1 unchanged sentence
Index to Financial Statements
−Removed: Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Schedules of Investments at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Notes to Financial Statements (Unaudited) for the period ended June 30, 2025
+Added: Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Notes to Financial Statements (Unaudited) for the period ended September 30, 2025
United States Gasoline Fund, LP
Statements of Financial Condition
−Removed: At June 30, 2025 (Unaudited) and December 31, 2024
−Removed: June 30, 2025
+Added: At September 30, 2025 (Unaudited) and December 31, 2024
+Added: September 30, 2025
December 31, 2024
23 unchanged sentences
Market value per share
+Added: (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.
See accompanying notes to financial statements.
1 unchanged sentence
Schedule of Investments (Unaudited)
−Removed: At June 30, 2025
+Added: At September 30, 2025
Value/Unrealized
4 unchanged sentences
United States Contracts
−Removed: NYMEX RBOB Gasoline Futures RB August 2025 contracts, expiring July 2025 *
+Added: NYMEX RBOB Gasoline Futures RB November contracts, expiring October 2025 *
( 2,226,458 )
4 unchanged sentences
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.09 % #
−Removed: Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23 % #
+Added: Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional
+Added: Shares, 4.05 % #
Total United States Money Market Funds
* Collateral amounted to $ 15,849,424 on open commodity futures contracts.
−Removed: # Reflects the 7 - day yield at June 30, 2025.
+Added: # Reflects the 7-day yield at September 30, 2025.
See accompanying notes to financial statements.
20 unchanged sentences
Statements of Operations (Unaudited)
−Removed: For the three and six months ended June 30, 2025 and 2024
+Added: For the three and nine months ended September 30, 2025 and 2024
Three months ended
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Gain (loss) on trading of commodity futures contracts:
1 unchanged sentence
( 9,640,554 )
+Added: ( 6,007,659 )
Change in unrealized gain (loss) on open commodity futures contracts
6 unchanged sentences
( 13,454,377 )
−Removed: ( 3,528,867 )
−Removed: ( 3,225,852 )
General Partner management fees (Note 3)
6 unchanged sentences
( 1,581,504 )
−Removed: ( 3,640,293 )
Net Income (Loss) per limited partner share
4 unchanged sentences
Statements of Changes in Partners’ Capital (Unaudited)
−Removed: For the three and six months ended June 30, 2025 and 2024
+Added: For the three and nine months ended September 30, 2025 and 2024
Limited Partners*
1 unchanged sentence
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Balances at beginning of period
8 unchanged sentences
( 1,581,504 )
−Removed: ( 3,640,293 )
Balances at end of period
3 unchanged sentences
Statements of Cash Flows (Unaudited)
−Removed: For the six months ended June 30, 2025 and 2024
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the nine months ended September 30, 2025 and 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash Flows from Operating Activities:
6 unchanged sentences
(Increase) decrease in interest receivable
−Removed: (Increase) decrease in prepaid professional fees
(Increase) decrease in prepaid insurance
4 unchanged sentences
Net cash provided by (used in) operating activities
+Added: ( 3,054,758 )
Cash Flows from Financing Activities:
17 unchanged sentences
Notes to Financial Statements (Unaudited)
−Removed: For the period ended June 30, 2025
+Added: For the period ended September 30, 2025
NOTE 1 — ORGANIZATION AND BUSINESS
20 unchanged sentences
(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing gasoline, which could be substantial.)
−Removed: As of June 30, 2025, UGA held 831 Futures Contracts for gasoline traded on the NYMEX and did not hold any Futures Contracts traded on the ICE Futures.
+Added: As of September 30, 2025, UGA held 916 Futures Contracts for gasoline traded on the NYMEX and did not hold any Futures Contracts traded on the ICE Futures.
UGA commenced investment operations on February 26, 2008 and has a fiscal year ending on December 31.
45 unchanged sentences
UGA recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.
+Added: No interest expense or penalties have been recognized as of and for the period ended September 30, 2025.
Creations and Redemptions
13 unchanged sentences
The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.
−Removed: There were no shares held by USCF at June 30, 2025.
+Added: There were no shares held by USCF at September 30, 2025.
Offering Costs
21 unchanged sentences
UGA pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering.
