealized appreciation/depreciation on futures contracts		167,884			(25,016	)
Shareholders’ Capital, End of Period	$	13,403,659		$	12,594,593

See notes to financial statements.

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iShares® Commodity Optimized Trust

Statement of Cash Flows (Unaudited)

For the six months ended June 30, 2014(a)

Cash Flows from Operating Activities
Net gain	$	809,066
Adjustments to reconcile net gain to net cash provided by operating activities:
Purchases of short-term investments		(35,467,445	)
Sales/maturities of short-term investments		34,625,682
Accretion of discount		(3,388	)
Net realized gain on short-term investments		(51	)
Change in operating assets and liabilities:
Cash and cash equivalents held at brokers (restricted)		44,000
Payable for variation margin on open futures contracts		9,570
Sponsor’s fees payable		724
Net cash provided by operating activities		18,158
Net increase in cash and cash equivalents		18,158
Cash and Cash Equivalents
Beginning of period		51,845
End of period	$	70,003

(a)     Commencement of operations, August 8, 2013.

See notes to financial statements.

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iShares® Commodity Optimized Trust

Schedules of Investments (Unaudited)

At June 30, 2014 and December 31, 2013

June 30, 2014

Face Amount		Security Description	Fair Value
		United States Treasury bills:
$	135,000	0.02% - 0.04% due 07/10/14	$	134,999
	480,000	0.03% - 0.05% due 07/17/14		479,989
	430,000	0.02% - 0.03% due 08/07/14		429,989
	3,474,000	0.03% due 08/21/14		3,473,865
	58,000	0.03% due 09/04/14		57,997
	8,118,000	0.04% due 09/11/14		8,117,391
	375,000	0.02% due 09/25/14		374,982
		Total United States Treasury bills (cost: $13,069,212) – 97.50%(a)	$	13,069,212

(a)     Percentage is based on shareholders’ capital.

As of June 30, 2014, open futures contracts held by the Trust were as follows:

Number of Contracts		Expiration Date	Current Notional Amount		Net Unrealized Appreciation
	422	September 2014	$	13,390,060	$	142,868

December 31, 2013

Face Amount		Security Description	Fair Value
		United States Treasury bills:
$	150,000	0.03% due 01/09/14	$	149,999
	4,500,000	0.02% due 02/20/14		4,499,881
	7,575,000	0.04% - 0.07% due 03/06/14		7,574,130
		Total United States Treasury bills (cost: $12,224,010) – 97.06%(a)	$	12,224,010

(a)     Percentage is based on shareholder’s capital.

As of December 31, 2013, open futures contracts heldby the Trust were as follows:

Number of Contracts		Expiration Date	Current Notional Amount		Net Unrealized Depreciation
	424	March 2014	$	12,570,328	$	25,016

See notes to financial statements.

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iShares® Commodity Optimized Trust

Notes to Financial Statements (Unaudited)

June 30, 2014

1 - Organization

The iShares® Commodity Optimized Trust (formerly known as the iShares® Dow Jones-UBS Roll Select Commodity Index Trust), or the “Trust,” is a Delaware statutory trust organized under the laws of the State of Delaware on December 7, 2011 and commenced operations on August 8, 2013. iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. The Trust is governed by the Amended and Restated Trust Agreement, dated as of July 1, 2014 (the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust, National Association (the “Delaware Trustee”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or “Index Futures” on the Bloomberg Roll Select Commodity Index (formerly known as the Dow Jones-UBS Roll Select Commodity Index), or the “Bloomberg Roll Select CI.” In order to collateralize its Index Future positions and to reflect the U.S. Treasury component of the Bloomberg Roll Select Commodity Total Return Index (formerly known as the Dow Jones-UBS Roll Select Commodity Index Total Return), or the “Index,” the Trust also holds “Collateral Assets,” which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Future positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”).

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 28, 2014.

The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, under the Investment Company Act of 1940, as amended.

2 - Summary of Significant Accounting Policies

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

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B. Investment in Index Futures

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Future positions. Index Futures are exchange-traded index future contracts on the Bloomberg Roll Select CI, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Future is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Future at the time it was opened and the value at the time it was closed.

Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price. If there is no announced settlement price for a particular Index Future on that day, the Trustee will use the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

C. Cash and Cash Equivalents

The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.

As of June 30, 2014 and December 31, 2013, the Trust had cash and cash equivalents held at brokers of $401,000 and $445,000, respectively, which were posted as margin for the Trust’s Index Future positions.

D. Short-Term Investments

Short-term investments on the Statements of Financial Condition consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.

E. Securities Transactions, Income and Expense Recognition

Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis.

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F. Income Taxes

The Trust is treated as a partnership for federal, state and local income tax purposes.    

No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.

The Sponsor has reviewed the tax positions as of June 30, 2014, inclusive of the open tax year, and has determined that no provision for income tax is required in the Trust’s financial statements.

G. Calculation of Net Asset Value

The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Future positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).

H. Distributions

Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to Shareholders. The Trust is under no obligation to make periodic distributions to Shareholders.

I. Recent Accounting Standards

In June 2013, the FASB issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company and is effective for interim and annual periods beginning after December 15, 2013. Adoption of ASU 2013-08 did not have a material impact on the Trust’s financial statements. 

3 - Offering of the Shares

Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the “Authorized Participants”). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.

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Share activity was as follows:

	Six Months Ended June 30, 2014				Period from August 8, 2013 (commencement of operations) to December 31, 2013
	Shares		Amount		Shares		Amount
Shares issued		—	$	—		250,000	$	12,467,032
Shares redeemed		—		—		—		—
Net increase		—	$	—		250,000	$	12,467,032

4 - Trust Expenses

The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the Statements of Operations as incurred.

The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.

The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually.

5 - Related Parties                                        

The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust.

