What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-07 · 80 added, 117 removed, 364 unchanged (35% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the financial statements and the notes thereto of the United States Gasoline Fund, LP (“UGA”) included elsewhere in this quarterly report on Form 10-Q.

The following discussion should be read in conjunction with the financial statements and the notes thereto of the UGA included elsewhere in this quarterly report on Form 10-Q.

Forward-Looking Information

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Although UGA undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that UGA may make directly to them or through reports that UGA files in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

UGA, a Delaware limited partnership, is a commodity pool that issues shares that are traded the NYSE Arca.

UGA, a Delaware limited partnership, is a commodity pool that issues shares that are traded on the NYSE Arca.

The investment objective of UGA is for the daily changes, in percentage terms, of its shares’ per share NAV to reflect the daily changes, in percentage terms, of the spot price of gasoline (also known as reformulated gasoline blendstock for oxygen blending, or “RBOB”, for delivery to the New York harbor), as measured by the daily changes in the price of the futures contract for gasoline traded on the NYMEX that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be the futures contract that is the next month contract to expire (the “Benchmark Futures Contract”), plus interest earned on UGA’s collateral holdings, less UGA’s expenses.

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If deemed necessary by the NYMEX and/or ICE Futures, UGA could be ordered to reduce its aggregate net position back to the accountability level.

As of September 30, 2025, UGA held 916 futures contracts for gasoline traded on the NYMEX.

As September 30, 2025, UGA did not Futures Contracts traded on ICE Futures.

For the nine months ended September 30, 2025, UGA did not exceed any accountability levels on the NYMEX or ICE Futures.

As of March 31, 2026, UGA held 1,115 futures contracts for gasoline traded on the NYMEX.

As of March 31, 2026, UGA did not hold any Futures Contracts traded on ICE Futures.

For the three months ended March 31, 2026, UGA did not exceed any accountability levels on the NYMEX or ICE Futures.

Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so.

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Investors should note that the foregoing accountability levels and position limits are subject to change, which in turn could change the amount and type of permitted investments in which UGA invests.

For the nine months ended September 30, 2025, UGA did not exceed any position limits imposed by the NYMEX and ICE Futures.

For the three months ended March 31, 2026, UGA did not exceed any position limits imposed by the NYMEX and ICE Futures.

Federal Position Limits

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The Benchmark Futures Contract is subject to position limits under the Position Limits Rule, and UGA’s trading does not qualify for an exemption therefrom.

Accordingly, the Position Limits Rule could inhibit UGA’s ability to invest in the relevant Benchmark Futures Contract and thereby could negatively impact the ability of UGA to meet its investment objective.

Accordingly, the Position Limits Rule could inhibit UGA’s ability to invest in the Benchmark Futures Contract and thereby could negatively impact the ability of UGA to meet its investment objective.

All of these limits may potentially cause a tracking error between the price of UGA’s shares and the price of the Benchmark Futures Contract.

This may in turn prevent investors from being able to effectively use UGA as a way to hedge against gasoline-related losses or as a way to indirectly invest in gasoline.

UGA has not limited the size of its offering and intends to utilize substantially all of its proceeds to purchase Benchmark Futures Contracts and Other Gasoline-Related Investments to the extent possible.

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Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as unleaded gasoline and the value, pricing, and liquidity of the investments or other assets held by UGA.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as unleaded gasoline and the value, pricing, and liquidity of the investments or other assets held by UGA.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, military conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities such as unleaded gasoline and the value, pricing, and liquidity of the investments or other assets held by UGA.

A negative impact on, or volatility in, the price of gasoline or the value, pricing and liquidity of UGA’s investments or other assets resulting from the occurrence of any of the aforementioned events, or similar events, could cause you to lose all, or substantially all, of your investment in UGA.

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In addition, in rising interest rate environments, it is possible that the Treasuries held by UGA will decline in value.

When interest rates fall, UGA may be required to reinvest the proceeds from the sale, redemption or early prepayment of a Treasuries or money market security at a lower interest rate.

When interest rates fall, UGA may be required to reinvest the proceeds from the sale, redemption or early prepayment of a Treasury Bill or money market security at a lower interest rate.

As inflation increases, the present value of UGA’s assets may decline.

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The United States Federal Reserve has a stated goal of maintaining a two percent increase in inflation over the long run, as measured by the annual change in the price index for personal consumption expenditures.