−Removed: These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.
−Removed: For the six months ended June 30, 2025 and 2024, UGA did not incur registration fees and other offering expenses.
+Added: These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting,
+Added: printing and other expenses associated with such offer and sale.
+Added: For the nine months ended September 30, 2025 and 2024, UGA did not incur registration fees and other offering expenses.
Independent Directors’ and Officers’ Expenses
5 unchanged sentences
Pursuant to the agreement, UGA and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.
−Removed: During the six months ended June 30, 2025 and 2024, UGA incurred $ 6,240 and $ 7,508 , respectively under this arrangement.
+Added: During the nine months ended September 30, 2025 and 2024, UGA incurred $ 9,100 and $ 11,248 , respectively under this arrangement.
Investor Tax Reporting Cost
23 unchanged sentences
In accordance with the FCM agreements, UGA pays each FCM commissions of approximately $ 7 to $ 8 per round- turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts.
−Removed: Such fees include those incurred when purchasing Gasoline Futures Contracts and options on Futures Contracts when UGA issues shares as a result of a Creation Basket, as well as fees incurred when selling Gasoline Futures Contracts and options on Futures Contracts when UGA redeems shares as a result of a Redemption Basket.
−Removed: Such fees are also incurred when Gasoline Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio.
+Added: Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when UGA issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when UGA redeems shares as a result of a Redemption Basket.
+Added: Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio.
UGA also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Gasoline-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Total commissions accrued to brokers
Total commissions as annualized percentage of average total net assets
−Removed: The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of Futures Contracts being held and traded.
+Added: The decrease in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a lower number of Futures Contracts being held and traded.
NYMEX Licensing Agreement
27 unchanged sentences
In such a circumstance, UGA could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Gasoline-Related Investments.
−Removed: All of the futures contracts held by UGA through June 30, 2025, were exchange-traded.
+Added: All of the futures contracts held by UGA through September 30, 2025, were exchange-traded.
The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.
11 unchanged sentences
UGA is exposed to any risk of loss associated with an investment in such money market funds.
−Removed: As of June 30, 2025 and December 31, 2024, UGA held investments in money market funds in the amounts of $ 43,500,000 and $ 35,500,000 , respectively.
+Added: As of September 30, 2025 and December 31, 2024, UGA held investments in money market funds in the amounts of $ 54,500,000 and $ 35,500,000 , respectively.
UGA also holds cash deposits with its custodian and FCMs.
−Removed: As of June 30, 2025 and December 31, 2024, UGA held cash deposits in the amounts of $ 33,395,601 and $ 62,349,598 respectively, with the custodian and FCMs.
+Added: As of September 30, 2025 and December 31, 2024, UGA held cash deposits in the amounts of $ 21,588,371 and $ 62,349,598 respectively, with the custodian and FCMs.
Some or all of these amounts may be subject to loss should UGA’s custodian and/or FCMs cease operations.
5 unchanged sentences
The financial instruments held by UGA are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.
−Removed: For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 86,075,668 and $ 99,506,775 , respectively.
+Added: For the nine months ended September 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 83,191,539 and $ 99,705,443 , respectively.
NOTE 6 — FINANCIAL HIGHLIGHTS
−Removed: The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.
+Added: The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 for the shareholders.
This information has been derived from information presented in the financial statements.
1 unchanged sentence
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operating Performance:
28 unchanged sentences
The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.
−Removed: The following table summarizes the valuation of UGA’s securities at June 30, 2025 using the fair value hierarchy:
−Removed: At June 30, 2025
+Added: The following table summarizes the valuation of UGA’s securities at September 30, 2025 using the fair value hierarchy:
+Added: At September 30, 2025
Short-Term Investments
13 unchanged sentences
Fair Value at
+Added: September 30,
Derivatives not Accounted for as Hedging Instruments
3 unchanged sentences
The Effect of Derivative Instruments on the Statements of Operations
−Removed: For the six months ended
−Removed: For the six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the nine months ended
+Added: For the nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Change in Unrealized
18 unchanged sentences
Realized gain (loss) on closed commodity futures contracts
+Added: ( 6,007,659 )
Change in unrealized gain (loss) on open commodity futures contracts
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.