The United States Gasoline Fund, LP (UGA) reported a decrease in its net asset value (NAV) per share to $61.77 as of December 31, 2025, down from $62.94 at the end of 2024. The fund's average daily total net assets also declined to approximately $76.97 million from $100.51 million in the previous year. UGA's total income for the year was a loss of $3.09 million, compared to a gain of $6.66 million in 2024. This shift was primarily attributed to realized losses on closed commodity futures contracts, which amounted to $4.14 million, and a decrease in unrealized gains on open contracts.
In terms of operational changes, UGA's management fee decreased to $461,840 from $603,005, reflecting a reduction in average daily total net assets. Total expenses, excluding management fees, also fell to $368,444 from $419,801. The fund's brokerage commissions accrued to brokers decreased slightly to $70,044 from $78,496, indicating a lower volume of trading activity. UGA's total expenses as a percentage of average daily net assets were 1.08% for 2025, down from 1.12% in 2024.
UGA's investment strategy remains focused on tracking the daily changes in the price of gasoline through futures contracts. As of December 31, 2025, UGA held 1,072 NYMEX RBOB gasoline futures contracts, with a notional value of approximately $76.51 million. The fund's performance in tracking its benchmark was within the targeted range, with the average daily change in UGA's NAV being closely aligned with the average daily change in the price of the Benchmark Futures Contract.
Looking ahead, UGA's management anticipates that market conditions, including the potential for contango and backwardation in the futures market, will continue to influence its investment performance. The fund's ability to meet its investment objective may be impacted by regulatory accountability levels and position limits, which could necessitate adjustments in its investment strategy. UGA does not expect to make cash distributions to shareholders, as it intends to reinvest any realized gains into additional gasoline-related investments.
About United States Gasoline Fund, LP
The United States Gasoline Fund, LP (UGA) is an exchange-traded commodity fund that invests primarily in gasoline futures and related petroleum-based fuels. Its core business involves tracking daily gasoline price movements for investors seeking exposure or hedging in the gasoline market. Managed by USCF, UGA offers a cost-effective way to gain market exposure, leveraging futures contracts and derivatives to closely follow gasoline price fluctuations.
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