8-K: United States Gasoline Fund Reports $5.1 Million Net Income for June 2024

The United States Gasoline Fund, LP reported a net income of $5.1 million for the month of June 2024, driven by unrealized gains in commodity futures.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for June 2024.
• The fund reported a net income of $5,108,400 for the month.
• This income was primarily driven by an unrealized gain of $8,529,079 on commodity futures.
• The fund also experienced a realized trading loss of $3,740,402 on commodity futures.
• Other income sources included $152,094 in dividend income and $249,047 in interest income.
• Total expenses for the month were $82,818, including management fees, professional fees, and brokerage commissions.
• The fund's net asset value increased from $64,674,080 at the beginning of the month to $104,609,505 at the end of the month.
• This increase includes the addition of 550,000 shares for $34,827,025.
• The net asset value per share at the end of June was $67.49 based on 1,550,000 shares.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the strong net income and increase in net asset value, although there are some risks associated with commodity trading.

Positives

• The fund generated a substantial net income of $5.1 million for the month.
• The fund experienced significant unrealized gains on commodity futures.
• The net asset value of the fund increased substantially during the month.
• The fund also generated income from dividends and interest.

Negatives

• The fund experienced a realized trading loss of $3,740,402 on commodity futures.
• The fund incurred $82,818 in expenses for the month.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized trading losses can negatively impact the fund's overall performance.
• Fluctuations in market value of commodity futures can lead to significant gains or losses.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer, 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 (ETF) during a specific month, reflecting the volatility and potential gains/losses associated with trading in commodity futures. The fund's performance is directly tied to the price fluctuations of gasoline futures contracts.

Comparison to Industry Standards

• The United States Gasoline Fund's performance is comparable to other commodity-based ETFs that track gasoline futures.
• The fund's reliance on futures contracts makes it susceptible to market volatility, similar to other funds in this sector.
• The reported net income and NAV changes are typical for commodity funds, which can experience significant fluctuations based on market conditions.
• Other similar funds include the Invesco DB Oil Fund (DBO) and the United States Oil Fund (USO), which also experience similar volatility.

Stakeholder Impact

• Shareholders will likely view the positive net income and increase in net asset value favorably.
• The fund's performance directly impacts the value of shares held by investors.
• The fund's performance is important for investors seeking exposure to the gasoline market.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Asset Value, Net Income, Trading Gain, Unrealized Gain, Monthly Account Statement