6 - Indemnification

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.

The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement.

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7 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2014.

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Net asset value per Share, beginning of period	$	53.31		$	50.38
Net investment loss(a)		(0.10	)		(0.20	)
Net realized and unrealized gain(b)		0.40			3.43
Net increase in net assets from operations		0.30			3.23
Net asset value per Share, end of period	$	53.61		$	53.61
Total return, at net asset value(c)		0.56	%		6.41	%
Ratio to average net assets:
Net investment loss(d)		(0.78	)%		(0.78	)%
Expenses(d)		0.83	%		0.83	%

(a)     Based on average Shares outstanding during the period.

(b)     The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments.

(c)     Based on the change in net asset value of a Share during the period. Percentage is not annualized.

(d)     Percentage is annualized.

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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 Bloomberg Roll Select CI at that time. Therefore, the value of the Trust will fluctuate based upon the value of the Bloomberg Roll Select CI and the prices of the futures contracts and commodities underlying the Bloomberg Roll Select CI. The commodities markets have historically been extremely volatile. For the six months ended June 30, 2014 and the period from August 8, 2013 (commencement of operations) to December 31, 2013, the average month-end notional amounts of open Index Futures were $13,150,048 and $6,301,988, respectively.

The following table shows the variation margin on open futures contracts, by risk exposure category, on the Statements of Financial Condition as of June 30, 2014 and December 31, 2013:

	Asset Derivatives	Fair Value		Liability Derivatives	Fair Value
June 30, 2014
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	128,289
December 31, 2013
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	118,719

The following table shows the effect of the futures contracts, by risk exposure category, on the Statement of Operations for the three and six months ended June 30, 2014:

Three Months Ended June 30, 2014	Statement of Operations Location	Realized Gain (Loss)			Change in Unrealized Appreciation/Depreciation
Commodity contracts	Net realized gain (loss) on futures contracts	$	(187,228	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			288,753
Six Months Ended June 30, 2014
Commodity contracts	Net realized gain (loss) on futures contracts	$	692,003		$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			167,884

10 - Investment Valuation

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures.

U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

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Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, which in turn could result in a difference between the Trust’s performance and the performance of the Trust’s underlying index.

The following table summarizes the valuation of the Trust’s investments by the fair value hierarchy levels as of June 30, 2014 and December 31, 2013:

	Level 1			Level 2		Level 3		Total
June 30, 2014
Futures contracts(a)	$	142,868		$	—	$	—	$	142,868
U.S. Treasury bills		—			13,069,212		—		13,069,212
December 31, 2013
Futures contracts(a)	$	(25,016	)	$	—	$	—	$	(25,016	)
U.S. Treasury bills		—			12,224,010		—		12,224,010

(a)     Futures contracts are valued at unrealized appreciation (depreciation).

11 - Subsequent Events

In connection with the preparation of the financial statements of the Trust as of and for the period ended June 30, 2014, management has evaluated the impact of all subsequent events on the Trust through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as set forth below.

Effective July 1, 2014, Bloomberg Indexes has assumed sole responsibility for the governance, calculation, distribution and licensing of the Dow Jones-UBS Commodity Index family, which has been rebranded as the Bloomberg Commodity Index family. In connection with the rebrand of the Bloomberg Commodity Index family, effective July 1, 2014, the Trust has changed its name from iShares® Dow Jones-UBS Roll Select Commodity Index Trust to iShares® Commodity Optimized Trust.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

Introduction

The iShares® Commodity Optimized Trust (formerly known as the iShares® Dow Jones-UBS Roll Select Commodity Index Trust), or the “Trust,” is a Delaware statutory trust that issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or “Index Futures” on the Bloomberg Roll Select Commodity Index  (formerly known as the Dow Jones-UBS Roll Select Commodity Index), or the “Bloomberg Roll Select CI,” together with cash, U.S Treasury securities or other short-term and similar securities that are eligible as margin deposits for the Trust’s Index Future positions, referred to as “Collateral Assets.” The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Bloomberg Roll Select Commodity Total Return Index (formerly known as the Dow Jones-UBS Roll Select Commodity Index Total Return), or the “Index,” before payment of the Trust’s expenses and liabilities. The Index is intended to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or “rolling” into new futures contracts.

iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. The Trust has delegated day-to-day administration of the Trust to the Trustee. The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the “Trust Administrator”). Wilmington Trust, National Association, a national banking association with its principal place of business in Delaware, serves as the “Delaware Trustee” of the Trust.

Although the Trust is an “emerging growth company” subject to reduced public company reporting requirements under U.S. federal securities laws, it has elected not to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2012, as amended, and has otherwise prepared the financial statements and disclosures included in this Form 10-Q in a manner comparable to that of other iShares® exchange-traded funds.

The Trust intends to offer Shares on a continuous basis. The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares (“Baskets”). Only certain institutions, called “Authorized Participants,” that enter into an agreement with the Trust may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share, or “NAV” of the Shares being purchased or redeemed. Owners of beneficial interests in Shares (“Shareholders”) who are not Authorized Participants have no right to redeem their Shares. In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists. The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.

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Shares of the Trust trade on NYSE Arca, Inc. (“NYSE Arca”) under the symbol “CMDT.”

Valuation of Index Futures; Computation of the Trust’s Net Asset Value

The Sponsor has the exclusive authority to determine the net asset value of the Trust and the net asset value per Share, or “NAV,” which it has delegated to the Trustee under the Trust Agreement. The Trustee determines the net asset value of the Trust and the NAV as of 4:00 p.m. (New York time), on each Business Day on which NYSE Arca is open for regular trading, as soon as practicable after that time. A “Business Day” is a day (1) on which none of the following occurs: (a) NYSE Arca is closed for regular trading, (b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business.

