Recent news coverage highlights UGA's trading performance, including reaching new 52-week highs in 2026 and reporting a trading loss in November 2025. The fund is noted among top-performing ETF areas and is discussed in the context of rising interest in oil and gasoline ETFs.

• United States Gasoline Fund reported a trading loss in November 2025, reflecting volatility in gasoline futures prices and market conditions [N5].
• UGA touched new 52-week highs in September 2026, indicating periods of strong market performance [N2].
• The fund also hit new 52-week highs in July 2026, reflecting positive investor interest [N3].
• UGA was highlighted as a top-performing ETF area in the first half of 2026, showing notable market activity [N4].
• Oil ETFs, including UGA, have surged in investor interest, reflecting broader commodity market trends [N1].
• UGA was in focus ahead of Memorial Day travel in 2025, indicating seasonal demand impacts on gasoline prices [N6].

UGA offers investors a direct and liquid vehicle to gain exposure to gasoline price movements through futures contracts, benefiting from its established market presence and regulatory compliance. The fund's rolling strategy and diversified futures holdings across exchanges help manage position limits and maintain tracking of gasoline prices. Recent market interest in oil and gasoline ETFs highlights investor demand for commodity exposure, potentially supporting liquidity and trading activity in UGA shares.

UGA faces risks from regulatory position limits and accountability levels that may restrict its ability to fully invest in benchmark gasoline futures contracts, potentially causing tracking errors. Volatility in gasoline futures prices, including contango and backwardation effects, can negatively impact returns. Interest rate fluctuations and inflation may reduce the value of cash and Treasury investments held by the fund. Additionally, geopolitical conflicts, natural disasters, and public health disruptions can cause commodity price volatility and liquidity challenges, increasing investment risk.

UGA's moat lies in its specialized focus on gasoline futures contracts, providing investors with direct exposure to gasoline price movements through a regulated and liquid exchange-traded fund structure. Its established relationships with authorized participants and adherence to regulatory position limits support operational continuity. The fund's daily NAV calculation and rolling futures strategy help maintain alignment with gasoline price benchmarks. However, the fund's performance and tracking ability are subject to commodity market volatility and regulatory constraints, which can affect its competitive positioning.

• Commodity Price Volatility: UGA's investment returns are directly affected by fluctuations in gasoline futures prices, which can be volatile due to market supply and demand, geopolitical events, and economic conditions.
• Regulatory Position Limits: Federal and exchange-imposed position limits and accountability levels may restrict UGA's ability to hold certain futures contracts, potentially causing tracking errors relative to gasoline prices.
• Interest Rate Risk: Changes in interest rates can affect the value of UGA's Treasury and cash investments, potentially reducing income and asset values.
• Inflation Risk: Rising inflation can erode the present value of UGA's assets, including cash and fixed income holdings.
• Market and Liquidity Risks: Natural disasters, public health crises, geopolitical conflicts, and other macroeconomic factors can impact commodity prices and the liquidity of UGA's investments.
• Money Market Fund Risk: Investments in government money market funds carry risks including potential loss of principal and share price fluctuations, as these funds are not insured or guaranteed by the FDIC or other agencies.

• United States Gasoline Fund, LP (UGA) is an exchange-traded fund that invests primarily in gasoline futures contracts and other gasoline-related investments to track the price of gasoline.
• UGA holds futures contracts traded on the NYMEX and may also invest in contracts on ICE Futures or other exchanges if regulatory limits are reached.
• As of December 31, 2025, UGA held 1,072 gasoline futures contracts on NYMEX and did not exceed accountability levels or position limits imposed by NYMEX or ICE Futures.
• UGA's investment strategy involves rolling futures contracts from the near month to the next month starting two weeks before expiration to avoid position limits.
• UGA is subject to federal position limits under CFTC regulations and does not qualify for exemptions, which may affect its ability to invest in benchmark futures contracts.
• UGA invests substantially all proceeds in benchmark gasoline futures contracts and related investments.
• UGA is not a Swap Entity but is a financial end-user subject to variation margin requirements for swaps it enters into.
• UGA calculates its per share NAV daily using NYMEX closing prices and other relevant market prices.
• UGA had 1,250,000 shares outstanding as of December 31, 2025, with an unlimited number of shares authorized for issuance.
• UGA's expenses include management fees, brokerage fees, commissions, offering costs, licensing fees, registration fees, and fees for independent directors and tax accounting.
• For the fiscal year ended December 31, 2025, UGA's per share NAV decreased primarily due to lower gasoline prices and related futures contract values.
• UGA's average daily total net assets decreased from approximately $100.5 million in 2024 to $77.0 million in 2025.
• UGA earned dividend and interest income on Treasuries and cash equivalents, with a yield of 4.01% for 2025, down from 4.92% in 2024.
• UGA held cash and cash equivalents of approximately $93.2 million as of September 30, 2026.
• UGA reported revenues of approximately $51.2 million and net income of approximately $50.8 million for the quarter ended September 30, 2026.
• UGA faces risks including price volatility of gasoline futures, regulatory position limits, interest rate risk affecting Treasury investments, inflation risk, and potential losses from government money market funds.
• Natural disasters, public health disruptions, geopolitical conflicts, and other macroeconomic factors can impact gasoline prices and UGA's investment values.
• UGA's management fee is calculated as a percentage of total net assets, accrued daily and paid monthly.
• UGA's gasoline futures prices experienced volatility with periods of contango and backwardation affecting total returns.
• UGA's shares trade on the NYSE Arca exchange.
• Recent news highlights include UGA touching new 52-week highs in 2026 and reports of trading losses in November 2025.
• UGA is mentioned in recent news as a top-performing ETF area in the first half of 2026 and in the context of commodity investor interest in oil ETFs.