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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of valuation of UGA's securities using fair value hierarchy

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At March 31, 2026

​ ​ ​

Total

​ ​ ​

Level I

​ ​ ​

Level II

​ ​ ​

Level III

Short-Term Investments

​

$

89,500,000

​

$

89,500,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

​

United States Contracts

​

5,449,580

​

​

5,449,580

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2025

​ ​ ​

Total

​ ​ ​

Level I

​ ​ ​

Level II

​ ​ ​

Level III

Short-Term Investments

​

$

29,500,000

​

$

29,500,000

​

$

—

​

$

—

Exchange-Traded Futures Contracts

​

​

​

​

​

​

​

​

United States Contracts

​

709,073

​

709,073

​

—

​

—

Schedule of fair value of derivative instruments

​

​	​	​	​	​	​	​	​	​
​	​	Statements of	​	​	​	​	​	​
​	​	Financial	​	Fair Value at		​	Fair Value at
​	​	Condition	​	March 31,		​	December 31,
Derivatives not Accounted for as Hedging Instruments	​ ​ ​	Location	​ ​ ​	2026		​ ​ ​	2025
Futures - Commodity Contracts	​	Unrealized gain (loss) on open commodity futures contracts	​	$	5,449,580	​	$	709,073

Schedule of effect of derivative instruments on statements of operations

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​ ​ ​

​ ​ ​

For the three months ended

​ ​ ​

For the three months ended

​

​

​

​

March 31, 2026

​

March 31, 2025

​

​

​

​

​

​

Change in Unrealized

​

​

​

Change in Unrealized

Derivatives not

​

Location of Gain

​

Realized Gain (Loss)

​

Gain (Loss) on

​

Realized Gain (Loss)

​

Gain (Loss) on

Accounted for as

​

(Loss) on Derivatives

​

on Derivatives

​

Derivatives

​

in Derivatives

​

Derivatives

Hedging Instruments

​ ​ ​

Recognized in Income

​ ​ ​

Recognized in Income

​ ​ ​

Recognized in Income

​ ​ ​

Recognized in Income

​ ​ ​

Recognized in Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

​

$

52,857,277

​

—

​

$

(167,803)

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) on open commodity futures contracts

​

​

—

​

$

4,740,507

​

​

—

​

$

1,511,605

​

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
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