UGA Swings to Profit Amid Futures Gains, Assets Decline

Ticker: UGA · Form: 10-Q · Filed: Nov 7, 2025 · CIK: 1396878

Sentiment: mixed

Topics: Commodity ETF, Gasoline Futures, Energy Market, Financial Performance, Net Asset Value, Commodity Pool, RBOB Gasoline

Related Tickers: UGA, USO, UNG, BNO, USL, UNL

TL;DR

**UGA's back in the black, but shrinking assets and share count could be a red flag for long-term growth.**

AI Summary

United States Gasoline Fund, LP (UGA) reported a significant turnaround in its financial performance for the nine months ended September 30, 2025, achieving a net income of $1,272,023, a substantial improvement from the net loss of $1,581,504 during the same period in 2024. This positive shift was primarily driven by a realized gain of $4,394,800 on closed commodity futures contracts, contrasting sharply with a realized loss of $6,007,659 in the prior year. However, the fund experienced a change in unrealized loss on open commodity futures contracts of $4,983,888 for the nine months ended September 30, 2025, compared to an unrealized gain of $1,345,226 in 2024. Total assets decreased to $74,131,772 as of September 30, 2025, from $100,979,895 at December 31, 2024, while partners' capital also declined to $73,941,093 from $100,710,891. The net asset value per share increased to $64.30 from $62.94, despite a reduction in outstanding shares from 1,600,000 to 1,150,000. Cash and cash equivalents also saw a decrease from $75,857,796 to $60,238,947.

Why It Matters

UGA's return to profitability, with a net income of $1.27 million, signals a potential stabilization for investors after a challenging 2024. The decrease in total assets and outstanding shares, however, suggests a contraction in fund size, which could impact liquidity and trading volume for investors. For customers, the fund's performance is directly tied to gasoline price movements, making it a bellwether for energy costs. In the broader market, UGA's performance reflects the volatility and speculative nature of commodity futures, particularly in the competitive energy ETF landscape where funds like USO and UNG also operate.

Risk Assessment

Risk Level: medium — The fund's investment objective is to track the daily percentage changes in the spot price of gasoline, which inherently exposes it to significant commodity price volatility. While UGA reported a net income of $1,272,023 for the nine months ended September 30, 2025, it also experienced a substantial change in unrealized loss on open commodity futures contracts of $4,983,888, indicating ongoing exposure to market fluctuations.

Analyst Insight

Investors should closely monitor gasoline futures market trends and UGA's tracking error against its benchmark. Given the decrease in total assets and outstanding shares, consider the fund's liquidity before making significant investments, and evaluate if the current market conditions for RBOB gasoline futures align with your risk tolerance.

Financial Highlights

debt To Equity
0.00
revenue
$0
operating Margin
N/A
total Assets
$74,131,772
total Debt
$0
net Income
$1,272,023
eps
$1.11
gross Margin
N/A
cash Position
$60,238,947
revenue Growth
N/A

Key Numbers

Key Players & Entities

FAQ

What was United States Gasoline Fund, LP's net income for the nine months ended September 30, 2025?

United States Gasoline Fund, LP (UGA) reported a net income of $1,272,023 for the nine months ended September 30, 2025, a significant improvement from the net loss of $1,581,504 during the same period in 2024.

How did UGA's total assets change from December 31, 2024, to September 30, 2025?

UGA's total assets decreased from $100,979,895 at December 31, 2024, to $74,131,772 at September 30, 2025, representing a decline of $26,848,123.

What is UGA's investment objective?

UGA's investment objective is for the daily changes in percentage terms of its shares' per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of gasoline (RBOB), as measured by the daily changes in the price of a specified short-term futures contract on gasoline, plus interest earned on UGA's collateral holdings, less UGA's expenses.

What was the net asset value per share for UGA at September 30, 2025?

The net asset value per share for UGA at September 30, 2025, was $64.30, an increase from $62.94 at December 31, 2024.

How many limited partner shares were outstanding for UGA as of November 3, 2025?

As of November 3, 2025, United States Gasoline Fund, LP had 650,000 outstanding shares.

