United States Gasoline Fund, LP
United States Gasoline Fund, LP is a U.S.-based commodity pool structured to provide investors exposure to gasoline prices through exchange-traded futures and related derivative instruments. Its portfolio is centered on gasoline-linked contracts, with additional use of other petroleum-based fuel instruments and cash collateral holdings to support its investment objective.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueExchange-traded futures used to track gasoline price movements.
Options, swaps, and forward contracts tied to gasoline prices.
Cash and short-term instruments held to support margin and liquidity needs.
Customers
The fund’s investors are market participants seeking indirect exposure to unleaded gasoline prices without trading futures directly. It is used by institutions and sophisticated investors that want a listed vehicle for commodity allocation, price hedging, or tactical energy exposure. The product is also relevant to investors who need a liquid instrument linked to gasoline rather than a physical fuel business.
Buy shares to gain exchange-listed exposure to gasoline prices in portfolio allocations.
Use the fund as an indirect hedge against gasoline price movements.
Use the fund for short-term positioning around gasoline market moves.
Strategy
The fund’s strategy is to hold gasoline futures and related instruments so that daily changes in NAV track the daily changes in the benchmark gasoline futures contract as closely as possible. It may also use other fuel-linked contracts, cash, and collateral instruments when needed for liquidity, regulatory, or risk-management purposes. The structure is designed to give investors a tradable vehicle for gasoline exposure while managing tracking error within the fund’s mandate.
The fund exists to mirror gasoline price changes through futures-based exposure.
Derivative positions require collateral and operational flexibility.
Performance depends on how closely fund returns follow the benchmark contract.
Geography
UGA is a U.S.-domiciled fund whose shares trade on NYSE Arca, and its benchmark exposure is tied to gasoline pricing in the New York Harbor market. Its derivatives may reference U.S. and foreign exchanges, but the economic exposure is primarily to U.S. gasoline pricing and related petroleum markets. Geography matters because the fund’s performance is linked to benchmark futures settlement in the U.S. and to global supply disruptions that affect gasoline prices.
Risks
The fund is exposed to gasoline price volatility, futures curve effects, and tracking error because its returns depend on derivative markets rather than physical fuel ownership. It also faces counterparty, margin, liquidity, and regulatory risks tied to commodity trading, along with broader macro and geopolitical shocks that can rapidly change energy prices.
- Gasoline price volatilityImpact: HighLikelihood: Medium
The fund’s value is directly linked to gasoline futures and spot-price movements.
Exposure: Benchmark futures and related gasoline instruments
- Tracking errorImpact: HighLikelihood: Medium
Futures-based exposure may not perfectly match daily gasoline price changes.
Exposure - Geopolitical supply disruptionImpact: HighLikelihood: Medium
Wars, sanctions, and trade disruptions can sharply move gasoline prices.
Exposure: Global petroleum supply chain
- Counterparty and OTC riskImpact: MediumLikelihood: Low
Forward contracts and swaps depend on counterparties performing as agreed.
Exposure: OTC swaps and forward contracts
- Regulatory and position-limit riskImpact: MediumLikelihood: Low
Commodity interest trading is subject to exchange, CFTC, and NFA rules.
Exposure: Futures positions and margin requirements
Accounting
Judgemental itemsFutures and OTC instruments are marked to market and can move reported NAV materially.
Impact: Investment assets, gains/losses, and NAV
Swaps and forwards rely on estimated future cash flows and discount rates.
Impact: Derivative asset/liability values
Cash collateral and Treasury holdings generate income that is accrued daily.
Impact: Net investment income
Commodity futures require daily variation margin and collateral management.
Impact: Liquidity presentation and balance sheet composition
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Last updated: 24/09/2026