8-K: US Gasoline Fund Reports September 2025 Performance

United States Gasoline Fund, LP reported a net income of $726,414 for September 2025, despite a decrease in Net Asset Value due to significant withdrawals.

Summary

• The fund recorded a Net Income of $726,414 for the month ended September 30, 2025.
• Total Income for the month was $795,738, primarily driven by a Realized Trading Gain on Commodity Futures of $5,108,519.
• Total Expenses amounted to $69,324, including General Partner Management Fees of $37,001 and Professional Fees of $24,855.
• The Net Asset Value (NAV) at the end of September 2025 was $73,941,093, down from $76,467,654 at the beginning of the month.
• Withdrawals of 50,000 shares, valued at $3,252,975, contributed to the decrease in NAV.
• The Net Asset Value Per Share at month-end was $64.30, based on 1,150,000 shares outstanding.

Sentiment

Score: 4

Explanation: While the fund achieved a positive net income and strong realized trading gains, these were significantly offset by large unrealized losses and substantial shareholder withdrawals, leading to an overall decrease in Net Asset Value. This indicates a mixed to slightly negative sentiment regarding the fund's performance for the month.

Positives

• Generated a positive Net Income of $726,414 for the month.
• Achieved significant Realized Trading Gain on Commodity Futures totaling $5,108,519.
• Benefited from Dividend Income of $184,714 and Interest Income of $63,969.

Negatives

• Experienced a substantial Unrealized Loss on Market Value of Commodity Futures of $4,561,814.
• Net Asset Value decreased from $76,467,654 to $73,941,093 over the month.
• Recorded significant withdrawals of 50,000 shares, amounting to $3,252,975.

Risks

• The fund is exposed to market volatility, as evidenced by the $4,561,814 unrealized loss on commodity futures during the month.
• Significant withdrawals, such as the $3,252,975 recorded, can impact the fund's overall Net Asset Value and liquidity.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (General Partner of United States Gasoline Fund, LP), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended September 30, 2025, is accurate and complete.

Industry Context

This monthly account statement provides specific performance data for a fund focused on gasoline commodity futures, reflecting its operational results within the broader energy commodity market. The fund's performance is directly tied to the dynamics of gasoline prices and related futures contracts.

Related Party Transactions

• General Partner Management Fees of $37,001 were paid to United States Commodity Funds LLC, the general partner of United States Gasoline Fund, LP.

Stakeholder Impact

• Shareholders experienced a decrease in the fund's Net Asset Value per share from the beginning to the end of the month, influenced by withdrawals and market movements.
• The general partner, United States Commodity Funds LLC, received management fees for its services.

Next Steps

• The fund is expected to continue issuing monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The fund demonstrated positive net income and strong realized trading gains, indicating effective management of its commodity positions. However, significant unrealized losses and substantial shareholder withdrawals led to an overall decline in Net Asset Value. For existing investors, a 'hold' recommendation is appropriate to observe if the fund can sustain positive income generation while managing market volatility and stemming outflows. New investors should consider the inherent volatility of commodity funds and the recent outflows before initiating a position.

Keywords

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