UGA's investment objective is to track the daily percentage changes of the spot price of gasoline (RBOB) as measured by the Benchmark Futures Contract. The fund aims for its average daily NAV change over 30 valuation days to be within +/10% of the Benchmark Futures Contract's average daily change. For the year ended December 31, 2025, UGA's per share NAV decreased by 1.86%, from $62.94 to $61.77. The Benchmark Futures Contract price for gasoline decreased by approximately 14.64% during 2025, starting at $2.0092/gallon and ending at $1.7150/gallon. UGA's actual total return of (1.86)% for 2025 outperformed its benchmark's estimated total return of (4.27)% by 2.41%. Average daily total net assets decreased to $76,965,346 in 2025 from $100,507,294 in 2024. The fund reported a net income loss of $(3,921,792) in 2025, compared to a net income of $5,636,231 in 2024. As of December 31, 2025, UGA held 1,072 NYMEX RBOB Gasoline Futures RB contracts with an unrealized gain of $709,073. Cash and cash equivalents, including money market funds, totaled $76,509,481 at year-end 2025. The gasoline futures market experienced both contango and backwardation during 2025. UGA issued 14 Creation Baskets and redeemed 21 Redemption Baskets during 2025, indicating net outflows.