What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-08 · 103 added, 82 removed, 362 unchanged (34% of the section changed)

46 unchanged sentences

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 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.

As of June 30, 2026, UGA held 886 futures contracts for gasoline traded on the NYMEX.

As of June 30, 2026, UGA did not hold any Futures Contracts traded on ICE Futures.

For the six months ended June 30, 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 three months ended March 31, 2026, UGA did not exceed any position limits imposed by the NYMEX and ICE Futures.

For the six months ended June 30, 2026, UGA did not exceed any position limits imposed by the NYMEX and ICE Futures.

Federal Position Limits

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Price Movements

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

Gasoline futures prices were volatile during the six months ended June 30, 2026.

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

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

The high of the period was on May 4, 2026 when the price reached $3.7382 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 $2.8949 per gallon, an increase of approximately 68.80% 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.

UGA’s per share NAV began the period at $61.77 and ended the period at $102.56 on June 30, 2026, an increase of approximately 66.04% over the period.

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

An increase of approximately 68.80% 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 three months ended March 31, 2026, the gasoline futures market experienced states of both contango and backwardation.

During the six months ended June 30, 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.

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Results of Operations.

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

As of June 30, 2026, UGA had 1,050,000 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 March 31, 2026, UGA had the following Authorized Participants:

As of June 30, 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 Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

March 31, 2026

March 31, 2025

For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Six months ended

June 30, 2026

June 30, 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 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.

Average interest rates earned on short-term investments held by UGA, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

As a result, the amount of income earned by UGA as a percentage of average daily total net assets was lower during the six months ended June 30, 2026, compared to the six months ended June 30, 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 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.

The increase in total fees and other expenses excluding management fees for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to an increase in professional fees.

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 Gasoline Futures Contracts being held and traded.

For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Three months ended

June 30, 2026

June 30, 2025

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 three months ended June 30, 2026, compared to the three months ended June 30, 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 June 30, 2026, compared to the three months ended June 30, 2025.

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

The increase in total fees and other expenses excluding management fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due primarily to an increase in professional fees.

The increase in total commissions accrued to brokers for the three months ended June 30, 2026, compared to the three months ended June 30, 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 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%.

For the 30-valuation days ended June 30, 2026, the average daily change in the Benchmark Futures Contract was (0.575)%, while the average daily change in the per share NAV of UGA over the same time period was (0.566)%.

The average daily difference was 0.01% (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 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%.

Since the commencement of the offering of UGA’s shares to the public on February 26, 2008 to June 30, 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 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.

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 June 30, 2026, the last trading day in June.

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 June 30, 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 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.

For the six months ended June 30, 2026, the actual total return of UGA as measured by changes in its per share NAV was 66.04%.

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 June 30, 2026 of $102.56.

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 $102.80 as of March 31, 2026, for a total return over the relevant time period of 66.43%.

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 $101.32 as of June 30, 2026, for a total return over the relevant time period of 64.03%.

The difference between the actual per share NAV total return of UGA of 66.04% and the expected total return based on the Benchmark Futures Contract of 64.03% was a difference over the time period of 2.01%, 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 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.

By comparison, for the six months ended June 30, 2025, the actual total return of UGA as measured by changes in its per share NAV was (4.23)%.

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 June 30, 2025 of $60.28.

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 $63.78 as of March 31, 2025, for a total return over the relevant time period of 1.34%.

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 $59.35 as of June 30, 2025, for a total return over the relevant time period of (5.70)%.

The difference between the actual per share NAV total return of UGA of (4.23)% and the expected total return based on the Benchmark Futures Contract of (5.70)% was a difference over the time period of 1.48%, which is to say that UGA’s actual total return outperformed its benchmark by that percentage.

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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 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.

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 six months ended June 30, 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 three months ended March 31, 2026.

UGA is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the six months ended June 30, 2026.

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

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

During the six months ended June 30, 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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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.

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 March 31, 2016 and March 31, 2026.

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 June 30, 2016 and June 30, 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, 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:

For example, an investment in UGA shares made on December 31, 2025 and held until June 30, 2026 increased based upon the changes in the NAV for UGA shares on those days, by approximately 66.04%, while the front month futures contract of gasoline during the same period increased by 76.76% (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, 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:

By comparison, an investment in UGA shares made on December 31, 2024 and held to June 30, 2025 decreased based upon the changes in the NAV for UGA shares on those days, by approximately (4.23)%, while the spot price of gasoline for immediate delivery during the same period decreased by (5.70)% (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 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.

During the six months ended June 30, 2026, the price of the front RBOB month gasoline futures contract traded in a range between $1.695 and $3.772.