What is the primary risk associated with investing in UGA?

The primary risk is that UGA's investment objective is to track the daily percentage changes in the spot price of gasoline, exposing investors to significant volatility in commodity prices. Natural market forces like contango and backwardation can also impact the total return relative to a direct investment in gasoline.

Who is the general partner of United States Gasoline Fund, LP?

United States Commodity Funds LLC (USCF) is the general partner of United States Gasoline Fund, LP, and is responsible for its management.

What was the realized gain (loss) on closed commodity futures contracts for UGA for the nine months ended September 30, 2025?

For the nine months ended September 30, 2025, UGA reported a realized gain of $4,394,800 on closed commodity futures contracts, a significant improvement from a realized loss of $6,007,659 in the same period of 2024.

What exchanges does UGA trade futures contracts on?

UGA primarily invests in futures contracts for gasoline traded on the NYMEX, ICE Futures Europe, and ICE Futures U.S. As of September 30, 2025, UGA held 916 Futures Contracts for gasoline traded on the NYMEX.

How does UGA issue its shares to authorized purchasers?

UGA issues shares to Authorized Participants by offering baskets consisting of 50,000 shares (Creation Baskets) through ALPS Distributors, Inc., as the marketing agent. The purchase price is based on the NAV of a share calculated shortly after the close of the core trading session on the NYSE Arca.

Risk Factors

Industry Context

The gasoline market is highly sensitive to global supply and demand dynamics, geopolitical events, and seasonal factors. As a commodity pool, UGA's performance is directly tied to the price movements of gasoline futures. The industry faces ongoing challenges related to energy transition, regulatory changes, and the volatility of crude oil prices, which influence gasoline production costs. Competitors include other commodity ETFs and futures-based funds tracking energy commodities.

Regulatory Implications

UGA operates under the oversight of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Changes in regulations governing commodity pools, derivatives trading, or investor protection could impact the fund's structure, operations, and costs. Compliance with these evolving regulatory frameworks is a continuous requirement.

What Investors Should Do

  1. Monitor gasoline price volatility and its impact on UGA's NAV.
  2. Understand the impact of futures contract rollovers (contango/backwardation) on returns.
  3. Assess the fund's reduced asset base and share count.
  4. Evaluate the fund's cash position relative to its obligations and margin requirements.

Key Dates

Glossary

Commodity Pool
A collective investment vehicle that trades in futures contracts and options on futures contracts. (UGA is structured as a commodity pool, meaning it pools investor capital to trade commodity futures.)
Net Asset Value (NAV)
The per-share market value of a fund, calculated by subtracting liabilities from assets and dividing by the number of outstanding shares. (UGA's investment objective is to have its NAV track the daily changes in the spot price of gasoline. The NAV per share increased to $64.30 from $62.94.)
Benchmark Futures Contract
The specific futures contract used to measure the price of a commodity, in this case, gasoline for delivery to the New York harbor. (UGA uses a specific NYMEX gasoline futures contract as its benchmark to achieve its investment objective.)
Realized Gain/Loss
Profit or loss resulting from the sale or closing of an investment position. (The fund's net income was significantly impacted by a realized gain of $4,394,800 in the current period, compared to a loss in the prior period.)
Unrealized Gain/Loss
Profit or loss on an investment position that has not yet been sold or closed. (The fund experienced a substantial change in unrealized loss ($4,983,888) on open futures contracts, indicating market value fluctuations of its current holdings.)
Contango
A market condition where futures prices are higher than the spot price, or where futures prices for later delivery are higher than for earlier delivery. (This condition can negatively impact funds that roll over futures contracts, potentially reducing returns.)
Backwardation
A market condition where futures prices are lower than the spot price, or where futures prices for later delivery are lower than for earlier delivery. (This condition can positively impact funds that roll over futures contracts, potentially increasing returns.)

