UGA Fund Description

The United States Gasoline Fund holds near-month NYMEX futures contracts on RBOB gasoline.

UGA ETF.com Insight

UGA offers viable exposure to gasoline prices, but it's not particularly cheap. The fund charges 103 bps annually, a slightly higher fee than most single-commodity funds. Fund assets aren'tUGA trades better than its AUM suggests with decent spreads and adequate volume huge, but are sufficient to keep closure risk away. Still, the fund trades better than its AUM suggests with decent spreads and adequate volume holding down all-in costs. Like our benchmark, UGA holds near-month futures on RBOB gasoline traded on the NYMEX. UGA is structured as a commodities pool, so cap gains are taxed at a blended 60% long-term/40% short-term rate regardless of the holding period, and investors receive a K-1 at tax time. In all, UGA is a decent choice for gasoline exposure, which is fortunate given its status as the sole ETP in the space. (Insight updated 07/24/2014)

1 Year
Performance [as of 12/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
UGA -24.16% -36.23% -40.61% -38.70% -7.95% 0.94% --
UGA (NAV) -24.56% -36.34% -40.76% -39.07% -7.92% 0.85% --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

UGA Top 10 Contracts

UGA Summary Data

US Commodity Funds

A company that produces and manages ETFs.

02/26/08

The first date of a fund's operations, as documented by the issuer.

Commodities Pool

The organizational structure of the fund or ETN.

1.03%

The net total annual fee a fund holder pays to the issuer.

$40.8 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$1.54 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.15%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

UGA Portfolio Data

Futures

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Front Month

Rolling strategy is the process by which a fund deals with contract expiration.

N/A

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.

1

The number of single commodities represented in the fund holdings.

UGA Index Data

Front Month Unleaded Gasoline

This is the benchmark an ETF is desigend to track or replicate.

Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

S&P GSCI Unleaded Gasoline

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to UGA

DBE, JJE, UBN, ONG, RJN

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

UGA Commentary & News

26 August 2014 Oil ETFs | ETF.com

UGA ETF.com Efficiency Insight

UGA charges 103 bps annually, higher than most of the other single commodity ETFs. The fund launched in 2008 and has above $50M in assets, a modest amount sufficient to ward off closure risk. Capital gains are taxed at a blended 60% long-term/40% short-term rate regardless of holding period. Investors in UGA get a K-1 at tax time rather than a 1099. (Insight updated 07/24/2014)

Total Return - 07/24/2014
Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
UGA -8.06% -5.14% -1.70% -4.68% 3.52% 12.56% --
UGA (NAV) -8.40% -5.47% -1.91% -5.01% 3.49% 12.51% --
Front Month Unleaded Gasoline -- -- -- -- -- -- --
S&P GSCI Unleaded Gasoline -8.25% -5.08% -1.55% -4.63% 6.70% 14.62% 7.21%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

UGA Portfolio Management

1.03%

The net total annual fee a fund holder pays to the issuer.

-0.95%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.83%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.10%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

UGA Tax Exposure

27.84% / 27.84%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Yes

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

UGA Fund Structure

Commodities Pool

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

UGA ETF.com Tradability Insight

UGA shows decent liquidity—a fortunate situation given its status as the sole fund in the space. Spreads are decent on median daily volume around $1M. Larger investors working with liquidity providers can expect low trading expenses based on our estimate of block liquidity. (Insight updated 07/24/2014)



Average Spread
Premium/Discount
Volume

UGA ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of UGA. UGA is rated a 5 out of 5.

UGA Tradability

34,201

It is the daily number of shares traded, averaged over the past 45 trading days.

$1.54 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

26,170

Median number of shares traded over the past 45 trading days.

$1.3 M

Median dollar value of shares traded over the past 45 trading days.

0.15%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.07

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.03%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

1.58% / -1.04%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.26

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

6,110

The total number of net outstanding options contracts for an ETF.

$35.48

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

UGA ETF.com Fit Insight

UGA gets exposure to gasoline prices in a straightforward way; namely, near-month contracts on RBOB gasoline traded on the NYMEX. Our benchmark does the same. Unfortunately, no alternative methods for focused futures exposure exist; in fact, UGA is the only gasoline ETP. (Insight updated 07/24/2014)

UGA Sector Breakdown

UGA Segment Benchmark
100.00% 100.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

UGA Top 10 Contracts

UGA Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.01

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.01

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

UGA Top 5 Collateral Investments

No data available

UGA Expected Decay

UGA Segment Benchmark
CommodityWeightDecay
to Front
Decay to
Preceding
CommodityWeightDecay
to Front
Decay to
Preceding
RBOB Gasoline100.00%-9.62%-9.62%RBOB Gasoline100.00%0.00%0.00%
Weighted Average
Expected Decay:
Weighted Average
Expected Decay:

Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure