United States Gasoline Fund, LP — Cyborg Score 5/10

Strategic Profile

UGA's investment objective is for its net asset value to reflect the daily changes in the spot price of RBOB gasoline for delivery to the New York harbor. The fund offers targeted exposure to a widely-used energy commodity and is more useful for establishing shorter-term tactical tilts towards the energy market rather than for long-term buy-and-hold portfolios.

Cyborg Score Rationale

UGA is a well-established commodity ETF with consistent operations and regulatory compliance. However, its performance is directly tied to commodity price volatility and subject to structural decay from contango effects, limiting long-term appeal.

Top Insights

• (Q1 2026) Fund held 1,115 NYMEX RBOB gasoline futures contracts with $89.5 million in collateral and achieved net share creation growth to 1.45 million shares outstanding
• Tracks RBOB gasoline futures with a 30-day rolling tolerance band of ±10% daily percentage changes versus the benchmark contract
• Fund inception in February 2008 provides 18+ years of operational history and track record
• Strategic use case is tactical short-to-medium term energy positioning rather than strategic long-term commodity holding

Named Competitors

• UBN — Multi-commodity energy exposure
• DBE — Energy commodity basket including crude and natural gas
• DBC — Broad commodities exposure

Recent Developments

• (March 2026) Q1 2026 10-Q filing showed strong operating cash flows of $53.3 million with net creations exceeding redemptions

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