Following the COVID-19 pandemic, the United States experienced inflation above the Federal Reserve’s stated two-percent goal.

Other world economies similarly experienced elevated inflation rates.

The Federal Reserve increased interest rates and successfully reduced inflation so that it is close to the stated two percent goal.

As a result, in 2024, the Federal Reserve began reducing interest rates.

However, the rate of inflation in the United States is still above the stated two percent goal.

Inflation has the effect of eroding the value of cash or bonds.

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Price Movements

Gasoline futures prices were volatile during the nine months ended September 30, 2025.

Gasoline futures prices were volatile during the three months ended March 31, 2026.

The price of the Benchmark Futures Contract started the period at $1.7150 per gallon.

The high of the period was on April 2, 2025 when the price reached $2.3310 per gallon.

The low for the period was on September 19, 2025, which was $1.9126 per gallon.

The period ended with the Benchmark Futures Contract at $1.9223 per gallon, a decrease of approximately (4.33)% over the period (investors are cautioned that these represent prices for gasoline on a wholesale basis and should not be directly compared to retail prices at a gasoline service station).

UGA’s per share NAV began the period at $62.94 and ended the period at $64.30 on September 30, 2025, an increase of approximately 2.16% over the period.

The Benchmark Futures Contract prices listed above began with the February 2025 contracts and ended with the November 2025 contracts.

A decrease of approximately (4.33)% on the Benchmark Futures Contract listed above is a hypothetical return only and would not actually be realized by an investor holding Futures Contracts.

The high of the period was on March 30, 2026 when the price reached $3.2598 per gallon.

The low for the period was on January 7, 2026, which was $1.6945 per gallon.

The period ended with the Benchmark Futures Contract at $3.2039 per gallon, an increase of approximately 86.82% over the period (investors are cautioned that these represent prices for gasoline on a wholesale basis and should not be directly compared to retail prices at a gasoline service station).

UGA’s per share NAV began the period at $61.77 and ended the period at $103.44 on March 31, 2026, an increase of approximately 67.46% over the period.

The Benchmark Futures Contract prices listed above began with the February 2026 contracts and ended with the May 2026 contracts.

The increase of approximately 86.82% on the Benchmark Futures Contract listed above is a hypothetical return only and would not actually be realized by an investor holding Futures Contracts.

An investment in Futures Contracts would need to be rolled forward during the time period described in order to simulate such a result.

Furthermore, the change in the nominal price of these differing Futures Contracts, measured from the start of the year to the end of the year, does not represent the actual benchmark results that UGA seeks to track, which are more fully described below in the section titled “ Tracking UGA’s Benchmark .”

During the nine months ended September 30, 2025, the gasoline futures market experienced states of both contango and backwardation as represented by the front month gasoline futures contract and the next to expire gasoline futures contract.

During the three months ended March 31, 2026, the gasoline futures market experienced states of both contango and backwardation.

During periods of contango, the price of the near month gasoline Futures Contract was lower than the price of the next month gasoline Futures Contract or contracts further away from expiration.

During periods of backwardation, the price of the near month gasoline Futures Contract is higher than the

price of the next month gasoline Futures Contract, or contracts further away from expiration.

During periods of backwardation, the price of the near month gasoline Futures Contract is higher than the price of the next month gasoline Futures Contract, or contracts further away from expiration.

For a discussion of the impact of backwardation and contango on total returns, see “ Term Structure of Gasoline Prices and the Impact on Total Returns ” below.

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Results of Operations.

As of September 30, 2025, UGA had 1,150,000 shares outstanding.

As of March 31, 2026, UGA had 1,450,000 shares outstanding.

On January 27, 2023, the SEC declared effective a registration statement filed by UGA that registered an unlimited number of shares.

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More shares may have been issued by UGA than are outstanding due to the redemption of shares.

As of September 30, 2025, UGA had the following Authorized Participants:

As of March 31, 2026, UGA had the following Authorized Participants:

Citadel Securities, Citigroup Global Markets Inc., Goldman Sachs & Co., Jane Street Capital, LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co LLC, RBC Capital Markets LLC, SG Americas Securities LLC, and Virtu Americas LLC.

For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Average daily total net assets

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

UGA’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that UGA pays to USCF is calculated as a percentage of the total net assets of UGA.

