8-K: United States Gasoline Fund April 2026 Monthly Report

United States Gasoline Fund, LP released its monthly account statement for April 2026, reporting a net income of $18.01 million.

Summary

• The fund reported a total income of $18,109,220 for the month ended April 30, 2026.
• Net income for the period was $18,014,427 after accounting for $94,793 in total expenses.
• The Net Asset Value (NAV) at the end of the month was $137,632,255.
• The NAV per share was $119.68 based on 1,150,000 shares outstanding.
• The fund experienced net withdrawals of 350,000 shares totaling $35,211,521, partially offset by additions of 50,000 shares totaling $4,845,287.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine regulatory disclosure that provides transparency into the fund's monthly performance without signaling strategic shifts.

Positives

• Strong monthly performance with a net income of $18,014,427.
• Realized trading gains on commodity futures amounted to $3,006,356.
• Unrealized gains on the market value of commodity futures contributed $14,743,272 to total income.
• Low expense ratio relative to total income, with total expenses capped at $94,793.

Negatives

• Significant net outflow of capital during the month, with 350,000 shares withdrawn compared to 50,000 shares added.
• Total withdrawals of $35,211,521 exceeded the monthly net income.

Risks

• Market volatility inherent in commodity futures trading.
• Potential for continued net redemptions impacting the fund's total assets under management.
• Reliance on the performance of gasoline futures contracts.

Future Outlook

The filing does not provide specific forward-looking guidance, as it is a routine monthly disclosure of financial results.

Management Comments

• Stuart P. Crumbaugh, CFO, certified that the information contained in the account statement for the month ended April 30, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that this filing is a standard regulatory compliance disclosure for commodity-based ETFs, reflecting the underlying volatility of the energy sector and investor sentiment toward gasoline futures.

Comparison to Industry Standards

• The fund operates in line with standard Commodity Exchange Act reporting requirements for commodity pools.
• Performance is highly correlated with gasoline spot and futures prices, consistent with peer energy-focused ETFs.

Stakeholder Impact

• Shareholders are provided with updated NAV and performance data.
• The fund continues to facilitate liquidity through share additions and withdrawals.

Next Steps

• Continued monitoring of gasoline futures market conditions.
• Preparation of the next monthly account statement for May 2026.

Key Dates

Keywords

UGA, Gasoline, Commodity Futures, ETF, Net Asset Value, USCF