The Trustee values the Trust’s long positions in Index Futures on the basis of that day’s announced CME settlement prices for the Index Futures held by the Trust. The value of the Trust’s positions in any particular Index Futures of any particular expiration will equal the product of (a) the number of such Index Futures of such expiration owned by the Trust, (b) the settlement price of such Index Futures on the date of calculation and (c) the multiplier of such Index Futures. If there is no announced CME settlement price for a particular Index Future on a Business Day, the Trustee uses the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each the Index Futures currently held by the Trust is established on each trading day by the CME shortly after the close of trading for such Index Future, which is generally 2:40 p.m. (New York time).

The Trustee values all other holdings of the Trust at (a) its current market value, if quotations for such property are readily available, or (b) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined.

Once the value of the Index Futures and interest earned on the Trust’s Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.

Once the net asset value of the Trust has been calculated, the Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the calculation is made. Any changes to NAV that may result from creation and redemption activity are not reflected in the NAV calculations for purposes of the Trust’s operations until the Business Day following the Business Day on which they occur, but are reflected in the Trust’s financial statements as of such first Business Day. Creation and redemption orders received after 2:40 p.m. (New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day. Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m. (New York time). Orders are expected to settle by 11:00 a.m. (New York time) on the Business Day following the Business Day on which such orders are deemed to be received.

Results of Operations

The Quarter Ended June 30, 2014

The Trust’s net asset value increased from $13,328,296 at March 31, 2014 to $13,403,659 at June 30, 2014. The increase in the Trust’s net asset value resulted primarily from a net gain.

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Net gain for the quarter ended June 30, 2014 was $75,363, resulting from a net investment loss of $26,171 and a net realized and unrealized gain of $101,534. For the quarter ended June 30, 2014, the Trust had a net realized gain of $9 on short-term investments and a net realized and unrealized gain of $101,525 on futures contracts. Other than the Sponsor’s fees of $25,223 and brokerage commissions and fees of $2,535, the Trust had no expenses during the quarter.

The Six Months Ended June 30, 2014

The Trust’s net asset value increased from $12,594,593 at December 31, 2013 to $13,403,659 at June 30, 2014. The increase in the Trust’s net asset value resulted primarily from a net gain.

Net gain for the six months ended June 30, 2014 was $809,066, resulting from a net investment loss of $50,872 and a net realized and unrealized gain of $859,938. For the six months ended June 30, 2014, the Trust had a net realized gain of $51 on short-term investments and a net realized and unrealized gain of $859,887 on futures contracts. Other than the Sponsor’s fees of $49,184 and brokerage commissions and fees of $5,076, the Trust had no expenses during the period.

Liquidity and Capital Resources

The Trust’s assets consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Future positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor’s fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses.

The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs.

Because the Trust trades Index Futures, its capital is at risk due to changes in the value of the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).

Market Risk

The Trust holds Index Future positions and Collateral Assets to satisfy applicable margin requirements on those Index Future positions. Because of this limited diversification of the Trust’s assets, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares. The value of the Index Futures is expected to track generally the Bloomberg Roll Select CI, although this correlation may not be exact. The Bloomberg Roll Select CI, in turn, reflects the value of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or “rolling” into new futures contracts. The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Future market and activities of other market participants.

Credit Risk

When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Future position, and of a default by its clearing futures commission merchant (the “Clearing FCM”). In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Future positions and Collateral Assets posted as margin. The Trust is also exposed to credit risk as a result of its ownership of U.S. Treasury bills.

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Off-Balance Sheet Arrangements and Contractual Obligations

The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative Disclosure

The Trust is exposed to commodity price risk through the Trust’s holdings of Index Futures. The following table provides information about the Trust’s futures contract positions, which are sensitive to changes in commodity prices. As of June 30, 2014, the Trust’s open Index Future positions (long) were as follows:

Number of Contracts:		422
Expiration Date:		September 2014
Weighted-Average Price per Contract:	$	313.91
Notional Amount (Fair Value):	$	13,390,060

The notional amount is calculated using the settlement price for the Index Futures on the CME on June 30, 2014, which was $317.30 per contract, and the $100 multiplier applicable under the contract terms.

Qualitative Disclosure

As described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust’s Index Future positions. As a result, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares.

The Trust will not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the level of the Index or the Bloomberg Roll Select CI, or the value of any Collateral Assets. The Trust’s exposure to market risk may be influenced by a number of factors, including the lack of liquidity of the Index Future market and activities of other market participants.

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Item 4. Controls and Procedures

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on February 28, 2014.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) As described in the Trust’s first registration statement on Form S-1 (No. 333-178376), which was declared effective as of August 7, 2013, proceeds received by the Trust from the issuance and sale of Shares to Authorized Participants consists of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets). These proceeds will be held by the Trust and retained, invested in Collateral Assets or liquidated in order to rebalance or establish new positions in Index Futures or Collateral Assets until withdrawn in connection with redemptions of Baskets or liquidated to pay expenses and liabilities of the Trust (including applicable fees and margin payments) not assumed by the Sponsor.

c) No redemption of Shares occurred during the quarter ended June 30, 2014.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibit No.	Description
3.1	Restated Certificate of Trust is incorporated by reference to Exhibit 3.1 filed with Current Report on Form 8-K on July 7, 2014
4.1	Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on July 7, 2014
4.2	Form of Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 filed with Post-Effective Amendment No. 1 to Registration Statement No. 333-178376 on April 2, 2014
10.1	Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 filed with Pre-Effective  Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.2	Institutional Futures Customer Agreement is incorporated by reference to Exhibit 10.2 filed with Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.3	Form of Service Module for Custodial Services is incorporated by reference to Exhibit 10.3 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.4	Form of Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.4 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.5	Form of Master Services Agreement is incorporated by reference to Exhibit 10.5 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.6	Form of Control Agreement is incorporated by reference to Exhibit 10.6 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
31.1	Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2	Certification by Principal Financial Officer Pursuant to 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1	Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