The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by UGA, including cash, cash equivalents and Treasuries, were lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

As a result, the amount of income earned by UGA as a percentage of average daily total net assets was lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in total fees and other expenses excluding management fees for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a decrease in professional fees, directors’ fees and insurance, and commission.

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 Gasoline Futures Contracts being held and traded.

For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

September 30, 2025

September 30, 2024

For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

March 31, 2026

March 31, 2025

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by UGA, including cash, cash equivalents and Treasuries, were lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

As a result, the amount of income earned by UGA as a percentage of average daily total net assets was lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Average interest rates earned on short-term investments held by UGA, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

As a result, the amount of income earned by UGA as a percentage of average daily total net assets was lower during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in total fees and other expenses excluding management fees for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was due primarily to a decrease in professional fees and directors’ fees and insurance.

The decrease in total commissions accrued to brokers for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was due primarily to a lower number of Gasoline Futures Contracts being held and traded.

The decrease in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a decrease in professional fees.

The increase in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a higher number of Gasoline Futures Contracts being held and traded.

Tracking UGA’s Benchmark

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USCF believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts and Other Gasoline-Related Investments.

For the 30-valuation days ended September 30, 2025, the average daily change in the Benchmark Futures Contract was 0.087%, while the average daily change in the per share NAV of UGA over the same time period was 0.098%.

For the 30-valuation days ended March 31, 2026, the average daily change in the Benchmark Futures Contract was 1.461%, while the average daily change in the per share NAV of UGA over the same time period was 1.471%.

The average daily difference was 0.010% (or 1.0 basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period UGA’s NAV performed within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of UGA’s shares to the public on February 26, 2008 to September 30, 2025, the average daily change in the Benchmark Futures Contract was 0.033%, while the average daily change in the per share NAV of UGA over the same time period was 0.035%.

Since the commencement of the offering of UGA’s shares to the public on February 26, 2008 to March 31, 2026, the average daily change in the Benchmark Futures Contract was 0.043%, while the average daily change in the per share NAV of UGA over the same time period was 0.045%.

The average daily difference was 0.002% (or 0.2 basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period UGA’s NAV performed within the plus or minus 10% range established as its benchmark tracking goal.

The following two charts demonstrate the correlation between the changes in UGA’s NAV and the changes in the Benchmark Futures Contract.

The first chart below shows the daily movement of UGA’s per share NAV versus the daily movement of the Benchmark Futures Contract for the 30 valuation day period ended September 30, 2025, the last trading day in September.

The second chart below shows the monthly total returns of UGA as compared to the monthly value of the Benchmark Futures Contract for the five years ended September 30, 2025.

The first chart below shows the daily movement of UGA’s per share NAV versus the daily movement of the Benchmark Futures Contract for the 30 valuation day period ended March 31, 2026, the last trading day in March.

The second chart below shows the monthly total returns of UGA as compared to the monthly value of the Benchmark Futures Contract for the five years ended March 31, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of UGA versus the return of its Benchmark Futures Contract can be calculated by comparing the actual return of UGA, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that UGA’s returns had been exactly the same as the daily changes in its Benchmark Futures Contract.

For the nine months ended September 30, 2025, the actual total return of UGA as measured by changes in its per share NAV was 2.16%.

This is based on an initial per share NAV of $62.94 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $64.30.

For the three months ended March 31, 2026, the actual total return of UGA as measured by changes in its per share NAV was 67.46%.

This is based on an initial per share NAV of $61.77 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $103.44.

During this time period, UGA made no distributions to its shareholders.

However, if UGA’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contract, UGA would have had an estimated per share NAV of $62.84 as of September 30, 2025, for a total return over the relevant time period of (0.17)%.

However, if UGA’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contract, UGA would have had an estimated per share NAV of $102.80 as of March 31, 2026, for a total return over the relevant time period of 66.43%.

The difference between the actual per share NAV total return of UGA of 67.46% and the expected total return based on the Benchmark Futures Contract of 66.43% was a difference over the time period of 1.03%, which is to say that UGA’s actual total return outperformed its benchmark by that percentage.

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The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of UGA to track slightly higher than daily changes in the price of the Benchmark Futures Contract.

By comparison, for the nine months ended September 30, 2024, the actual total return of UGA as measured by changes in its per share NAV was (3.51)%.

This is based on an initial per share NAV of $60.64 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $58.51.

