United States Gasoline Fund, LP (UGA): Entry into a Material Definitive Agreement
United States Gasoline Fund, LP (UGA) filed an SEC Form 8-K — Entry into a Material Definitive Agreement. Item 1.01 Entry into a Material Definitive Agreement. On September 25, 2026, The Marygold Companies, Inc. (“TMC”) publicly announced its entry into a definitive agreement with Madison Dearborn Partners (“MDP”), a leading private equity firm based in Chicago, for TMC to become a p
How this was made
The 30-second read
Why it matters
The change in control may lead to restructuring of the fund’s management and could influence its NAV and trading volume.
Market read
The deal could alter the fund’s governance and affect investor sentiment toward gasoline‑linked ETFs.
What to watch
Potential for a new capital infusion or strategic partnership post‑transaction that could enhance fund performance.
Background
The filing details the agreement between The Marygold Companies and Madison Dearborn Partners to take TMC private, affecting its subsidiary USCF which is the general partner of UGA.
Ticker impact
SEC 8‑K filing reports TMC’s agreement to be taken private, which will remove its sole shareholder of USCF and could affect United States Gasoline Fund, LP’s structure and listing.
Potential short‑term downside pressure on UGA as investors reassess the fund’s future after the shareholder change.
The filing is the first public disclosure of the deal; such ownership changes historically cause price adjustments in similar commodity funds.
Market effects
May affect other commodity‑linked ETFs that rely on similar GP/LP structures.
Limited to U.S. listed commodity fund market.
Low global impact, primarily relevant to U.S. investors in energy commodities.
Counterpoint
If the transaction leads to a more focused strategy, the fund could outperform peers despite short‑term pressure.
Key entities
- ETFUnited States Gasoline Fund, LP
Commodity fund tracking gasoline prices.
- Holding CompanyThe Marygold Companies, Inc.
Current sole shareholder of USCF.
- Private Equity FirmMadison Dearborn Partners
Acquirer in the transaction.