*     Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.

iShares® Delaware Trust Sponsor LLC

Sponsor of the iShares® Commodity Optimized Trust (registrant)

/s/ Patrick J. Dunne

Patrick J. Dunne

President and Chief Executive Officer

(Principal executive officer)

Date: August 8, 2014

/s/ Jack Gee

Jack Gee

Chief Financial Officer

(Principal financial and accounting officer)

Date: August 8, 2014

*     The registrant is a trust and the persons are signing in their capacities as officers of iShares® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

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EX-31

Exhibit 31.1

 CERTIFICATIONS

I, Patrick J. Dunne, certify that:

1. I have reviewed this report on Form 10-Q of iShares® Commodity Optimized Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) (Omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a));

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2014

/s/ Patrick J. Dunne

Patrick J. Dunne

President and Chief Executive Officer

(Principal executive officer)

EX-31

Exhibit 31.2

CERTIFICATIONS

I, Jack Gee, certify that:

1. I have reviewed this report on Form 10-Q of iShares® Commodity Optimized Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) (Omitted pursuant to Exchange Act Rules 13a-14(a) and 15d-15(a));

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2014

/s/ Jack Gee

Jack Gee

Chief Financial Officer

(Principal financial officer)

EX-32

Exhibit 32.1

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of the iShares® Commodity Optimized Trust (the “Trust”) on Form 10-Q for the period ended June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Patrick J. Dunne, Chief Executive Officer of iShares® Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 8, 2014

/s/ Patrick J. Dunne

Patrick J. Dunne*

President and Chief Executive Officer

(Principal executive officer)

*     The registrant is a trust and Mr. Dunne is signing in his capacity as an officer of iShares® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

EX-32

Exhibit 32.2

Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of the iShares® Commodity Optimized Trust (the “Trust”) on Form 10-Q for the period ended June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack Gee, Chief Financial Officer of iShares® Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 8, 2014

/s/ Jack Gee

Jack Gee*

Chief Financial Officer

(Principal financial officer)

*     The registrant is a trust and Mr. Gee is signing in his capacity as an officer of iShares® Delaware Trust Sponsor LLC, the Sponsor of the registrant.

XML

Note 9 - Investing in Index Futures (Details) - Effect of the Futures Contracts, by Risk Exposure Category, on the Statement of Financial Condition (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Commodity contracts	$ 128,289	$ 118,719
Commodity Contract [Member] | Payable for Variation Margin on Open Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Commodity contracts	$ 128,289	$ 118,719

XML

Schedule of Investments (Unaudited) (Details) - Investments (Parentheticals) (USD $)					6 Months Ended			6 Months Ended			6 Months Ended			6 Months Ended				5 Months Ended
	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2014 United States Treasury Bills 0.02% - 0.04% Due 7/10/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% - 0.04% Due 7/10/14 [Member] Minimum [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% - 0.04% Due 7/10/14 [Member] Maximum [Member]	Jun. 30, 2014 United States Treasury Bills 0.03% - 0.05% Due 7/17/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.03% - 0.05% Due 7/17/14 [Member] Minimum [Member]	Jun. 30, 2014 United States Treasury Bills 0.03% - 0.05% Due 7/17/14 [Member] Maximum [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% - 0.03% Due 8/7/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% - 0.03% Due 8/7/14 [Member] Minimum [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% - 0.03% Due 8/7/14 [Member] Maximum [Member]	Jun. 30, 2014 United States Treasury Bills 0.03% Due 8/21/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.03% Due 9/4/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.04% Due 9/11/14 [Member]	Jun. 30, 2014 United States Treasury Bills 0.02% Due 9/25/14 [Member]	Dec. 31, 2013 United States Treasury Bills 0.03% Due 1/09/14 [Member]	Dec. 31, 2013 United States Treasury Bills 0.02 % Due 2/20/14 [Member]	Dec. 31, 2013 United States Treasury Bills 0.04-0.07% Due 3/06/14 [Member]	Dec. 31, 2013 United States Treasury Bills 0.04-0.07% Due 3/06/14 [Member] Minimum [Member]	Dec. 31, 2013 United States Treasury Bills 0.04-0.07% Due 3/06/14 [Member] Maximum [Member]
Schedule of Investments (Unaudited) (Details) - Investments (Parentheticals) [Line Items]
United States Treasury bills, effective rate						0.02%	0.04%		0.03%	0.05%		0.02%	0.03%	0.03%	0.03%	0.04%	0.02%	0.03%	0.02%		0.04%	0.07%
United States Treasury bills, due date					Jul. 10, 2014			Jul. 17, 2014			Aug. 07, 2014			Aug. 21, 2014	Sep. 04, 2014	Sep. 11, 2014	Sep. 25, 2014	Jan. 09, 2014	Feb. 20, 2014	Mar. 06, 2014
United States Treasury bills, percentage	97.50%	[1]	97.06%	[1]
United States Treasury bills, cost (in Dollars)	$ 13,069,212	[2]	$ 12,224,010	[2]

[1] Percentage is based on shareholders' capital.

[2] Cost of short-term investments at June 30, 2014 and December 31, 2013: $13,069,212 and $12,224,010, respectively.

XML

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2 - Summary of Significant Accounting Policies

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

B. Investment in Index Futures

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Future positions. Index Futures are exchange-traded index future contracts on the Bloomberg Roll Select CI, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Future is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Future at the time it was opened and the value at the time it was closed.

Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price. If there is no announced settlement price for a particular Index Future on that day, the Trustee will use the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

C. Cash and Cash Equivalents

The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.

As of June 30, 2014 and December 31, 2013, the Trust had cash and cash equivalents held at brokers of $401,000 and $445,000, respectively, which were posted as margin for the Trust’s Index Future positions.