By comparison, for the three months ended March 31, 2025, the actual total return of UGA as measured by changes in its per share NAV was 2.13%.

This is based on an initial per share NAV of $62.94 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $64.28.

During this time period, UGA made no distributions to its shareholders.

However, if UGA’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contract, UGA would have had an estimated per share NAV of $56.74 as of September 30, 2024, for a total return over the relevant time period of (6.43)%.

However, if UGA’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contract, UGA would have had an estimated per share NAV of $63.78 as of March 31, 2025, for a total return over the relevant time period of 1.34%.

The difference between the actual per share NAV total return of UGA of 2.13% and the expected total return based on the Benchmark Futures Contract of 1.34% was a difference over the time period of 0.79%, which is to say that UGA’s actual total return outperformed its benchmark by that percentage.

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There are three factors that typically have impacted or are most likely to impact UGA’s ability to accurately track its Benchmark Futures Contract in addition to the foregoing.

There are three factors that typically have impacted or are most likely to impact UGA’s ability to accurately track its Benchmark Future Contract in addition to the foregoing.

First, UGA may buy or sell its holdings in the then current Benchmark Futures Contract at a price other than the closing settlement price of that contract on the day during which UGA executes the trade.

In that case, UGA may pay a price that is higher, or lower, than the closing settlement price of the Benchmark Futures Contract, which could cause the changes in the daily per share NAV of UGA to either be higher or lower relative to the daily changes in the Benchmark Futures Contract.

During the nine months ended September 30, 2025, USCF attempted to minimize the effect of these transactions by seeking to execute its purchase or sale of the Benchmark Futures Contract at, or as close as possible to, the end of the day settlement price.

In that case, UGA may pay a price that is higher, or lower, than the

closing settlement price of the Benchmark Futures Contract, which could cause the changes in the daily per share NAV of UGA to either be higher or lower relative to the daily changes in the Benchmark Futures Contract.

During the three months ended March 31, 2026, USCF attempted to minimize the effect of these transactions by seeking to execute its purchase or sale of the Benchmark Futures Contract at, or as close as possible to, the end of the day settlement price.

However, it may not always be possible for UGA to obtain the settlement price and there is no assurance that failure to obtain the closing settlement price in the future will not adversely impact UGA’s attempt to track the Benchmark Futures Contract.

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At the same time, UGA earns dividend and interest income on its cash, cash equivalents and Treasuries.

UGA is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the nine months ended September 30, 2025.

UGA is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the three months ended March 31, 2026.

Interest payments, and any other income, were retained within the portfolio and added to UGA’s NAV.

When this income exceeds the level of UGA’s expenses for its management fee, brokerage commissions and other expenses (including ongoing registration fees, licensing fees and the fees and expenses of the independent directors of USCF), UGA will realize a net yield that will tend to cause daily changes in the per share NAV of UGA to track slightly higher or lower than daily changes in the Benchmark Futures Contract.

When this income exceeds the level of UGA’s expenses for its management fee, brokerage commissions and other expenses (including ongoing registration fees, licensing fees and the fees and expenses of the independent directors of USCF), UGA will realize a net yield that will tend to cause daily changes in the per share NAV of UGA to track slightly lower or higher than daily changes in the Benchmark Futures Contract.

If short-term interest rates rise above these levels, the level of deviation created by the yield would increase.

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It is anticipated that fees and expenses paid by UGA may be lower than interest earned by UGA.

As such, USCF anticipates that UGA could possibly outperform its benchmark so long as interest earned is greater than the fees and expenses paid by UGA.

As such, USCF anticipates that UGA could possibly outperform its benchmark so long as interest earned is higher than the fees and expenses paid by UGA.

Third, UGA may hold Other Gasoline-Related Investments in its portfolio that may fail to closely track the Benchmark Futures Contract’s total return movements.

In that case, the error in tracking the Benchmark Futures Contract could result in daily changes in the per share NAV of UGA that are either too high, or too low, relative to the daily changes in the Benchmark Futures Contract.

During the nine months ended September 30, 2025, UGA did not hold any Other Gasoline-Related Investments.

During the three months ended March 31, 2026, UGA did not hold any Other Gasoline-Related Investments.

If UGA increases in size, and due to its obligations to comply with market conditions, regulatory limits, and risk mitigation measures imposed by its FCMs, UGA may invest in Other Gasoline-Related Investments, such as OTC swaps, which may have the effect of increasing transaction related expenses and may result in increased tracking error.

