The report indicates that UGA's total assets as of December 31, 2025, amounted to approximately $77.46 million, a decrease from $100.98 million in the previous year. This decline is attributed to various factors, including market conditions affecting the value of its investments in gasoline futures and other related assets. The fund reported a net loss of $3.92 million for the year, which translates to a net income loss per limited partner share of $1.17.
In terms of liquidity, UGA's cash and cash equivalents stood at $67.10 million, down from $75.86 million in 2024. The decrease in cash reserves reflects the fund's operational expenditures and the impact of market volatility on its trading activities. UGA's management fees, which are calculated as a percentage of average daily total net assets, remain consistent at 0.60% per annum, indicating stable management costs despite the fluctuations in asset values.
The filing also includes a detailed breakdown of UGA's investments, which primarily consist of futures contracts for gasoline. As of the reporting date, UGA held 1,072 futures contracts, reflecting its strategy to track the performance of gasoline prices closely. The fund's investment objective is to achieve daily changes in its share price that closely correlate with the spot price of gasoline, adjusted for expenses.
Overall, the 8-K filing serves as a comprehensive overview of UGA's financial health and operational performance, providing investors with essential insights into the fund's activities and market positioning. While the report indicates challenges in maintaining asset values and profitability, it also underscores UGA's commitment to transparency and regulatory compliance in its financial reporting.