Prices increased 76.76% from the end of 2025 through June 30, 2026, finishing the quarter at $3.014.

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.

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.

production rose significantly over the last five years.

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 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.

While not a complete policy reversal, the “OPEC put” which kept a floor on prices over the last several years has likely moved lower.

The Iran war was the principal factor affecting crude oil prices during the first half of 2026.

Prices for the U.S.

crude oil benchmark rose to approximately $106 per barrel in early April, while Brent crude oil, the international benchmark, approached $106 per barrel in early May.

Global crude oil supply exceeded demand in January and February 2026;

however, supply declined materially following the outbreak of hostilities and Iran’s closure of the Strait of Hormuz, through which approximately 20% of the world’s oil supply is transported.

Global output continued to decline through May, reaching approximately 93.5 million barrels per day (“mbd”), compared with approximately 108.7 mbd in February, a decrease of approximately 15%.

Although the reduction in supply exerted significant upward pressure on prices, forecasts of even higher crude oil prices did not fully materialize during the first half of 2026 due to several offsetting factors.

These factors included:

demand destruction and conservation in Asia and other regions, reduced purchases of oil by China at elevated prices and China’s increased reliance on previously accumulated inventories of oil, the rerouting of certain crude oil supplies by producers such as Saudi Arabia through pipelines to the Red Sea, and a coordinated release of strategic petroleum reserves by member countries of the Organization for Economic Co-operation and Development.

also drew down its strategic petroleum reserve to 340 million barrels, the lowest level since the early 1980’s.

and global commercial inventories have also drawn down to the low end of ranges that have been in place since 2015.

Global crude oil supply rebounded to approximately 97.5 mbd in June as the United States and Iran negotiated and signed a memorandum of understanding to negotiate a permanent settlement, and some traffic through the Strait of Hormuz resumed.

Subsequent events in July, however, disrupted that process.

In addition to the continued closure of the Strait of Hormuz and the resumption of hostilities between the U.S.

and Iran, the Iran-backed Houthi militia in Yemen declared the Red Sea closed to shipping, expanding the potential supply disruption to two critical maritime chokepoints.

The factors that moderated crude oil prices during the Spring of 2026 may be less effective under current conditions.

crude oil production remained near record levels, averaging approximately 13.7 mbd in the second quarter of 2026.

production has increased significantly over the last five years.

Conversely, Bloomberg data shows that OPEC crude production dropped from 29.6 mbd in February to a low of 16.4 mbd in late spring.

OPEC output had been rising prior to the war as the cartel continued to gradually unwind voluntary cuts and quotas that were established to support market prices between 2022 and 2024.

Russia and OPEC have still not returned to pre-pandemic production levels, while the U.S.

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 continue to make more drilling possible.

In the U.S., the Trump administration has encouraged increased domestic production, and its actions may facilitate more drilling activity.

However, U.S.

drillers have shown restraint in recent years, and production may not rise as much in the future as it has in the recent past.

Technology, geology, and economics tend to be larger determinants of U.S.

production levels than political policy.

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.

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.

drillers have shown restraint in recent years, so production may not rise as much in the future as it has in the recent past.

Technology, geology, and economics tend to be significant determinants of U.S.

production levels.

Increased global demand for U.S.

crude, if it is sustained over the long-term, could also motivate increased drilling.

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

If the administration’s actions increase the risk of a global economic slowdown or recession, demand for crude oil could decline.

Ongoing global tensions, with existing and potential conflicts in various regions, could increase supply disruptions, which could raise prices.

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

Unleaded Gasoline Price Movements in Comparison to Other Energy Commodities and Investment Categories .

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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 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.

For the ten-year time period between June 30, 2016 and June 30, 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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Gasoline - 10 Years

Equities (S&P

Equities (FTSE

Correlation Matrix 10 Years

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Gasoline - 1 Year

Equities (S&P

US Gov’t Bonds

Equities (FTSE

Correlation Matrix 1 Year

(BEUSG4 Index)

Large Cap US Equities (S&P 500)

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

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.

During the six months ended June 30, 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 six months ended June 30, 2026, UGA did not use other assets to pay expenses.

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

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

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

During the six months ended June 30, 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 addition, the CFTC requires FCMs to hold in a secure account UGA’s assets related to foreign Futures Contracts.

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

In the future UGA may purchase OTC swaps.

Quantitative and Qualitative Disclosures About Market Risk” in this quarterly report on Form 10-Q for a discussion of OTC swaps.

As of June 30, 2026, UGA held cash deposits and short-term investments in the amount of $104,521,753 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 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.

As of June 30, 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 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.

As of June 30, 2026, UGA held 886 Futures Contracts traded on the NYMEX.

As of June 30, 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.

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