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

United States Gasoline Fund, LP reported a net loss of $576,888 for November 2025, despite significant additions to its net asset value.

Summary

• The United States Gasoline Fund, LP recorded a net loss of $576,888 for the month ended November 30, 2025.
• Total income (loss) for the month was $(503,431), primarily driven by an unrealized loss on market value of commodity futures.
• The fund experienced a realized trading gain on commodity futures of $6,387,687.
• An unrealized loss on the market value of commodity futures amounted to $(7,099,545).
• Dividend income was $95,017, interest income was $111,660, and ETF transaction fees were $1,750.
• Total expenses for the month were $73,457, including General Partner Management Fees of $32,946, Professional Fees of $28,061, and Brokerage Commissions of $6,746.
• The Net Asset Value (NAV) at the beginning of November 2025 was $42,709,957.
• Additions from the issuance of 450,000 shares contributed $30,084,156 to the NAV.
• The Net Asset Value at the end of November 2025 was $72,217,225.
• Net Asset Value Per Share at month-end was $65.65, based on 1,100,000 shares outstanding.

Sentiment

Score: 4

Explanation: While the fund experienced a net loss and a substantial unrealized loss on its commodity futures for the month, it also saw significant capital inflows through new share additions, boosting its overall Net Asset Value.

Positives

• The fund experienced a significant increase in its Net Asset Value, growing from $42,709,957 at the beginning of the month to $72,217,225 by month-end.
• Substantial capital inflows from the addition of 450,000 shares contributed $30,084,156 to the fund's Net Asset Value.
• The fund achieved a realized trading gain on commodity futures of $6,387,687.
• Positive dividend income of $95,017 and interest income of $111,660 were recorded.

Negatives

• The fund reported a net loss of $576,888 for the month ended November 30, 2025.
• Total income (loss) for the month was negative, amounting to $(503,431).
• A significant unrealized loss on the market value of commodity futures of $(7,099,545) negatively impacted performance.

Risks

• The fund experienced a significant unrealized loss of $7,099,545 on the market value of commodity futures, indicating exposure to market volatility inherent in commodity investments.

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 November 30, 2025, is accurate and complete.

Industry Context

The filing provides a snapshot of a commodity fund's performance, which is inherently tied to the volatile energy markets, specifically gasoline futures. Without broader market data, it is difficult to assess its performance relative to the overall energy sector or other commodity funds.

Related Party Transactions

• General Partner Management Fees of $32,946 were incurred.

Stakeholder Impact

• Shareholders experienced a net loss for the month, but the fund's overall Net Asset Value increased significantly due to new capital inflows, resulting in a Net Asset Value per share of $65.65.

Key Dates

Recommendation

The fund experienced a net loss driven by significant unrealized losses on commodity futures, indicating volatility inherent in its investment strategy. However, substantial capital inflows through new share additions demonstrate continued investor interest and growth in overall Net Asset Value. Given the mixed performance and the nature of a commodity fund, a 'hold' recommendation is appropriate for investors comfortable with commodity market exposure, awaiting further performance trends.

Keywords

United States Gasoline Fund, UGA, Commodity Futures, Gasoline, Net Asset Value, Monthly Account Statement, Investment Fund, Energy, SEC Filing