Gasoline price volatility
The fund’s value is directly linked to gasoline futures and spot-price movements.
- Scope
- Benchmark futures and related gasoline instruments
- Materiality
- high
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.
−146,4 %
| % | |
|---|---|
| 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. |
The fund’s investors are market participants seeking indirect exposure to unleaded gasoline prices without trading...
- Institutional investorsprimary
Buy shares to gain exchange-listed exposure to gasoline prices in portfolio allocations.
- Commodity hedgersprimary
Use the fund as an indirect hedge against gasoline price movements.
- Trading and tactical investorssecondary
Use the fund for short-term positioning around gasoline market moves.
UGA is a U.S.-domiciled fund whose shares trade on NYSE Arca, and its benchmark exposure is tied to gasoline pricing in...
- •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
The fund’s strategy is to hold gasoline futures and related instruments so that daily changes in NAV track the daily...
01
Maintain benchmark trackingshort-term
The fund exists to mirror gasoline price changes through futures-based exposure.
02
Manage liquidity and margin needsshort-term
Derivative positions require collateral and operational flexibility.
03
Limit tracking errormedium-term
Performance depends on how closely fund returns follow the benchmark contract.
The fund is exposed to gasoline price volatility, futures curve effects, and tracking error because its returns depend...
Tracking error
Futures-based exposure may not perfectly match daily gasoline price changes.
- Scope
- Benchmark contract, roll yield, contract selection
- Materiality
- high
Geopolitical supply disruption
Wars, sanctions, and trade disruptions can sharply move gasoline prices.
- Scope
- Global petroleum supply chain
- Materiality
- high
Counterparty and OTC risk
Forward contracts and swaps depend on counterparties performing as agreed.
- Scope
- OTC swaps and forward contracts
- Materiality
- medium
Regulatory and position-limit risk
Commodity interest trading is subject to exchange, CFTC, and NFA rules.
- Scope
- Futures positions and margin requirements
- Materiality
- medium
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
: 29.4.2026