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Contango and backwardation are natural market forces that have impacted the total return on an investment in UGA’s shares during the past year relative to a hypothetical direct investment in gasoline.

In the future, it is likely that the relationship between the market price

of UGA’s shares and changes in the spot prices of gasoline will continue to be impacted by contango and backwardation.

It is important to note that this comparison ignores the potential costs associated with physically owning and storing gasoline, which could be substantial.

In the future, it is likely that the relationship between the market price of UGA’s shares and changes in the spot prices of gasoline will continue to be impacted by contango and backwardation.

It is important

to note that this comparison ignores the potential costs associated with physically owning and storing gasoline, which could be substantial.

If the futures market is in backwardation, e.g., when the price of the near month futures contract is higher than the price of the next month futures contract, the investor would buy a next month futures contract for a lower price than the current near month futures contract.

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The gasoline market spent time in both backwardation and contango during the last ten years.

The chart below shows the results from subtracting the next month contract price from the price of the near month contract for the 10-year period between September 30, 2015 and September 30, 2025.

The chart below shows the results from subtracting the next month contract price from the price of the near month contract for the 10-year period between March 31, 2016 and March 31, 2026.

Investors will note that the near month gasoline futures contract spent time in both backwardation and contango.

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While the investment objective of UGA is not to have the market price of its shares match, dollar for dollar, changes in the spot price of gasoline, contango and backwardation have impacted the total return on an investment in UGA shares during the past year relative to a hypothetical direct investment in gasoline.

For example, an investment in UGA shares made on December 31, 2024 and held until September 30, 2025 increased based upon the changes in the NAV for UGA shares on those days, by approximately 2.16%, while the front month futures contract of gasoline during the same period decreased by (0.17)% (note:

For example, an investment in UGA shares made on December 31, 2025 and held until March 31, 2026 increased based upon the changes in the NAV for UGA shares on those days, by approximately 67.46%, while the front month futures contract of gasoline during the same period increased by 94.22% (note:

this comparison ignores seasonal factors and the potential costs associated with physically owning and storing gasoline, which could be substantial).

By comparison, an investment in UGA shares made on December 31, 2023 and held to September 30, 2024 decreased based upon the changes in the NAV for UGA shares on those days, by approximately (3.51)%, while the front month futures contract of gasoline during the same period increased by (6.43)% (note:

By comparison, an investment in UGA shares made on December 31, 2024 and held to March 31, 2025 increased based upon the changes in the NAV for UGA shares on those days, by approximately 2.13%, while the spot price of gasoline for immediate delivery during the same period increased by 14.07% (note:

this comparison ignores the potential costs associated with physically owning and storing gasoline, which could be substantial).

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Gasoline Market.

During the nine months ended September 30, 2025, the price of the front RBOB month gasoline futures contract traded in a range between $1.9489 and $2.3310.

Prices decreased (1.43)% from the end of 2024 through September 30, 2025, finishing the quarter at $1.9729.

During the three months ended March 31, 2026, the price of the front RBOB month gasoline futures contract traded in a range between $1.6945 and $3.2598.

Prices increased 86.82% from the end of 2025 through March 31, 2026, finishing the quarter at $3.2039.

USCF believes that over both the medium-term and the long-term, changes in the price of crude oil will exert the greatest influence on the price of refined petroleum products such as gasoline.

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As a result, it is possible that changes in gasoline prices may not match the changes in crude oil prices.

The early 2020’s witnessed extraordinary events in global financial markets, and crude oil offered no exception.

During the first half of 2020, simultaneous demand and supply shocks led to unparalleled risk and volatility in oil futures markets.

The oil demand shock was caused by the COVID-19 pandemic and the oil supply shock was caused by a Saudi-Russia price war.

These twin shocks, which had never occurred at the same time before, caused several unprecedented effects.

First, the front month WTI Oil Futures Contract traded at negative prices for the first and only time in history.

Crude oil hit an all-time closing low of $(37.63) on April 20, 2020.

Second, annualized volatility of front month WTI crude oil futures prices reached 984% in May 2020 after averaging 25% in the first two months of 2020 and 35% in 2019.

The volatility includes several record-breaking returns that occurred between March and May of 2020.

