Profile: United States Gasoline Fund, LP (UGA.P)

The United States Gasoline Fund, LP (UGA) is a commodity pool that issues units that may be purchased and sold on the New York Stock Exchange (NYSE) Arca. The investment objective of UGA is to have the changes in percentage terms of the units’ NAV reflect the changes in percentage terms of the spot price of gasoline, as measured by the changes in the price of the futures contract on unleaded gasoline (also known as reformulated gasoline blendstock for oxygen blending, or RBOB, for delivery to the New York harbor), as traded on the New York Mercantile Exchange (NYMEX) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less UGA’s expenses.

UGA seeks to achieve its investment objective by investing in a combination of Futures Contracts and Other Gasoline-Related Investments such that changes in its net asset value (NAV), measured in percentage terms, will closely track the changes in the price of the Benchmark Futures Contract, also measured in percentage terms. UGA may also invest in Futures Contracts and Other Gasoline-Related Investments. The General Partner of UGA, which is registered as a Commodity Pool Operator (CPO) with the Commodity Futures Trading Commission (CFTC), is authorized by the LP Agreement to manage UGA. The General Partner is authorized by UGA in its sole judgment to employ and establish the terms of employment for, and termination of, commodity trading advisors or futures commission merchants.

The net assets of UGA consist primarily of investments in futures contracts for gasoline, but may also consist of crude oil, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures (formerly, the International Petroleum Exchange) or other United States and foreign exchanges (collectively, Futures Contracts). UGA may also invest in other gasoline-related investments such as cash-settled options on Futures Contracts, forward contracts for gasoline, and over-the-counter transactions that are based on the price of gasoline and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, Other Gasoline-Related Investments).