8-K: US Gasoline Fund Reports August 2025 Net Loss

United States Gasoline Fund, LP reported a net loss of $1.196 million for August 2025, with net asset value declining to $76.47 million.

Summary

• United States Gasoline Fund, LP (UGA) reported a Net Income (Loss) of $(1,196,408) for the month ended August 31, 2025.
• Total Income (Loss) for the month was $(1,124,572), primarily driven by a Realized Trading Loss on Commodity Futures of $(1,969,641).
• The fund experienced an Unrealized Gain on Market Value of Commodity Futures of $579,617.
• Dividend Income amounted to $195,351 and Interest Income was $69,751.
• Total Expenses for the month were $71,836, including General Partner Management Fees of $38,763 and Professional Fees of $25,685.
• Net Asset Value (NAV) at the beginning of August 2025 was $80,790,202.
• Withdrawals of 50,000 shares resulted in a decrease of $3,126,140 from the NAV.
• The Net Asset Value at the end of August 2025 was $76,467,654.
• Net Asset Value Per Share was $63.72, based on 1,200,000 shares outstanding.

Sentiment

Score: 3

Explanation: The fund reported a net loss, a significant realized trading loss, and a decrease in Net Asset Value for the month, indicating a negative financial performance.

Positives

• The fund recorded an Unrealized Gain on Market Value of Commodity Futures of $579,617.
• Dividend Income contributed $195,351 to the fund's income.
• Interest Income generated $69,751 for the month.

Negatives

• The fund reported a Net Income (Loss) of $(1,196,408) for August 2025.
• A significant Realized Trading Loss on Commodity Futures of $(1,969,641) was incurred.
• Total Income (Loss) for the month was negative at $(1,124,572).
• Net Asset Value decreased from $80,790,202 at the beginning of the month to $76,467,654 at month-end.
• Withdrawals of 50,000 shares reduced the NAV by $3,126,140.

Future Outlook

NA

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended August 31, 2025, is accurate and complete.

Industry Context

NA

Related Party Transactions

• General Partner Management Fees of $38,763 were paid to United States Commodity Funds LLC, the fund's general partner.

Stakeholder Impact

• Limited Partners (shareholders) experienced a decrease in Net Asset Value per share from the beginning to the end of the month due to the net loss and withdrawals.

Key Dates

Recommendation

The fund experienced a net loss and a decline in Net Asset Value for August 2025, primarily driven by realized trading losses in commodity futures. While this indicates a negative short-term performance, commodity funds are inherently volatile, and a single month's results may not reflect long-term trends or the fund's overall strategy. Investors should hold and monitor future performance, particularly the trends in commodity prices and the fund's trading effectiveness, before making further investment decisions.

Keywords

United States Gasoline Fund, UGA, Commodity Futures, Gasoline, ETF, Net Asset Value, Monthly Statement, SEC Filing, 8-K