8-K: US Gasoline Fund Reports October NAV, Significant Withdrawals

United States Gasoline Fund, LP reported its October 2025 monthly account statement, showing net income of $204,784 despite substantial shareholder withdrawals.

Summary

• Net Income for October 2025 was $204,784.
• Total Income (Loss) for the month was $269,096, driven by an unrealized gain of $4,902,635 on commodity futures, offsetting a realized loss of $4,798,869.
• Total Expenses amounted to $64,312.
• Net Asset Value (NAV) decreased from $73,941,093 at the beginning of October to $42,709,957 at month-end.
• The decrease in NAV was primarily due to withdrawals of 500,000 shares, totaling $31,435,920.
• NAV per share at the end of October was $65.71 based on 650,000 outstanding shares.

Sentiment

Score: 4

Explanation: The fund reported positive net income and an increase in NAV per share for remaining investors, which is positive. However, the very significant capital withdrawals (over 40% of beginning NAV) are a major negative signal, indicating substantial investor outflow and reducing the fund's overall size and potentially its operational efficiency.

Positives

• The fund reported a net income of $204,784 for the month.
• Unrealized gains on commodity futures of $4,902,635 contributed positively to income.
• The Net Asset Value Per Share increased from approximately $64.30 at the beginning of the month (implied) to $65.71 at the end of the month, indicating positive performance for remaining shareholders.

Negatives

• Significant withdrawals of 500,000 shares, totaling $31,435,920, led to a substantial reduction in the fund's overall Net Asset Value.
• The fund experienced a realized trading loss on commodity futures of $4,798,869.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Management Comments

• To the best of his knowledge and belief, the information contained in the Account Statement for the month ended October 31, 2025 is accurate and complete.

Industry Context

The United States Gasoline Fund (UGA) is an exchange-traded fund that tracks the price of gasoline. Its performance is directly tied to the volatility and trends in the global energy and commodity markets, specifically gasoline futures. The reported unrealized gains and realized losses reflect the dynamic nature of these markets during October 2025. Significant withdrawals could indicate investor sentiment regarding future gasoline price movements or broader market conditions.

Comparison to Industry Standards

• The filing does not provide specific comparable companies or projects.
• The fund's performance should be benchmarked against relevant gasoline futures indices and other commodity-focused ETFs.
• The net income of $204,784 for the month, alongside a positive NAV per share increase, suggests effective management of its underlying commodity positions, despite the realized trading loss.
• The substantial withdrawals, representing a significant portion of the fund's starting NAV, are a notable event that would require comparison to peer funds' capital flows during the same period to assess if it's an isolated event or a broader industry trend.

Related Party Transactions

• General Partner Management Fees of $25,637 were paid to United States Commodity Funds LLC, the general partner.

Stakeholder Impact

• Shareholders: Existing shareholders saw an increase in NAV per share, but the overall fund size significantly decreased due to withdrawals. Withdrawing shareholders received their capital back.
• General Partner: Continues to receive management fees.
• Brokers/Professionals: Received fees for services.

Next Steps

• The fund will continue to issue monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

While the fund demonstrated positive operational performance for the month with net income and an increase in NAV per share, the substantial capital withdrawals are a significant concern. This outflow suggests a large investor or group of investors has lost confidence or reallocated capital, which could impact the fund's liquidity, trading efficiency, and future viability. Investors should hold to observe if these withdrawals are a one-off event or a continuing trend, and monitor future performance and capital flows closely before making further investment decisions. The positive per-share performance for remaining investors is a mitigating factor, but the overall reduction in assets under management is a strong negative signal.

Keywords

United States Gasoline Fund, UGA, Commodity Futures, Gasoline, Energy ETF, Net Asset Value, Monthly Statement, SEC Filing, 8-K, Commodity Exchange Act, USCF Investments