8-K: United States Gasoline Fund Reports July Performance with Net Loss

The United States Gasoline Fund reported a net loss of $662,795 for July 2024, driven by unrealized losses on commodity futures.

Summary

• The United States Gasoline Fund, LP released its monthly account statement for July 2024.
• The fund experienced a net loss of $662,795 for the month.
• This loss was primarily due to an unrealized loss of $5,792,178 on the market value of commodity futures.
• The fund did have a realized trading gain of $4,774,694 on commodity futures.
• Other income included $157,020 in dividend income and $290,439 in interest income.
• Total expenses for the month were $93,470, including management fees, professional fees, and brokerage commissions.
• The fund's net asset value decreased from $104,609,505 at the beginning of the month to $103,917,929 at the end of the month.
• The net asset value per share was $67.04 based on 1,550,000 shares.

Sentiment

Score: 3

Explanation: The document reports a net loss and a decrease in net asset value, indicating a negative performance for the month. The sentiment is therefore negative.

Positives

• The fund had a realized trading gain of $4,774,694 on commodity futures.
• The fund generated $157,020 in dividend income and $290,439 in interest income.

Negatives

• The fund experienced a net loss of $662,795 for the month.
• Unrealized losses on commodity futures significantly impacted the fund's performance, totaling $5,792,178.
• The fund's net asset value decreased by $691,576 during the month.

Risks

• The fund's performance is highly susceptible to fluctuations in the commodity futures market.
• Unrealized losses can significantly impact the fund's net asset value.
• The fund's expenses, including management and professional fees, can reduce overall returns.

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 reflects the volatility inherent in commodity-based investment funds, particularly those focused on gasoline futures, which are subject to market fluctuations and global events.

Comparison to Industry Standards

• The fund's performance is typical of commodity-based ETFs, which can experience significant gains and losses due to market volatility.
• Other similar funds, such as the Invesco DB Oil Fund (DBO) or the United States Oil Fund (USO), also experience similar fluctuations in performance based on commodity prices.
• The reported loss is not unusual given the volatility in the energy sector during the reporting period.

Stakeholder Impact

• Shareholders will experience a decrease in the value of their investment due to the net loss and decrease in net asset value.
• The fund's performance may impact investor confidence and future investment decisions.

Key Dates

Keywords

Gasoline Fund, Commodity Futures, Net Asset Value, Realized Gain, Unrealized Loss, Monthly Account Statement, Financial Performance