At a glance
UGA charges 1.17% a year, above the 0.8% average of the 7 funds most like it (the most expensive of 8). It has $107.9M in assets, the 4th largest of that group. Over the past year it returned +118.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +29.3% a year. At its worst it fell 37.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 42 months after the low.
The short version
United States Gasoline Fund LP (UGA) is a commodity pool that tries to track the daily price moves of a benchmark gasoline futures contract. It holds futures, not gasoline. Its expense ratio is 1.17%, the highest among eight similar energy funds, which average 0.80%. Its price is very jumpy, with annualized volatility (a measure of how widely the price swings) of 39.4% over the year to October 27, 2026, and it pays no distributions.
Price history
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UGA +118.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| UGA price data to Oct 27, 2026 | +128.7% | +118.7% | +29.3% | +27.1% | — | +38.3% |
- Over the year to Oct 27, 2026, UGA returned +118.7%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +27.1%.
- Its worst full calendar year was 2025 (-2.0%); its best was 2021 (+68.5%).
- The deepest fall in its price history was 38.1% (Jun 3, 2022 to Dec 8, 2022), recovered by Mar 4, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +128.7% |
| 2025 | -2.0% |
| 2024 | +3.8% |
| 2023 | +1.3% |
| 2022 | +46.3% |
| 2021 | +68.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 40.4% over that stretch · deepest drop along the way 37.2%, back to its old high 41.9 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $107.9M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
UGA is a commodity pool run by its general partner, USCF. It does not own gasoline. It holds gasoline futures contracts (agreements to buy at a fixed price later) and may use other gasoline-related investments, such as private swaps with major financial institutions. Its goal is to track the price of what its filings call the Benchmark Futures Contract: over any 30 successive days on which the fund is valued, UGA's average daily percentage change should stay within 10% of the benchmark's.
The fund is not actively managed and does not sell positions just because prices fall. It closes positions mainly during its monthly roll, when it sells the expiring benchmark contract and buys a later one. If the later contract costs more, rolling takes from returns; if it costs less, it adds to them. Over time this can pull UGA's returns well away from the spot (cash) price of gasoline.
UGA does not borrow. USCF aims to keep Treasury bills and cash roughly equal to the full market value of its gasoline positions, so the fund is unleveraged, though a shortfall in margin (collateral) could leave it leveraged. UGA is taxed as a partnership: holders get a Schedule K-1 instead of a 1099 and owe tax on their share of gains each year, even without selling.
What it really costs
- UGA charges 1.17% a year, versus an average of 0.8% for the similar funds below (8th of 8, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
UGA is a narrow, highly volatile bet on gasoline futures with no income and a high fee, so it fits only as a small position next to broader holdings.
UGA could add exposure to gasoline prices. Those prices can rise when energy costs drive inflation, and they sometimes move differently from stocks. During the 2022 bear market, UGA rose 40.4% while stocks fell, yet it still dropped 37.2% between June 3 and September 7, 2022. Its deepest drop was 38.1%, from June 3 to December 8, 2022. It did not recover until March 4, 2026, about 39 months later. Its worst full calendar year was 2025, at -2.0%. The price history starts on June 2, 2020, so the 2008 crisis and the 2020 crash are not covered. UGA pays no distributions. Anyone drawing money from it would have to sell shares, possibly right after a sharp fall. Its 1.17% expense ratio is above the 0.80% peer average, and the K-1 tax form adds paperwork. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted bet on gasoline futures prices and can accept annualized volatility of 39.4% over the year to October 27, 2026.
- People looking for a possible hedge against energy-driven inflation who accept that futures rolling can pull returns away from pump prices.
- Taxable investors ready to handle a Schedule K-1 and pay tax on their share of partnership gains each year, even without selling shares.
Look elsewhere if
- Retirees who want income: UGA has paid no distributions, so every withdrawal means selling shares, possibly at a low price.
- Cost-focused investors: its 1.17% expense ratio ranks 8th of 8 similar funds, which average 0.80%. USO charges 0.70%.
- Anyone who can't wait out long slumps: its 38.1% drop in 2022 took about 39 months to recover, until March 4, 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UGA this fund | 1.17% | $107.9M | +118.7% | +29.3% |
| USO United States Oil Fund LP | 0.7% | $1.10B | +124.1% | +27.9% |
| UNG United States Natural Gas Fund LP | 1.01% | $440.3M | -25.2% | -30.6% |
| DBO Invesco DB Oil Fund | 0.75% | $197.5M | +104.3% | +18.9% |
| BNO United States Brent Oil Fund LP | 0.94% | $98.1M | +134.6% | +30.4% |
| OILK ProShares K-1 Free Crude Oil ETF of Benef I… | 0.69% | $68.0M | +85.0% | +17.9% |
| DBE Invesco DB Energy Fund | 0.75% | $54.6M | +117.4% | +25.7% |
| USL United States 12 Month Oil Fund LP | 0.79% | $47.8M | +81.5% | +16.8% |
Questions investors ask
Does UGA pay dividends?
No. UGA has no recorded distributions, so it has no yield. Its returns come only from changes in its share price, which follows gasoline futures. For anyone who wants regular income, getting cash means selling shares. With annualized volatility of 39.4% over the year to October 27, 2026, the price at the moment of sale can vary widely. Holders still owe tax on their share of the fund's gains each year, reported on a Schedule K-1.
What's the difference between UGA and USO?
UGA tracks gasoline futures. USO (United States Oil Fund) tracks crude oil, a related but different commodity. Both are commodity pools. USO is cheaper and much bigger: its expense ratio is 0.70% against UGA's 1.17%, and it has about $1.1 billion in assets against UGA's $107.9 million as of June 30, 2026. Returns were similar as of October 27, 2026. USO gained 124.1% over one year and 27.9% a year over three years. UGA gained 118.7% and 29.3%.
Does UGA issue a K-1?
Yes. UGA is a limited partnership taxed as a partnership, so investors get a Schedule K-1 instead of a Form 1099. Each holder owes tax on their share of the fund's gains every year, even if they don't sell shares or receive any cash. A K-1 can make filing taxes more complicated. UGA is also not a 1940 Act investment company, so it lacks some of the investor protections that ordinary mutual funds and ETFs have.
Does UGA track the price of gas?
Only indirectly. UGA holds gasoline futures contracts, not gasoline itself. Its goal is for its average daily percentage change over any 30 trading days to stay within plus or minus 10% of that of its benchmark futures contract. Futures expire, so the fund rolls into later contracts each month. The price gap between the old and new contracts can add to returns or take away from them, so over time UGA can drift well away from the spot price of gasoline.
Is UGA good for long-term investors?
That depends on how much volatility someone can handle. UGA returned 27.1% a year over the five years to October 27, 2026, and 128.7% year to date. But results have been uneven: 68.5% in 2021 and 46.3% in 2022, then 1.3%, 3.8% and -2.0% from 2023 through 2025. It fell 38.1% in 2022 and took about 39 months to recover. Its 1.17% fee is the highest among eight similar funds, and it pays no income.