1 unchanged sentence
Index to Financial Statements
−Removed: Statements of Financial Condition at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Schedules of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Notes to Financial Statements (Unaudited) for the period ended March 31, 2025
+Added: Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Schedules of Investments at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Notes to Financial Statements (Unaudited) for the period ended June 30, 2025
United States Gasoline Fund, LP
Statements of Financial Condition
−Removed: At March 31, 2025 (Unaudited) and December 31, 2024
−Removed: March 31, 2025
+Added: At June 30, 2025 (Unaudited) and December 31, 2024
+Added: June 30, 2025
December 31, 2024
3 unchanged sentences
Unrealized gain (loss) on open commodity futures contracts
+Added: ( 4,684,739 )
Dividends receivable
20 unchanged sentences
Schedule of Investments (Unaudited)
−Removed: At March 31, 2025
+Added: At June 30, 2025
Value/Unrealized
4 unchanged sentences
United States Contracts
−Removed: NYMEX RBOB Gasoline Futures RB May 2025 contracts, expiring April 2025 *
+Added: NYMEX RBOB Gasoline Futures RB August 2025 contracts, expiring July 2025 *
+Added: ( 4,684,739 )
Shares/Principal
2 unchanged sentences
United States Money Market Funds
+Added: Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29 % #
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23 % #
1 unchanged sentence
* Collateral amounted to $ 18,101,002 on open commodity futures contracts.
−Removed: # Reflects the 7-day yield at March 31, 2025.
+Added: # Reflects the 7 - day yield at June 30, 2025.
See accompanying notes to financial statements.
20 unchanged sentences
Statements of Operations (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: For the three and six months ended June 30, 2025 and 2024
Three months ended
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts
+Added: ( 8,415,603 )
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 8,953,774 )
+Added: ( 7,442,169 )
Dividend income
2 unchanged sentences
Total Income (Loss)
+Added: ( 5,531,109 )
+Added: ( 3,528,867 )
+Added: ( 3,225,852 )
General Partner management fees (Note 3)
4 unchanged sentences
Net Income (Loss)
+Added: ( 5,705,601 )
+Added: ( 3,765,268 )
+Added: ( 3,640,293 )
Net Income (Loss) per limited partner share
3 unchanged sentences
United States Gasoline Fund, LP
−Removed: Statement of Changes in Partners’ Capital (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited)
+Added: For the three and six months ended June 30, 2025 and 2024
Limited Partners*
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Balances at beginning of period
3 unchanged sentences
( 54,387,157 )
+Added: ( 27,924,260 )
+Added: ( 60,846,731 )
Net income (loss)
+Added: ( 5,705,601 )
+Added: ( 3,765,268 )
+Added: ( 3,640,293 )
Balances at end of period
3 unchanged sentences
Statements of Cash Flows (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: For the six months ended June 30, 2025 and 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)
+Added: ( 3,640,293 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
1 unchanged sentence
( 6,419,981 )
−Removed: ( 2,837,906 )
(Increase) decrease in dividends receivable
(Increase) decrease in interest receivable
+Added: (Increase) decrease in prepaid professional fees
(Increase) decrease in prepaid insurance
23 unchanged sentences
Notes to Financial Statements (Unaudited)
−Removed: For the period ended March 31, 2025
+Added: For the period ended June 30, 2025
NOTE 1 — ORGANIZATION AND BUSINESS
20 unchanged sentences
(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing gasoline, which could be substantial.)
−Removed: As of March 31, 2025, UGA held 935 Futures Contracts for gasoline traded on the NYMEX and did not hold any Futures Contracts traded on the ICE Futures.
+Added: As of June 30, 2025, UGA held 831 Futures Contracts for gasoline traded on the NYMEX and did not hold any Futures Contracts traded on the ICE Futures.
UGA commenced investment operations on February 26, 2008 and has a fiscal year ending on December 31.
45 unchanged sentences
UGA recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the period ended March 31, 2025.
+Added: No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.
Creations and Redemptions
13 unchanged sentences
The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.
−Removed: There were no shares held by USCF at March 31, 2025.
+Added: There were no shares held by USCF at June 30, 2025.
Offering Costs
22 unchanged sentences
These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.
−Removed: For the three months ended March 31, 2025 and 2024, UGA did not incur registration fees and other offering expenses.
+Added: For the six months ended June 30, 2025 and 2024, UGA did not incur registration fees and other offering expenses.
