UGA experienced a dramatic operational reversal with net income swinging from $4.9M profit to $3.9M loss while assets declined 23% and the fund reduced its gasoline futures positions.
The 180-degree flip from profitable operations to significant losses, combined with substantial asset outflows, suggests either major market volatility in gasoline futures or fundamental operational challenges. The reduction in outstanding shares from 1.45M to 1.4M alongside declining total deposits indicates investor redemptions during a period of poor performance.
UGA's financials show a complete operational reversal with net income swinging nearly 180% from a $4.9M profit to a $3.9M loss, while revenue similarly declined 160% to negative $3.1M. The fund experienced significant outflows with total assets declining 23% to $77.5M and deposits falling 25% to $47M, though cash reserves remained relatively stable with only an 11% decline. This pattern suggests substantial investor redemptions following poor performance, with the fund liquidating positions (evidenced by fewer futures contracts held) to meet withdrawal demands while burning through operating cash flow.
Operating cash flow fell 246.9% — earnings quality concerns; investigate working capital changes and non-cash items.
Net income declined 179.8% — review whether driven by operations, interest costs, or non-recurring items.
Revenue declined 160.3% — significant demand weakness or market share loss warrants investigation.
Deposit base contracted 24.6% — monitor funding costs and liquidity position carefully.
Total assets contracted 23.3% — asset sales, write-downs, or balance sheet optimization underway.
Cash decreased 11.5% — monitor burn rate and upcoming capital needs.
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