UGAMEDIUM SIGNALFINANCIAL10-K

UGA experienced notable asset contraction with total assets declining 23% to $77.5M while reducing its gasoline futures position and outstanding share count.

The fund's asset base contracted meaningfully alongside a reduction in outstanding shares from 1.45M to 1.4M, suggesting investor redemptions or strategic downsizing. The decrease in futures contracts held (from 1,194 to 1,072 RBOB gasoline contracts) aligns with the smaller asset base, maintaining proportional exposure to the underlying commodity.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

UGA's financial profile reflects a coordinated contraction across key metrics, with total assets falling 23% to $77.5M and deposits declining 25% to $47.0M. Cash and equivalents decreased more modestly at 12% to $67.1M, suggesting the fund maintained adequate liquidity during the downsizing. The proportional reduction in futures positions indicates disciplined portfolio management as the fund adjusted its commodity exposure to match the smaller asset base.

FINANCIAL STATEMENT CHANGES
Total Deposits
Balance Sheet
-24.6%
$62.3M→$47.0M

Deposit base contracted 24.6% — monitor funding costs and liquidity position carefully.

Total Assets
Balance Sheet
-23.3%
$101.0M→$77.5M

Total assets contracted 23.3% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-11.5%
$75.9M→$67.1M

Cash decreased 11.5% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
The registrant had 1,400,000 outstanding shares as of February 23, 2026.
As a result, investors should be aware that UGA would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the Benchmark Futures Contract, provided that the average daily percentage change in UGA s NAV over 30 successive valuation days is within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Futures Contract over the same period.
As of December 31, 2025, UGA held 1,072 NYMEX RBOB Gasoline Futures RB contracts.
UGA s investment strategy is designed to provide investors with a cost-effective way to invest indirectly in unleaded gasoline and to hedge against movements in the spot price of unleaded gasoline.
( ISDA ) that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty.
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REMOVED
The registrant had 1,450,000 outstanding shares as of February 24, 2025.
As of December 31, 2024, UGA held 1,194 NYMEX RBOB Gasoline Futures RB contracts.
( ISDA ) that provides for the netting of its overall exposure to its counterparty and requires the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty.
RBC Capital is a large broker dealer subject to many different complex legal and regulatory requirements.
RBC Capital complies fully with its regulators in all investigations being conducted and in all settlements it reaches.
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