Independent Directors’ and Officers’ Expenses
5 unchanged sentences
Pursuant to the agreement, UGA and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.
−Removed: During the three months ended March 31, 2025 and 2024, UGA incurred $ 3,503 , and $ 3,700 , respectively under this arrangement.
+Added: During the six months ended June 30, 2025 and 2024, UGA incurred $ 6,240 and $ 7,508 , respectively under this arrangement.
Investor Tax Reporting Cost
21 unchanged sentences
(“ADMIS”) to serve as additional FCMs to UGA effective on May 28, 2020, June 5, 2020, December 3, 2020, and August 8, 2023, respectively.
−Removed: The agreements with UGA’s FCMs require the FCMs to provide services to UGA in connection with the purchase and sale of Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable FCM for UGA’s account.
+Added: The agreements with UGA’s FCMs require the FCMs to provide services to UGA in connection with the purchase and sale of Futures Contracts and Other Gasoline-Related Investments that may be purchased and sold by or through the applicable FCM for UGA’s account.
In accordance with the FCM agreements, UGA pays each FCM commissions of approximately $ 7 to $ 8 per round- turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts.
−Removed: Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when UGA issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when UGA redeems shares as a result of a Redemption Basket.
+Added: Such fees include those incurred when purchasing Gasoline Futures Contracts and options on Futures Contracts when UGA issues shares as a result of a Creation Basket, as well as fees incurred when selling Gasoline Futures Contracts and options on Futures Contracts when UGA redeems shares as a result of a Redemption Basket.
Such fees are also incurred when Gasoline Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio.
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”).
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Total commissions accrued to brokers
Total commissions as annualized percentage of average total net assets
−Removed: The increase in total commissions accrued to brokers for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a higher number of Futures Contracts being held and traded.
+Added: The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of Futures Contracts being held and traded.
NYMEX Licensing Agreement
27 unchanged sentences
In such a circumstance, UGA could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Gasoline Related Investments.
−Removed: All of the futures contracts held by UGA through March 31, 2025, were exchange-traded.
+Added: All of the futures contracts held by UGA through June 30, 2025, were exchange-traded.
The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.
11 unchanged sentences
UGA is exposed to any risk of loss associated with an investment in such money market funds.
−Removed: As of March 31, 2025 and December 31, 2024, UGA held investments in money market funds in the amounts of $ 35,500,000 and $ 35,500,000 , respectively.
+Added: As of June 30, 2025 and December 31, 2024, UGA held investments in money market funds in the amounts of $ 43,500,000 and $ 35,500,000 , respectively.
UGA also holds cash deposits with its custodian and FCMs.
−Removed: As of March 31, 2025 and December 31, 2024, UGA held cash deposits in the amounts of $ 50,117,970 and $ 62,349,598 respectively, with the custodian and FCMs.
+Added: As of June 30, 2025 and December 31, 2024, UGA held cash deposits in the amounts of $ 33,395,601 and $ 62,349,598 respectively, with the custodian and FCMs.
Some or all of these amounts may be subject to loss should UGA’s custodian and/or FCMs cease operations.
5 unchanged sentences
The financial instruments held by UGA are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.
−Removed: For the three months ended March 31, 2025 and 2024, the monthly average volume of open future contract notional value was $ 95,936,911 and $ 99,731,043 , respectively.
+Added: For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 86,075,668 and $ 99,506,775 , respectively.
NOTE 6 — FINANCIAL HIGHLIGHTS
−Removed: The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2025 and 2024 for the shareholders.
+Added: The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.
This information has been derived from information presented in the financial statements.
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Per Share Operating Performance:
28 unchanged sentences
The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.
−Removed: The following table summarizes the valuation of UGA’s securities at March 31, 2025 using the fair value hierarchy:
−Removed: At March 31, 2025
+Added: The following table summarizes the valuation of UGA’s securities at June 30, 2025 using the fair value hierarchy:
+Added: At June 30, 2025
Short-Term Investments
1 unchanged sentence
United States Contracts
+Added: ( 4,684,739 )
+Added: ( 4,684,739 )
The following table summarizes the valuation of UGA’s securities at December 31, 2024 using the fair value hierarchy:
11 unchanged sentences
Unrealized gain (loss) on open commodity futures contracts
+Added: ( 4,684,739 )
The Effect of Derivative Instruments on the Statements of Operations
−Removed: For the three months ended
−Removed: For the three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: For the six months ended
+Added: For the six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Change in Unrealized
19 unchanged sentences
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 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.