# United States Gasoline Fund, LP > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/United States Gasoline Fund, LP). ## Overview 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. ## Products & services • Gasoline futures exposure through NYMEX and ICE contracts • Cash-settled gasoline-related options and swaps • Forward contracts and other OTC gasoline instruments • Collateral management in short-term U.S. Treasury instruments - **Gasoline futures contracts** (70%) — Exchange-traded futures used to track gasoline price movements. - **Other gasoline-related derivatives** (20%) — Options, swaps, and forward contracts tied to gasoline prices. - **Collateral and cash instruments** (10%) — Cash and short-term instruments held to support margin and liquidity needs. - Gasoline futures exposure through NYMEX and ICE contracts - Cash-settled gasoline-related options and swaps - Forward contracts and other OTC gasoline instruments - Collateral management in short-term U.S. Treasury instruments ## 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. - **Institutional investors** (primary) — Buy shares to gain exchange-listed exposure to gasoline prices in portfolio allocations. - **Commodity hedgers** (primary) — Use the fund as an indirect hedge against gasoline price movements. - **Trading and tactical investors** (secondary) — Use the fund for short-term positioning around gasoline market moves. - Institutional investors seeking gasoline price exposure - Hedgers looking for indirect exposure to unleaded gasoline - Commodity traders using a listed exchange-traded vehicle - Portfolio allocators seeking energy-linked tactical exposure ## 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. - U.S.-domiciled fund listed on NYSE Arca - Benchmark exposure tied to New York Harbor gasoline pricing - Uses U.S. and foreign exchanges for futures access - Global supply shocks can move gasoline prices even if trading is U.S.-based ## 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. - **Maintain benchmark tracking** (short-term) — The fund exists to mirror gasoline price changes through futures-based exposure. - **Manage liquidity and margin needs** (short-term) — Derivative positions require collateral and operational flexibility. - **Limit tracking error** (medium-term) — Performance depends on how closely fund returns follow the benchmark contract. - Track the benchmark gasoline futures contract as closely as possible - Use related fuel contracts when needed for liquidity or regulation - Maintain collateral to support derivatives and margin requirements - Provide a listed vehicle for indirect gasoline exposure ## 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 volatility** [high] — The fund’s value is directly linked to gasoline futures and spot-price movements. - **Tracking error** [high] — Futures-based exposure may not perfectly match daily gasoline price changes. - **Counterparty and OTC risk** [medium] — Forward contracts and swaps depend on counterparties performing as agreed. - **Regulatory and position-limit risk** [medium] — Commodity interest trading is subject to exchange, CFTC, and NFA rules. - **Geopolitical supply disruption** [high] — Wars, sanctions, and trade disruptions can sharply move gasoline prices. - Gasoline price volatility can cause large swings in fund value - Tracking error can arise from futures roll and contract selection - OTC and counterparty exposure can affect derivative settlement - Margin and liquidity needs can force unfavorable position changes - Geopolitical and macro shocks can disrupt gasoline supply-demand balance ## Accounting The most important accounting judgments are fair-value measurement of futures and OTC derivatives, since these instruments drive reported asset values and period results. The fund also estimates interest income on cash balances and must account for margin, collateral, and daily settlement mechanics that affect reported liquidity and derivative balances. - **Fair value measurement of derivatives** — Investment assets, gains/losses, and NAV - **OTC valuation models** — Derivative asset/liability values - **Interest income estimation** — Net investment income - **Margin and collateral accounting** — Liquidity presentation and balance sheet composition - Fair value of futures contracts drives reported investment value - OTC swaps are valued using discounted expected cash flows - Daily margin and settlement affect derivative asset and liability balances - Interest income on cash and Treasury holdings is estimated daily - Derivative valuation inputs can materially affect reported NAV --- *Last updated: 2026-04-29T05:06:17.088339+00:00*