The United States Gasoline Fund, LP (UGA) reported a net asset value (NAV) per share of $62.94 as of December 31, 2024, reflecting a 3.79% increase from $60.64 at the end of the previous fiscal year. The fund's average daily total net assets rose significantly to approximately $100.5 million, up from $75.1 million in 2023. UGA generated total income of $6.66 million for the year, driven by a combination of realized and unrealized gains on commodity futures contracts, as well as increased dividend and interest income, which totaled $4.95 million compared to $3.41 million in the prior year.
In terms of operational changes, UGA's share count increased to 1.6 million shares outstanding by the end of 2024, up from 1.4 million shares in 2023. The fund issued 1.35 million shares and redeemed 1.15 million shares during the year. The increase in shares was primarily due to the issuance of Creation Baskets, which are blocks of 50,000 shares that Authorized Participants can purchase. The fund's management fees also increased to $603,005, reflecting the growth in assets under management.
UGA's investment strategy focuses on tracking the daily changes in the price of gasoline through futures contracts, specifically the NYMEX RBOB gasoline futures. The fund's performance is designed to reflect the daily changes in the spot price of gasoline, with the management aiming to keep the average daily percentage change in UGA's NAV within plus or minus 10% of the average daily percentage change in the price of the Benchmark Futures Contract over a 30-day period. For the year ended December 31, 2024, UGA's performance met this benchmark, with an average daily change of 0.153% compared to the Benchmark Futures Contract's 0.140%.
Looking ahead, UGA's management anticipates continued volatility in the gasoline market, influenced by factors such as geopolitical tensions, economic conditions, and regulatory changes. The fund's ability to meet its investment objectives may be impacted by market conditions, including the potential for contango and backwardation in the futures market, which can affect the total return on investments. UGA's management remains focused on maintaining liquidity and managing risks associated with its investments in gasoline futures and related assets.
About United States Gasoline Fund, LP
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