8-K: United States Gasoline Fund, LP Reports Net Asset Value of $90.2 Million for February 2025

United States Gasoline Fund, LP discloses its monthly account statement for February 2025, revealing a net asset value of $90.2 million.

Summary

• United States Gasoline Fund, LP released its monthly account statement for February 2025.
• The fund reported a net asset value of $90,202,960 at the end of February.
• This is down from a net asset value of $101,930,082 at the beginning of the month.
• The fund experienced a net loss of $2,092,437 for the month.
• Withdrawals accounted for $9,634,685, representing 150,000 shares.
• The net asset value per share was $62.21, based on 1,450,000 shares.
• The statement includes details on income and expenses, including realized and unrealized gains/losses on commodity futures, dividend income, interest income, ETF transaction fees, general partner management fees, professional fees, brokerage commissions, and directors' fees and insurance.

Sentiment

Score: 3

Explanation: The sentiment is negative due to the net loss, decrease in net asset value, and realized trading losses on commodity futures.

Positives

• The fund generated $116,690 in dividend income and $184,519 in interest income.

Negatives

• The fund experienced a net loss of $2,092,437 for the month.
• Realized trading losses on commodity futures significantly impacted the fund's performance, totaling $(2,604,882).

Risks

• Fluctuations in commodity futures markets pose a risk to the fund's performance.
• Withdrawals can negatively impact the fund's net asset value.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, the General Partner of United States Gasoline Fund, LP, represents that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of a commodity-based exchange-traded fund (ETF) focused on gasoline futures, reflecting the volatility and market dynamics of the energy sector. Investors use these reports to assess the fund's ability to track gasoline prices and manage risks associated with futures trading.

Comparison to Industry Standards

• Comparable funds include other commodity ETFs like the Invesco DB Oil Fund (DBO) and the United States Oil Fund (USO).
• Performance is typically benchmarked against the spot price of gasoline and relevant futures contracts.
• Management fees are compared to similar commodity ETFs to assess cost-effectiveness.
• The fund's ability to manage roll yield (the cost of rolling futures contracts) is a key performance indicator compared to industry standards.

Stakeholder Impact

• Shareholders experienced a decrease in the value of their investment due to the fund's net loss and withdrawals.
• The fund's performance impacts investors seeking exposure to the gasoline market.

Key Dates

Keywords

United States Gasoline Fund, Net Asset Value, Commodity Futures, Monthly Account Statement, February 2025, UGA, Gasoline