What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 77 added, 50 removed, 401 unchanged (24% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026

United States Gasoline Fund, LP

Statements of Financial Condition

At March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

At June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026

December 31, 2025

25 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2026

At June 30, 2026

Value/Unrealized

4 unchanged sentences

United States Contracts

NYMEX RBOB Gasoline Futures RB May 2026 contracts, expiring April 2026 *

NYMEX RBOB Gasoline Futures RB August 2026 contracts, expiring July 2026 *

Shares/Principal

6 unchanged sentences

* Collateral amounted to $ 22,136,436 on open commodity futures contracts.

# Reflects the 7-day yield at March 31, 2026.

# Reflects the 7-day yield at June 30, 2026.

See accompanying notes to financial statements.

21 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

1 unchanged sentence

Change in unrealized gain (loss) on open commodity futures contracts

( 2,413,192 )

( 8,953,774 )

( 7,442,169 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 1,987,476 )

( 5,531,109 )

( 3,225,852 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 2,295,490 )

( 5,705,601 )

( 3,640,293 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statement of Changes in Partners’ Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Limited Partners *

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

3 unchanged sentences

( 11,947,085 )

( 80,562,475 )

( 27,924,260 )

Net income (loss)

( 2,295,490 )

( 5,705,601 )

( 3,640,293 )

Balances at end of period

3 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

For the six months ended June 30, 2026 and 2025

Six months ended

June 30, 2026

June 30, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 3,640,293 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

1 unchanged sentence

( 2,327,315 )

( 1,511,605 )

(Increase) decrease in dividends receivable

13 unchanged sentences

( 25,470,474 )

( 24,736,551 )

Net Increase (Decrease) in Cash and Cash Equivalents

10 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended March 31, 2026

For the period ended June 30, 2026

NOTE 1 — ORGANIZATION AND BUSINESS

11 unchanged sentences

(together, “ICE Futures”) or other U.S.

and foreign exchanges (collectively, “Futures Contracts”), and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by UGA, UGA’s future commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, other gasoline-related investments such as cash-settled options on Futures Contracts, forward contracts for gasoline, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of gasoline, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Gasoline-Related Investments”).

and foreign exchanges (collectively, “Futures Contracts”), and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by UGA, UGA’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, other gasoline-related investments such as cash-settled options on Futures Contracts, forward contracts for gasoline, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of gasoline, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Gasoline-Related Investments”).

Market conditions that USCF currently anticipates could cause UGA to invest in Other Gasoline-Related Investments, include, but are not limited to, those allowing UGA to obtain greater liquidity, or to execute transactions with more favorable pricing.

6 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.)

As of March 31, 2026, UGA held 1,115 Futures Contracts for gasoline traded on the NYMEX and did not hold any Futures Contracts traded on the ICE Futures.

As of June 30, 2026, UGA held 886 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.

43 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.

No interest expense or penalties have been recognized as of and for the period ended March 31, 2026.

No interest expense or penalties have been recognized as of and for the period ended June 30, 2026.

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.

There were no shares held by USCF at March 31, 2026.

There were no shares held by USCF at June 30, 2026.

Offering Costs

21 unchanged sentences

UGA pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering.

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.

For the three months ended March 31, 2026 and 2025, UGA did not incur any registration fees and other offering expenses.

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.

For the six months ended June 30, 2026 and 2025, UGA did not incur any 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.

During the three months ended March 31, 2026 and 2025, UGA incurred $ 3,796 and $ 3,503 , respectively under this arrangement.

During the six months ended June 30, 2026 and 2025, UGA incurred $ 8,541 and $ 6,240 , respectively under this arrangement.

Investor Tax Reporting Cost

26 unchanged sentences

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”).

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

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 Futures Contracts being held and traded.

The increase in total commissions accrued to brokers for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to a higher 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.

All of the futures contracts held by UGA through March 31, 2026, were exchange-traded.

All of the futures contracts held by UGA through June 30, 2026, 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.

As of March 31, 2026 and December 31, 2025, UGA held investments in money market funds in the amounts of $ 89,500,000 and $ 29,500,000 , respectively.

As of June 30, 2026 and December 31, 2025, UGA held investments in money market funds in the amounts of $ 78,100,000 and $ 29,500,000 , respectively.

UGA also holds cash deposits with its custodian and FCMs.

As of March 31, 2026 and December 31, 2025, UGA held cash deposits in the amounts of $ 54,815,833 and $ 47,009,481 respectively, with the custodian and FCMs.

As of June 30, 2026 and December 31, 2025, UGA held cash deposits in the amounts of $ 26,421,753 and $ 47,009,481 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.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $ 100,112,140 and $ 95,936,911 , respectively.

For the six months ended June 30, 2026 and 2025, the monthly average volume of open future contract notional value was $ 109,859,002 and $ 86,075,668 , respectively.

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025 for the shareholders.

This information has been derived from information presented in the financial statements.

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

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.

The following table summarizes the valuation of UGA’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

The following table summarizes the valuation of UGA’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

15 unchanged sentences

The Effect of Derivative Instruments on the Statements of Operations

For the three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Change in Unrealized

19 unchanged sentences

Change in unrealized gain (loss) on open commodity futures contracts

( 7,442,169 )

NOTE 8 — SUBSEQUENT EVENTS

2 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.

What changed 10-Q

Item 1. Financial Statements