Third, WTI Oil Futures Contracts, which typically move together (i.e., increase or decrease) about 99% of the time, often moved in opposite directions, with daily correlation dropping to (24%).

Fourth, futures curves, which can exhibit conditions known as “contango” and “backwardation” (as discussed above), moved into an extreme formation that some market experts referred to as “super contango.” This was a result of extreme bearishness in spot prices, which saw the front month WTI Oil Futures Contract detach from the rest of the futures curve and fall to an extreme position relative to later dated futures contracts.

As economies reopened and OPEC+ supply cuts were absorbed by the market, WTI crude oil prices rose from all-time lows and conditions for a new bull market emerged.

Bullish fundamentals for crude oil prices were already in place when Russia invaded Ukraine in February of 2022.

The war led to another round of heightened volatility and higher prices.

Crude oil peaked in May 2022, then declined for the remainder of the year.

Since early 2023, crude oil prices have traded mostly between approximately $65 to $80, with several prominent price reversals.

In the third quarter of 2025, U.S.

In 2025, growing supplies weighed on crude oil prices.

Supply exceeded demand throughout the year and the gap between output and consumption widened significantly from 0.6 mbd excess supply at the end of 2024 to 2.8 mbd by the end of 2025.

crude oil production averaged 13.5 mbd.

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OPEC crude production declined from late 2022 through the third quarter of 2024 as the cartel supported prices with overall quotas and voluntary output cuts by certain countries, particularly Saudi Arabia.

OPEC output rose during the nine months ending September 30, 2025, but remained below pre-and post-pandemic highs.

OPEC fiercely supported prices with voluntary cuts and production quotas from mid-2022 to late 2024.

The cartel announced plans to begin unwinding voluntary cuts and increasing quotas in 2024 and has begun to do so after delaying and adjusting these plans several times.

While OPEC has steadily increased output several times in 2025, it has also reaffirmed its commitment to maintaining oil market stability and retains the flexibility to change plans as market conditions warrant.

OPEC output rose from approximately 27.5 mbd to 29.0 mbd during 2025 but remained below pre- and post-pandemic highs.

The cartel announced plans to begin unwinding voluntary cuts and increasing quotas in 2024 and began to do so after delaying and adjusting these plans several times.

While OPEC steadily increased output several times in 2025, it also reaffirmed its commitment to maintaining oil market stability and retains the flexibility to change plans as market conditions warrant.

Nevertheless, the long-expected and repeatedly delayed reduction of quotas and voluntary cuts is finally underway.

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has become the world’s largest crude oil producing nation and other oil producing nations have also increased their output.

In the U.S., the Trump administration has aggressively called for increased domestic production and its actions have and will make more drilling possible.

In the U.S., the Trump administration has aggressively called for increased domestic production, and its actions have and will continue to make more drilling possible.

However, U.S.

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production levels than political policy.

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners.

While no tariffs on crude oil itself were announced, and the administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis, the overall impact of the administration’s actions may increase the risk of a global economic slowdown or recession, which would reduce demand for crude oil.

As negotiations with trading partners continue, final trade policy remains elusive and crude oil prices may be volatile as a result.

The current geopolitical situation adds complexity to the supply-demand equation.

In June of 2025, Israel and the United States attacked Iran’s nuclear facilities, raising speculation that Iran might attempt to close the Strait of Hormuz.

As approximately 20% of global petroleum consumption transits the Strait daily, this could have a significant effect on prices.

Other Trump administration policies have introduced uncertainty into crude oil markets, including on-and-off tariffs and tariff threats.

The overall impact of the administration’s actions could increase the risk of a global economic slowdown or recession, which would reduce demand for crude oil.

Geopolitics continue to add complexity to the supply-demand equation.

Tensions and flare ups supported prices and contributed to price volatility through 2025.

As an example, in June of 2025, Israel and the United States attacked Iran’s nuclear facilities, raising speculation that Iran might attempt to close the Strait of Hormuz.

As approximately 20% of global petroleum consumption transits the Strait daily, this could have had a significant effect on prices.

As it stands, Iran did not close the Strait, and prices fell back to the mid-$65 range after briefly topping $75.

Global tensions, with existing and potential conflicts in various regions, remain a flash point for risk to crude oil supply, which could raise prices.

Starting off 2026, the U.S.’s latest posturing against Iran and its actions in Venezuela, as well as ongoing conflicts in Ukraine and the Middle East continue to raise uncertainty about future supply.

