United States Gasoline Fund, LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United States Gasoline Fund, LP filed its Q1 2024 10-Q, detailing its financial position and commodity futures holdings.</b>

AI Summary

United States Gasoline Fund, LP (UGA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing is a 10-Q for the United States Gasoline Fund, LP, reporting for the period ending March 31, 2024. The company's principal business address is located at 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596. The filing includes data related to fair value inputs for foreign exchange futures and short-term investments as of March 31, 2024, and December 31, 2023. The fund holds commodity contracts, specifically futures, for the periods ending March 31, 2024, and March 31, 2023. The fund has cash equivalents in money market funds, including Morgan Stanley Institutional Liquidity Funds Government Portfolio Institutional Shares.

Why It Matters

For investors and stakeholders tracking United States Gasoline Fund, LP, this filing contains several important signals. This 10-Q provides investors with an update on the fund's performance and asset allocation, crucial for understanding its exposure to gasoline and related commodity markets. The detailed breakdown of fair value inputs and commodity contracts offers insight into the fund's risk management strategies and valuation methodologies.

Risk Assessment

Risk Level: low — United States Gasoline Fund, LP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative financial disclosures, indicating a low level of immediate risk.

Analyst Insight

Investors should review the fair value inputs and commodity contract details to assess the fund's current market exposure and potential volatility.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report for the 10-Q.)
• 2024-05-09 — Filing Date (Date the 10-Q was filed with the SEC.)
• 10-Q — Form Type (Type of filing submitted.)

Key Players & Entities

• United States Gasoline Fund, LP (company) — Filer of the 10-Q report.
• Walnut Creek, CA (location) — City and State of the company's business and mailing address.
• 2024-03-31 (date) — Conformed period of report for the 10-Q filing.
• 2024-05-09 (date) — Filing date of the 10-Q.
• Morgan Stanley Institutional Liquidity Funds Government Portfolio (company) — Provider of money market funds held as cash equivalents.

FAQ

Risk Factors

• Fair Value Measurement [medium — financial]: The fund utilizes various inputs (Level 1, 2, 3) to determine the fair value of its foreign exchange futures and short-term investments, indicating potential valuation complexities.
• Commodity Price Volatility [high — market]: The fund's investment in commodity contracts (futures) exposes it to significant price fluctuations in the gasoline market.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the financial condition and operations of a publicly traded company.)

Fair Value Inputs Level 1, 2, 3

Hierarchy used to classify the inputs used in measuring fair value of assets and liabilities. (Indicates the reliability and subjectivity of the valuation of the fund's assets.)

Filing Documents

• uga-20240331x10q.htm (10-Q) — 974KB
• uga-20240331xex31d1.htm (EX-31.1) — 15KB
• uga-20240331xex31d2.htm (EX-31.2) — 14KB
• uga-20240331xex32d1.htm (EX-32.1) — 7KB
• uga-20240331xex32d2.htm (EX-32.2) — 7KB
• uga-20240331x10q009.jpg (GRAPHIC) — 55KB
• uga-20240331x10q010.jpg (GRAPHIC) — 60KB
• uga-20240331x10q011.jpg (GRAPHIC) — 77KB
• uga-20240331x10q012.jpg (GRAPHIC) — 75KB
• 0001410578-24-000690.txt (&nbsp;) — 4381KB
• uga-20240331.xsd (EX-101.SCH) — 39KB
• uga-20240331_cal.xml (EX-101.CAL) — 25KB
• uga-20240331_def.xml (EX-101.DEF) — 94KB
• uga-20240331_lab.xml (EX-101.LAB) — 221KB
• uga-20240331_pre.xml (EX-101.PRE) — 184KB
• uga-20240331x10q_htm.xml (XML) — 502KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Page Item I. Condensed Financial Statements. 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 37

Controls and Procedures

Item 4. Controls and Procedures. 39

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 40

Risk Factors

Item 1A. Risk Factors. 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 43

Other Information

Item 5. Other Information. 43

Exhibits

Item 6. Exhibits. 45 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. Index to Condensed Financial Statements Documents Page Condensed Statements of Financial Condition at March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Schedules of Investments at March 31, 2024 (Unaudited) and December 31, 2023 5 Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 7 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three months ended March 31, 2024 and 2023 8 Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 9 Notes to Condensed Financial Statements (Unaudited) for the period ended March 31, 2024 10 3 Table of Contents United States Gasoline Fund, LP Condensed Statements of Financial Condition At March 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Cash and cash equivalents (at cost $ 89,379,533 and $ 45,845,199 , respectively) (Notes 2 and 5) $ 89,379,533 $ 45,845,199 Equity in trading accounts: Cash and cash equivalents (at cost $ 29,878,918 and $ 40,626,444 , respectively) 29,878,918 40,626,444 Unrealized gain (loss) on open commodity futures contracts 1,173,627 ( 1,664,279 ) Dividends receivable 157,110 158,330 Interest receivable 327,417 196,367 Prepaid insurance 12,924 4,133 Total Assets $ 120,929,529 $ 85,166,194 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 56,970 $ 42,835 Professional fees payable 72,258 201,750 Brokerage commissions payable 21,403 21,403 Directors' fees payable 2,523 1,711 License fees payable 4,126 426 Total Liabilities 157,280 268,125 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 120,772,249 84,898,069 Total Partners' Capital 120,772,249 84,898,069 Total Liabilities and Partners' Capital

View Full Filing

View this 10-Q filing on SEC EDGAR