D. Short-Term Investments

Short-term investments on the Statements of Financial Condition consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.

E. Securities Transactions, Income and Expense Recognition

Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis.

F. Income Taxes

The Trust is treated as a partnership for federal, state and local income tax purposes.    

No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.

The Sponsor has reviewed the tax positions as of June 30, 2014, inclusive of the open tax year, and has determined that no provision for income tax is required in the Trust’s financial statements.

G. Calculation of Net Asset Value

The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Future positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).

H. Distributions

Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to Shareholders. The Trust is under no obligation to make periodic distributions to Shareholders.

I. Recent Accounting Standards

In June 2013, the FASB issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company and is effective for interim and annual periods beginning after December 15, 2013. Adoption of ASU 2013-08 did not have a material impact on the Trust’s financial statements. 

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Note 3 - Offering of the Shares (Details) - Share Activity (USD $)	5 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Share Activity [Abstract]
Shares issued	250,000	0
Shares issued	$ 12,467,032	$ 0
Shares redeemed	0	0
Shares redeemed	0	0
Net increase	250,000	0
Net increase	$ 12,467,032	$ 0

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Note 3 - Offering of the Shares (Details)	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Shares Prescribed Aggregation	50,000

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Note 4 - Trust Expenses (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Note 4 - Trust Expenses (Details) [Line Items]
Sponsors Fee Annualized Accrual Rate Based on Net Asset Value of Trust	0.75%
Maximum [Member]
Note 4 - Trust Expenses (Details) [Line Items]
Legal Fees Per Year	$ 100,000

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Note 8 - Financial Highlights (Details) - Net Asset Value and Financial Highlights (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014		Jun. 30, 2014
Net Asset Value and Financial Highlights [Abstract]
Net asset value per Share, beginning of period	$ 53.31		$ 50.38
Net increase in net assets from operations	$ 0.30		$ 3.23
Net asset value per Share, end of period	$ 53.61		$ 53.61
Total return, at net asset value(c)	0.56%	[1]	6.41%	[1]
Net investment loss(d)	(0.78%)	[2]	(0.78%)	[2]
Expenses(d)	0.83%	[2]	0.83%	[2]
Net investment loss(a)	$ (0.10)	[3]	$ (0.20)	[3]
Net realized and unrealized gain(b)	$ 0.40	[4]	$ 3.43	[4]

[1] Based on the change in net asset value of a Share during the period. Percentage is not annualized.

[2] Percentage is annualized.

[3] Based on average Shares outstanding during the period.

[4] The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investments.

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Note 1 - Organization

6 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

Business Description and Basis of Presentation [Text Block]

1 - Organization

The iShares® Commodity Optimized Trust (formerly known as the iShares® Dow Jones-UBS Roll Select Commodity Index Trust), or the “Trust,” is a Delaware statutory trust organized under the laws of the State of Delaware on December 7, 2011 and commenced operations on August 8, 2013. iShares® Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the “Sponsor”). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the “Trustee” of the Trust. The Trust is governed by the Amended and Restated Trust Agreement, dated as of July 1, 2014 (the “Trust Agreement”), among the Sponsor, the Trustee and Wilmington Trust, National Association (the “Delaware Trustee”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or “Index Futures” on the Bloomberg Roll Select Commodity Index (formerly known as the Dow Jones-UBS Roll Select Commodity Index), or the “Bloomberg Roll Select CI.” In order to collateralize its Index Future positions and to reflect the U.S. Treasury component of the Bloomberg Roll Select Commodity Total Return Index (formerly known as the Dow Jones-UBS Roll Select Commodity Index Total Return), or the “Index,” the Trust also holds “Collateral Assets,” which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Future positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the “CME”).

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The Trust is a commodity pool, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the “Advisor”), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 28, 2014.

The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but is not registered, and is not required to be registered, under the Investment Company Act of 1940, as amended.

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Note 9 - Investing in Index Futures (Details) (USD $)	5 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average Month End Notional Amount Of Derivative Contracts	$ 6,301,988	$ 13,150,048

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Statement of Financial Condition (Unaudited) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Current Assets
Cash and cash equivalents	$ 70,003	[1]	$ 51,845	[1]
Cash and cash equivalents held at brokers (restricted)	401,000		445,000
Short-term investments(a)	13,069,212	[2]	12,224,010	[2]
Total Assets	13,540,215		12,720,855
Current Liabilities
Payable for variation margin on open futures contracts (Note 9)	128,289		118,719
Sponsor’s fees payable	8,267		7,543
Total Liabilities	136,556		126,262
Commitments and Contingent Liabilities (Note 7)
Shareholders’ Capital
Shares, no par value, unlimited amount authorized (at redemption value) – 250,000 issued and outstanding at June 30, 2014 and 250,000 issued and outstanding at December 31, 2013	13,403,659		12,594,593
Total Shareholders’ Capital	13,403,659		12,594,593
Total Liabilities and Shareholders’ Capital	$ 13,540,215		$ 12,720,855
Net asset value per Share (in Dollars per share)	$ 53.61		$ 50.38

[1] Commencement of operations, August 8, 2013.

[2] Cost of short-term investments at June 30, 2014 and December 31, 2013: $13,069,212 and $12,224,010, respectively.

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Statement of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014
Cash Flows from Operating Activities
Net gain	$ 809,066	[1]
Adjustments to reconcile net gain to net cash provided by operating activities:
Purchases of short-term investments	(35,467,445)	[1]
Sales/maturities of short-term investments	34,625,682	[1]
Accretion of discount	(3,388)	[1]
Net realized gain on short-term investments	(51)	[1]
Change in operating assets and liabilities:
Cash and cash equivalents held at brokers (restricted)	44,000	[1]
Payable for variation margin on open futures contracts	9,570	[1]
Sponsor’s fees payable	724	[1]
Net cash provided by operating activities	18,158	[1]
Net increase in cash and cash equivalents	18,158	[1]
Cash and Cash Equivalents
Beginning of period	51,845	[1]
End of period	$ 70,003	[1]

[1] Commencement of operations, August 8, 2013.