Ongoing global tensions, with existing and potential conflicts in various regions, remain a flash point for risk to crude oil supply, which could raise prices.

Conversely, any resolution of geopolitical conflicts could ease supply disruptions, sanctions, and price volatility, which could lower prices.

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The correlation is scaled between 1 and -1, where 1 indicates that the two investment options move up or down in price or value together, known as “positive correlation,” and -1 indicates that they move in completely opposite directions, known as “negative correlation.” A correlation of 0 would mean that the movements of the two are neither positively nor negatively correlated, known as “non-correlation.” That is, the investment options sometimes move up and down together and other times move in opposite directions.

For the ten-year time period between September 30, 2015 and September 30, 2025, the table below compares the monthly movements of unleaded gasoline prices versus the monthly movements of the prices of several other energy commodities, such as natural gas, crude oil and diesel-heating oil, as well as several major non-commodity investment asset classes, such as large cap U.S.

For the ten-year time period between March 31, 2016 and March 31, 2026, the table below compares the monthly movements of unleaded gasoline prices versus the monthly movements of the prices of several other energy commodities, such as natural gas, crude oil and diesel-heating oil, as well as several major non-commodity investment asset classes, such as large cap U.S.

equities, U.S.

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Income received from UGA’s investments in money market funds and Treasuries is paid to UGA.

During the nine months ended September 30, 2025, UGA’s expenses did not exceed the income UGA earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets.

During the nine months ended September 30, 2025, UGA did not use other assets to pay expenses.

To the extent income exceed expenses, UGA’s NAV will be positively impacted.

During the three months ended March 31, 2026, UGA’s expenses did not exceed the income UGA earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets.

During the three months ended March 31, 2026, UGA did not use other assets to pay expenses.

To the extent income exceeds expenses, UGA’s NAV will be positively impacted.

Although permitted to do so under its LP Agreement, UGA has not leveraged, and does not intend to leverage, its assets through borrowings or otherwise, and UGA makes its investments accordingly.

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Such market conditions could prevent UGA from promptly liquidating its positions in Futures Contracts.

During the nine months ended September 30, 2025, UGA did not purchase or liquidate any of its positions while daily limits were in effect;

During the three months ended March 31, 2026, UGA did not purchase or liquidate any of its positions while daily limits were in effect;

however, UGA cannot predict whether such an event may occur in the future.

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In the future UGA may purchase OTC swaps, see “Item 3.Quantitative and Qualitative Disclosures About Market Risk” in this quarterly report on Form 10-Q for a discussion of OTC swaps.

As of September 30, 2025, UGA held cash deposits and short-term investments in the amount of $ 76,088,371 with the custodian and FCMs.

As of March 31, 2026, UGA held cash deposits and short-term investments in the amount of $121,228,438 with the custodian and FCMs.

Some or all of these amounts held by a custodian or an FCM, as applicable, may be subject to loss should UGA’s custodian or FCMs, as applicable, cease operations.

Off Balance Sheet Financing

As of September 30, 2025, UGA had no loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of UGA.

As of March 31, 2026, UGA had no loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of UGA.

While UGA’s exposure under these indemnification provisions cannot be estimated, they are not expected to have a material impact on UGA’s financial position.

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Either party may terminate these agreements earlier for certain reasons described in the agreements.

As of September 30, 2025, UGA’s portfolio held 916 Futures Contracts traded on the NYMEX.

As of September 30, 2025, UGA did not hold any Futures Contracts traded on the ICE Futures.

As of March 31, 2026, UGA held 1,115 Futures Contracts traded on the NYMEX.

As of March 31, 2026, UGA did not hold any Futures Contracts traded on the ICE Futures.

For a list of UGA’s current holdings, please see UGA’s website at www.uscfinvestments.com.

The end of day portfolio disclosed on UGA’s website would reflect any investments in Futures Contracts beyond the Benchmark Gasoline Futures Contract, and Other Gasoline-Related Investments, including any made in light of market conditions, regulatory requirements, risk mitigation measures (including those that may be taken by UGA, UGA’s FCMs, counterparties or other market participants), liquidity requirements, and other factors.

liquidity requirements, and other factors.

Independent of the UGA website UGA may make available portfolio holdings to Authorized Participants that reflects UGA’s anticipated holdings.

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis