United States Gasoline Fund, LP

United States Gasoline Fund, LP

The United States Gasoline Fund, LP (ticker: UGA) launched in 2006 under the sponsorship of Wainwright Holdings and United States Commodity Funds LLC, the same group behind the United States Oil Fund (USO). Co-founder Andrew Chanin helped structure the fund as a commodity pool that issues shares on the NYSE Arca, giving investors a regulated vehicle to gain exposure to gasoline futures without trading on the CME directly. UGA invests primarily in near-month RBOB gasoline futures contracts traded on the New York Mercantile Exchange. The fund rolls its positions monthly to maintain exposure to the front contract, a strategy that subjects returns to contango or backwardation effects. Known portfolio holdings consist solely of exchange-traded futures and cash equivalents. The fund does not invest in physical gasoline or equities. Geographic exposure is limited to US Gulf Coast and New York Harbor benchmarks (per SEC filings, 2023). By early 2024, net assets were approximately $26 million, a decline from a peak of roughly $150 million in 2012 (per SEC filings). The fund is overseen by CEO John Love and CFO Stuart P. Mersky. Wainwright Holdings is the administrative sponsor. The fund operates as a commodity pool regulated under the Commodity Exchange Act. A structural differentiator is the fund's single-commodity focus on gasoline futures, offering distinct granularity compared with diversified energy ETPs. This narrow mandate subjects the fund to gasoline-specific supply-demand dynamics, including refinery utilization and seasonal driving patterns. The fund uses a straightforward futures roll strategy with no leverage or derivatives beyond the front-month contract.