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Note 10 - Investment Valuation (Details) - Valuation of the Trust’s Investments by the Fair Value Hierarchy (USD $)	Jun. 30, 2014		Dec. 31, 2013
Futures [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments, fair value	$ 142,868	[1]	$ (25,016)	[1]
Futures [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments, fair value	142,868	[1]	(25,016)	[1]
US Treasury Bill Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments, fair value	13,069,212		12,224,010
US Treasury Bill Securities [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments, fair value	$ 13,069,212		$ 12,224,010

[1] Futures contracts are valued at unrealized appreciation (depreciation).

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Note 9 - Investing in Index Futures (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Asset Derivatives	Fair Value		Liability Derivatives	Fair Value
June 30, 2014
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	128,289
December 31, 2013
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	118,719

Derivative Instruments, Gain (Loss) [Table Text Block]

Three Months Ended June 30, 2014	Statement of Operations Location	Realized Gain (Loss)			Change in Unrealized Appreciation/Depreciation
Commodity contracts	Net realized gain (loss) on futures contracts	$	(187,228	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			288,753
Six Months Ended June 30, 2014
Commodity contracts	Net realized gain (loss) on futures contracts	$	692,003		$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			167,884

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Schedule of Investments (Unaudited) (Details) - Investments (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, fair value	$ 13,069,212	$ 12,224,010
United States Treasury Bills 0.02% - 0.04% Due 7/10/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	135,000
United States Treasury bills, fair value	134,999
United States Treasury Bills 0.03% - 0.05% Due 7/17/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	480,000
United States Treasury bills, fair value	479,989
United States Treasury Bills 0.02% - 0.03% Due 8/7/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	430,000
United States Treasury bills, fair value	429,989
United States Treasury Bills 0.03% Due 8/21/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	3,474,000
United States Treasury bills, fair value	3,473,865
United States Treasury Bills 0.03% Due 9/4/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	58,000
United States Treasury bills, fair value	57,997
United States Treasury Bills 0.04% Due 9/11/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	8,118,000
United States Treasury bills, fair value	8,117,391
United States Treasury Bills 0.02% Due 9/25/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value	375,000
United States Treasury bills, fair value	374,982
United States Treasury Bills 0.03% Due 1/09/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value		150,000
United States Treasury bills, fair value		149,999
United States Treasury Bills 0.02 % Due 2/20/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value		4,500,000
United States Treasury bills, fair value		4,499,881
United States Treasury Bills 0.04-0.07% Due 3/06/14 [Member]
Schedule of Investments (Unaudited) (Details) - Investments [Line Items]
United States Treasury bills, face value		7,575,000
United States Treasury bills, fair value		$ 7,574,130

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Schedule of Investments (Unaudited)

6 Months Ended

Jun. 30, 2014

Schedule of Investments [Abstract]

Investment Holdings, Schedule of Investments [Text Block]

iShares® Commodity Optimized Trust

Schedules of Investments (Unaudited)

At June 30, 2014 and December 31, 2013

June 30, 2014

Face Amount		Security Description	Fair Value
		United States Treasury bills:
$	135,000	0.02% - 0.04% due 07/10/14	$	134,999
	480,000	0.03% - 0.05% due 07/17/14		479,989
	430,000	0.02% - 0.03% due 08/07/14		429,989
	3,474,000	0.03% due 08/21/14		3,473,865
	58,000	0.03% due 09/04/14		57,997
	8,118,000	0.04% due 09/11/14		8,117,391
	375,000	0.02% due 09/25/14		374,982
		Total United States Treasury bills (cost: $13,069,212) – 97.50%(a)	$	13,069,212

(a)     Percentage is based on shareholders’ capital.

As of June 30, 2014, open futures contracts held by the Trust were as follows:

Number of Contracts		Expiration Date	Current Notional Amount		Net Unrealized Appreciation
	422	September 2014	$	13,390,060	$	142,868

December 31, 2013

Face Amount		Security Description	Fair Value
		United States Treasury bills:
$	150,000	0.03% due 01/09/14	$	149,999
	4,500,000	0.02% due 02/20/14		4,499,881
	7,575,000	0.04% - 0.07% due 03/06/14		7,574,130
		Total United States Treasury bills (cost: $12,224,010) – 97.06%(a)	$	12,224,010

(a)     Percentage is based on shareholder’s capital.

As of December 31, 2013, open futures contracts heldby the Trust were as follows:

Number of Contracts		Expiration Date	Current Notional Amount		Net Unrealized Depreciation
	424	March 2014	$	12,570,328	$	25,016

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Statement of Financial Condition (Unaudited) (Parentheticals) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Cost of Short-term investments (in Dollars)	$ 13,069,212	[1]	$ 12,224,010	[1]
Shares, par value (in Dollars per share)
Shares issued	250,000		250,000
Shares outstanding	250,000		250,000

[1] Cost of short-term investments at June 30, 2014 and December 31, 2013: $13,069,212 and $12,224,010, respectively.

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Note 10 - Investment Valuation

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

10 - Investment Valuation

FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.

Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures.

U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 – Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, which in turn could result in a difference between the Trust’s performance and the performance of the Trust’s underlying index.

The following table summarizes the valuation of the Trust’s investments by the fair value hierarchy levels as of June 30, 2014 and December 31, 2013:

	Level 1			Level 2		Level 3		Total
June 30, 2014
Futures contracts(a)	$	142,868		$	—	$	—	$	142,868
U.S. Treasury bills		—			13,069,212		—		13,069,212
December 31, 2013
Futures contracts(a)	$	(25,016	)	$	—	$	—	$	(25,016	)
U.S. Treasury bills		—			12,224,010		—		12,224,010

(a)     Futures contracts are valued at unrealized appreciation (depreciation).