Year-Over-Year Comparison

Compared to the prior year's nine-month period, United States Gasoline Fund, LP (UGA) has shown a significant financial turnaround, moving from a net loss of $1,581,504 to a net income of $1,272,023. This improvement was driven by a substantial shift from a realized loss of $6,007,659 to a realized gain of $4,394,800 on commodity futures contracts. However, the fund experienced a deterioration in its unrealized position, moving from a gain of $1,345,226 to an unrealized loss of $4,983,888. Total assets and partners' capital have decreased, reflecting a reduction in outstanding shares from 1,600,000 to 1,150,000, and cash reserves have also declined.

Filing Stats: 4,555 words · 18 min read · ~15 pages · Grade level 13.6 · Accepted 2025-11-07 15:26:03

Filing Documents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Page Item I. 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. 39

Controls and Procedures

Item 4. Controls and Procedures. 40

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 41

Risk Factors

Item 1A. Risk Factors. 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 44

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 45

Other Information

Item 5. Other Information. 45

Exhibits

Item 6. Exhibits. 46 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Index to Financial Statements Documents Page 4 Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024 5 7 8 9

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025 10 3 Table of Contents United States Gasoline Fund, LP At September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 December 31, 2024 Assets Cash and cash equivalents (at cost $ 60,238,947 and $ 75,857,796 , respectively) (Notes 2 and 5) $ 60,238,947 (a) $ 75,857,796 Equity in trading accounts: Cash and cash equivalents (at cost $ 15,849,424 and $ 21,991,802 , respectively) 15,849,424 21,991,802 Unrealized gain (loss) on open commodity futures contracts ( 2,226,458 ) 2,757,430 Dividends receivable 184,714 135,525 Interest receivable 64,065 235,090 Prepaid insurance 21,080 2,252 Total Assets $ 74,131,772 $ 100,979,895 Liabilities and Partners' Capital General Partner management fees payable (Note 3) $ 37,002 $ 51,401 Professional fees payable 105,007 177,803 Brokerage commissions payable 21,403 21,403 Directors' fees payable 2,665 2,895 License fees payable 24,602 15,502 Total Liabilities 190,679 269,004 Commitments and Contingencies (Notes 3, 4 & 5) Partners' Capital General Partners — — Limited Partners 73,941,093 100,710,891 Total Partners' Capital 73,941,093 100,710,891 Total Liabilities and Partners' Capital $ 74,131,772 $ 100,979,895 Limited Partners' shares outstanding 1,150,000 1,600,000 Net asset value per share $ 64.30 $ 62.94 Market value per share $ 64.49 $ 62.99 (a) A portion of this amount is designated to meet daily Futures Commission Merchants' margin requirements. See accompanying notes to financial statements. 4 Table of Contents United States Gasoline Fund, LP Schedule of Investments (Unaudited) At September 30, 2025 Fair Value/Unrealized Gain (Loss) on Open Number of Commodity % of Partners' Notional Amount Contracts Contracts Capital Open Commodity

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) For the period ended September 30, 2025 NOTE 1 — ORGANIZATION AND BUSINESS The United States Gasoline Fund, LP ("UGA") was organized as a limited partnership under the laws of the state of Delaware on April 13, 2007. UGA is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). UGA's shares began trading on February 26, 2008. Prior to November 25, 2008, UGA's shares traded on the American Stock Exchange (the "AMEX"). UGA will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the "LP Agreement"), which grants full management and control to its general partner, United States Commodity Funds LLC ("USCF"). The investment objective of UGA is for the daily changes in percentage terms of its shares' per share net asset value ("NAV") to reflect the daily changes in percentage terms of the spot price of gasoline (also known as reformulated gasoline blendstock for oxygen blending, or "RBOB"), for delivery to the New York harbor), as measured by the daily changes in the price of a specified short-term futures contract on gasoline called the "Benchmark Futures Contract," plus interest earned on UGA's collateral holdings, less UGA's expenses. The Benchmark Futures Contract is the futures contract on gasoline as traded on the NYMEX that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire. UGA seeks to achieve its investment objective by investing so that the average daily percentage change in UGA's NAV for any period of 30 successive valuation days will be within plus/minus ten percent ( 10 %) of the average daily percentage change in the price of the Benchmark Futures

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