8-K: United States Gasoline Fund Reports $478,606 Net Income for April 2024

The United States Gasoline Fund, LP reported a net income of $478,606 for April 2024, according to its monthly account statement.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for April 2024.
• The fund reported a net income of $478,606 for the month.
• This net income was derived from a combination of realized trading gains of $5,706,985, unrealized losses of $5,675,775, dividend income of $152,015, and interest income of $378,555, offset by ETF transaction fees of $1,050.
• Total expenses for the month were $84,224, including management fees, professional fees, brokerage commissions, directors' fees and insurance, and license fees.
• The fund's net asset value increased from $120,772,249 at the beginning of April to $124,795,853 at the end of the month.
• This change in net asset value includes additions of 100,000 shares and withdrawals of 50,000 shares.
• The net asset value per share was $71.31 based on 1,750,000 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive, as the fund generated a net income and increased its net asset value, but also experienced unrealized losses. The results are within the expected range for this type of fund.

Positives

• The fund generated a net income of $478,606 for the month of April.
• The fund experienced a net increase in its net asset value during the month.
• The fund had significant realized trading gains of $5,706,985.

Negatives

• The fund experienced unrealized losses of $5,675,775 on commodity futures.
• The fund incurred total expenses of $84,224 for the month.

Risks

• The fund's performance is subject to the volatility of commodity futures markets.
• Unrealized losses can significantly impact the fund's overall performance.

Management Comments

• The Chief Financial Officer, Stuart P. Crumbaugh, stated 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, which is subject to market fluctuations and trading activities. The results are typical for a fund of this type.

Comparison to Industry Standards

• The fund's performance is comparable to other commodity-based ETFs, where gains and losses are common due to market volatility.
• The reported net income and changes in net asset value are within the expected range for a fund of this type, given the market conditions during April 2024.
• It is difficult to compare to specific companies as this is a fund, not a company, but the results are in line with similar commodity based funds.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and changes in net asset value.
• The fund's performance will impact the value of their investments.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Asset Value, Trading Gains, Net Income, Financial Report