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	iShares Commodity Optimized Trust
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	250,000
Amendment Flag	false
Entity Central Index Key	0001535365
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2

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Note 11 - Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

11 - Subsequent Events

In connection with the preparation of the financial statements of the Trust as of and for the period ended June 30, 2014, management has evaluated the impact of all subsequent events on the Trust through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as set forth below.

Effective July 1, 2014, Bloomberg Indexes has assumed sole responsibility for the governance, calculation, distribution and licensing of the Dow Jones-UBS Commodity Index family, which has been rebranded as the Bloomberg Commodity Index family. In connection with the rebrand of the Bloomberg Commodity Index family, effective July 1, 2014, the Trust has changed its name from iShares® Dow Jones-UBS Roll Select Commodity Index Trust to iShares® Commodity Optimized Trust.

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Statement of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014		Jun. 30, 2014
Investment Income
Interest	$ 1,587	[1]	$ 3,388	[1]
Total investment income	1,587	[1]	3,388	[1]
Expenses
Sponsor’s fees	25,223	[1]	49,184	[1]
Brokerage commissions and fees	2,535	[1]	5,076	[1]
Total expenses	27,758	[1]	54,260	[1]
Net investment loss	(26,171)	[1]	(50,872)	[1]
Net Realized and Unrealized Gain (Loss)
Net realized gain on short-term investments	9	[1]	51	[1]
Net realized gain (loss) on futures contracts	(187,228)	[1]	692,003	[1]
Net change in unrealized appreciation/depreciation on futures contracts	288,753	[1]	167,884	[1]
Net realized and unrealized gain	101,534	[1]	859,938	[1]
Net gain	$ 75,363	[1]	$ 809,066	[1]
Net gain per Share (in Dollars per share)	$ 0.30	[1]	$ 3.24	[1]
Weighted-average Shares outstanding (in Shares)	250,000	[1]	250,000	[1]

[1] Commencement of operations, August 8, 2013.

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Note 5 - Related Parties

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

5 - Related Parties                                        

The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee’s and Advisor’s fees are paid by the Sponsor and are not a separate expense of the Trust.

XML

Note 4 - Trust Expenses

6 Months Ended

Jun. 30, 2014

ExpensesTextBlockAbstract

Expenses [Text Block]

4 - Trust Expenses

The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the Statements of Operations as incurred.

The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust’s assets.

The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually.

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Note 10 - Investment Valuation (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

	Level 1			Level 2		Level 3		Total
June 30, 2014
Futures contracts(a)	$	142,868		$	—	$	—	$	142,868
U.S. Treasury bills		—			13,069,212		—		13,069,212
December 31, 2013
Futures contracts(a)	$	(25,016	)	$	—	$	—	$	(25,016	)
U.S. Treasury bills		—			12,224,010		—		12,224,010

XML

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

A. Basis of Accounting

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and these differences could be material.

Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]

B. Investment in Index Futures

The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.

The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Future positions. Index Futures are exchange-traded index future contracts on the Bloomberg Roll Select CI, and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as “initial margin.” On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Future is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Future at the time it was opened and the value at the time it was closed.

Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day’s announced CME settlement price. If there is no announced settlement price for a particular Index Future on that day, the Trustee will use the most recently announced settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust’s derivatives are not designated as hedges, and all changes in the fair value are reflected in the Statements of Operations.

For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange’s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).

Please refer to Note 9 for additional disclosures regarding the Trust’s investments in futures contracts.

Cash and Cash Equivalents, Policy [Policy Text Block]

C. Cash and Cash Equivalents

The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.

As of June 30, 2014 and December 31, 2013, the Trust had cash and cash equivalents held at brokers of $401,000 and $445,000, respectively, which were posted as margin for the Trust’s Index Future positions.

Investment, Policy [Policy Text Block]

D. Short-Term Investments

Short-term investments on the Statements of Financial Condition consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.

Securities Transactions Income And Expense Recognition [Policy Text Block]

E. Securities Transactions, Income and Expense Recognition

Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Other income and expenses are recognized on the accrual basis.

Income Tax, Policy [Policy Text Block]

F. Income Taxes

The Trust is treated as a partnership for federal, state and local income tax purposes.    

No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.

The Sponsor has reviewed the tax positions as of June 30, 2014, inclusive of the open tax year, and has determined that no provision for income tax is required in the Trust’s financial statements.

Calculation Of Net Asset Value [Policy Text Block]

G. Calculation of Net Asset Value

The net asset value of the Trust on any given day is obtained by subtracting the Trust’s accrued expenses and other liabilities on that day from the value of (1) the Trust’s Index Future positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the “NAV”) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).

Distributions [Policy Text Block]

H. Distributions

Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to Shareholders. The Trust is under no obligation to make periodic distributions to Shareholders.

New Accounting Pronouncements, Policy [Policy Text Block]

I. Recent Accounting Standards

In June 2013, the FASB issued Accounting Standards Update 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 is an update to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, that provides guidance to assess whether an entity is an investment company, and gives additional measurement and disclosure requirements for an investment company and is effective for interim and annual periods beginning after December 15, 2013. Adoption of ASU 2013-08 did not have a material impact on the Trust’s financial statements.

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Note 8 - Financial Highlights

6 Months Ended

Jun. 30, 2014

Financial Highlights [Abstract]

Financial Highlights [Text Block]

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2014.

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Net asset value per Share, beginning of period	$	53.31		$	50.38
Net investment loss(a)		(0.10	)		(0.20	)
Net realized and unrealized gain(b)		0.40			3.43
Net increase in net assets from operations		0.30			3.23
Net asset value per Share, end of period	$	53.61		$	53.61
Total return, at net asset value(c)		0.56	%		6.41	%
Ratio to average net assets:
Net investment loss(d)		(0.78	)%		(0.78	)%
Expenses(d)		0.83	%		0.83	%

(a)     Based on average Shares outstanding during the period.

(b)     The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investments.

(c)     Based on the change in net asset value of a Share during the period. Percentage is not annualized.

(d)     Percentage is annualized.

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Note 6 - Indemnification

6 Months Ended

Jun. 30, 2014

Indemnification [Abstract]

Indemnification [Text Block]

6 - Indemnification

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.

The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement.

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Note 7 - Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

7 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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Note 9 - Investing in Index Futures

6 Months Ended

Jun. 30, 2014

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 Bloomberg Roll Select CI at that time. Therefore, the value of the Trust will fluctuate based upon the value of the Bloomberg Roll Select CI and the prices of the futures contracts and commodities underlying the Bloomberg Roll Select CI. The commodities markets have historically been extremely volatile. For the six months ended June 30, 2014 and the period from August 8, 2013 (commencement of operations) to December 31, 2013, the average month-end notional amounts of open Index Futures were $13,150,048 and $6,301,988, respectively.

The following table shows the variation margin on open futures contracts, by risk exposure category, on the Statements of Financial Condition as of June 30, 2014 and December 31, 2013:

	Asset Derivatives	Fair Value		Liability Derivatives	Fair Value
June 30, 2014
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	128,289
December 31, 2013
Commodity contracts	Receivable for variation margin on open futures contracts	$	—	Payable for variation margin on open futures contracts	$	118,719

The following table shows the effect of the futures contracts, by risk exposure category, on the Statement of Operations for the three and six months ended June 30, 2014:

Three Months Ended June 30, 2014	Statement of Operations Location	Realized Gain (Loss)			Change in Unrealized Appreciation/Depreciation
Commodity contracts	Net realized gain (loss) on futures contracts	$	(187,228	)	$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			288,753
Six Months Ended June 30, 2014
Commodity contracts	Net realized gain (loss) on futures contracts	$	692,003		$	—
	Net change in unrealized appreciation/depreciation on futures contracts		—			167,884

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Note 9 - Investing in Index Futures (Details) - Effect of the Futures Contracts, by Risk Exposure Category, on the Statement of Operations (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ (187,228)	[1]	$ 174,717	$ 692,003	[1]
Change in unrealized appreciation/depreciation	288,753	[1]	(25,016)	167,884	[1]
Net Realized Gain On Futures Contracts [Member] | Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(187,228)			692,003
Net Change in Unrealized Appreciation/Depreciation on Futures [Member] | Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized appreciation/depreciation	$ 288,753			$ 167,884

[1] Commencement of operations, August 8, 2013.

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Note 8 - Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2014

Financial Highlights [Abstract]

Financial Highlights [Table Text Block]

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Net asset value per Share, beginning of period	$	53.31		$	50.38
Net investment loss(a)		(0.10	)		(0.20	)
Net realized and unrealized gain(b)		0.40			3.43
Net increase in net assets from operations		0.30			3.23
Net asset value per Share, end of period	$	53.61		$	53.61
Total return, at net asset value(c)		0.56	%		6.41	%
Ratio to average net assets:
Net investment loss(d)		(0.78	)%		(0.78	)%
Expenses(d)		0.83	%		0.83	%

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Schedule of Investments (Unaudited) (Details) - Open Futures Contracts (Futures [Member], USD $)	5 Months Ended		6 Months Ended
	Dec. 31, 2013		Jun. 30, 2014
Futures [Member]
Derivative [Line Items]
	424		422
	March 2014		September 2014
	$ 12,570,328		$ 13,390,060
	(25,016)	[1]	142,868	[1]
	424		422
	March 2014		September 2014
	12,570,328		13,390,060
	$ 25,016	[1]	$ (142,868)	[1]

[1] Futures contracts are valued at unrealized appreciation (depreciation).

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Statement of Changes in Shareholders’ Capital (Unaudited) (USD $)	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013	Jun. 30, 2014
Shareholders’ Capital, Beginning of Period			$ 0	$ 12,594,593
Shareholders’ Capital, End of Period	13,403,659		12,594,593	13,403,659
Contributions			12,467,032	0
Net investment loss	(26,171)	[1]	(22,327)	(50,872)	[1]
Net realized gain on short-term investments	9	[1]	187	51	[1]
Net realized gain on futures contracts	(187,228)	[1]	174,717	692,003	[1]
Net change in unrealized appreciation/depreciation on futures contracts	$ 288,753	[1]	$ (25,016)	$ 167,884	[1]

[1] Commencement of operations, August 8, 2013.

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Note 3 - Offering of the Shares

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

3 - Offering of the Shares

Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the “Authorized Participants”). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.

Share activity was as follows:

	Six Months Ended June 30, 2014				Period from August 8, 2013 (commencement of operations) to December 31, 2013
	Shares		Amount		Shares		Amount
Shares issued		—	$	—		250,000	$	12,467,032
Shares redeemed		—		—		—		—
Net increase		—	$	—		250,000	$	12,467,032

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Note 2 - Summary of Significant Accounting Policies (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Margin Deposit Assets	$ 401,000	$ 445,000

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Note 3 - Offering of the Shares (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Temporary Equity [Table Text Block]

	Six Months Ended June 30, 2014				Period from August 8, 2013 (commencement of operations) to December 31, 2013
	Shares		Amount		Shares		Amount
Shares issued		—	$	—		250,000	$	12,467,032
Shares redeemed		—		—		—		—
Net increase		—	$	—		250,000	$	12,467,032