Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 08, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | United States Gasoline Fund, LP | ||
Entity Central Index Key | 1,396,878 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 103,025,000 | ||
Trading Symbol | UGA | ||
Entity Common Stock, Shares Outstanding | 3,100,000 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents (Notes 2 and 5) | $ 64,443,016 | $ 35,557,290 |
Equity in trading accounts: | ||
Cash and cash equivalents | 11,076,293 | 6,161,581 |
Unrealized gain (loss) on open commodity futures contracts | 527,226 | (2,835,302) |
Receivable for shares sold | 0 | 1,689,272 |
Receivable from General Partner (Note 3) | 224,565 | 134,106 |
Dividends receivable | 200 | 968 |
Directors' fees and insurance receivable | 744 | 673 |
Prepaid registration fees | 78,239 | 124,693 |
ETF transaction fees receivable | 0 | 350 |
Total assets | 76,350,283 | 40,833,631 |
Liabilities and Partners' Capital | ||
General Partner management fees payable (Note 3) | 38,046 | 22,444 |
Professional fees payable | 127,940 | 125,122 |
Brokerage commissions payable | 4,513 | 1,973 |
License fees payable | 2,914 | 1,948 |
Total liabilities | $ 173,413 | $ 151,487 |
Commitments and Contingencies (Notes 3, 4 and 5) | ||
Partners' Capital | ||
General Partner | $ 0 | $ 0 |
Limited Partners | 76,176,870 | 40,682,144 |
Total Partners' Capital | 76,176,870 | 40,682,144 |
Total liabilities and partners' capital | $ 76,350,283 | $ 40,833,631 |
Limited Partners' shares outstanding | 2,600,000 | 1,200,000 |
Net asset value per share | $ 29.3 | $ 33.9 |
Market value per share | $ 29.26 | $ 34.15 |
Schedule of Investments
Schedule of Investments | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
United States | Money Market Funds | |||
Market Value | $ 22,000,000 | ||
% of Partners' Capital | 28.88% | ||
United States | Money Market Funds | Fidelity Institutional Government Portfolio | |||
Principal Amount | $ 10,000,000 | ||
Market Value | $ 10,000,000 | ||
% of Partners' Capital | 13.13% | ||
United States | Money Market Funds | Goldman Sachs Financial Square Funds Government Fund - Class FS | |||
Principal Amount | $ 10,000,000 | ||
Market Value | $ 10,000,000 | ||
% of Partners' Capital | 13.13% | ||
United States | Money Market Funds | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | |||
Principal Amount | $ 2,000,000 | $ 28,024,349 | |
Market Value | $ 2,000,000 | $ 28,024,349 | |
% of Partners' Capital | 2.62% | 68.88% | |
Open Futures Contracts, Long | United States | NYMEX RBOB Gasoline Futures RB February 2016 contracts, expiring January 2016 | |||
Number of contracts | Contract | [1] | 1,427 | |
Unrealized Gain (Loss) on Open Commodity Contracts | [1] | $ 527,226 | |
% of Partners' Capital | [1] | 0.69% | |
Open Futures Contracts, Long | United States | NYMEX RBOB Gasoline Futures RB February 2015 contracts, expiring January 2015 | |||
Number of contracts | Contract | [2] | 658 | |
Unrealized Gain (Loss) on Open Commodity Contracts | [2] | $ (2,835,302) | |
% of Partners' Capital | [2] | (6.97%) | |
Cash Equivalents | United States Treasury Obligations | |||
Market Value | $ 24,959,155 | $ 5,999,245 | |
% of Partners' Capital | 32.76% | 14.75% | |
Cash Equivalents | United States Treasury Obligations | 0.19%, 2/04/2016 | |||
Principal Amount | $ 1,000,000 | ||
Market Value | $ 999,825 | ||
% of Partners' Capital | 1.31% | ||
Cash Equivalents | United States Treasury Obligations | 0.07%, 4/14/2016 | |||
Principal Amount | $ 1,000,000 | ||
Market Value | $ 999,812 | ||
% of Partners' Capital | 1.31% | ||
Cash Equivalents | United States Treasury Obligations | 0.11%, 4/21/2016 | |||
Principal Amount | $ 1,000,000 | ||
Market Value | $ 999,661 | ||
% of Partners' Capital | 1.31% | ||
Cash Equivalents | United States Treasury Obligations | 0.21%, 4/28/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,998,623 | ||
% of Partners' Capital | 2.63% | ||
Cash Equivalents | United States Treasury Obligations | 0.33%, 5/12/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,997,580 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.31%, 5/19/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,997,606 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.35%, 5/26/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,997,161 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.43%, 6/02/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,996,387 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.52%, 6/09/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,378 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.48%, 6/16/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,547 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.46%, 6/23/2016 | |||
Principal Amount | $ 2,000,000 | ||
Market Value | $ 1,995,602 | ||
% of Partners' Capital | 2.62% | ||
Cash Equivalents | United States Treasury Obligations | 0.47%, 6/30/2016 | |||
Principal Amount | $ 6,000,000 | ||
Market Value | $ 5,985,973 | ||
% of Partners' Capital | 7.86% | ||
Cash Equivalents | United States Treasury Obligations | 0.05%, 02/26/15 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,999,790 | ||
% of Partners' Capital | 7.38% | ||
Cash Equivalents | United States Treasury Obligations | 0.06%, 04/30/15 | |||
Principal Amount | $ 3,000,000 | ||
Market Value | $ 2,999,455 | ||
% of Partners' Capital | 7.37% | ||
Cash Equivalents | United States | |||
Market Value | $ 46,959,155 | $ 34,023,594 | |
% of Partners' Capital | 61.64% | 83.63% | |
[1] | Collateral amounted to $11,076,293 on open future contracts. | ||
[2] | Collateral amounted to $6,161,851 on open futures contracts. |
Schedule of Investments (Parent
Schedule of Investments (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument, Collateral Amount | $ 11,076,293 | $ 6,161,851 |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities [Member] | ||
Interest rate | 0.19% | 0.05% |
Expiration date | 02/04/2016 | 02/26/15 |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities One [Member] | ||
Interest rate | 0.07% | 0.06% |
Expiration date | 4/14/2016 | 04/30/15 |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Two [Member] | ||
Interest rate | 0.11% | |
Expiration date | 4/21/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Three [Member] | ||
Interest rate | 0.21% | |
Expiration date | 4/28/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Four [Member] | ||
Interest rate | 0.33% | |
Expiration date | 05/12/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Five [Member] | ||
Interest rate | 0.31% | |
Expiration date | 5/19/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Six [Member] | ||
Interest rate | 0.35% | |
Expiration date | 5/26/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Seven [Member] | ||
Interest rate | 0.43% | |
Expiration date | 06/02/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Eight [Member] | ||
Interest rate | 0.52% | |
Expiration date | 06/09/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Nine [Member] | ||
Interest rate | 0.48% | |
Expiration date | 6/16/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Ten [Member] | ||
Interest rate | 0.46% | |
Expiration date | 6/23/2016 | |
United States | US Treasury Securities | Cash Equivalents | US Treasury Bill Securities Eleven [Member] | ||
Interest rate | 0.47% | |
Expiration date | 6/30/2016 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gain (loss) on trading of commodity futures contracts: | |||
Realized gain (loss) on closed futures contracts | $ (11,985,649) | $ (21,284,156) | $ 3,496,995 |
Change in unrealized gain (loss) on open futures contracts | 3,362,528 | (5,433,855) | (9,790) |
Dividend income | 6,657 | 8,021 | 9,198 |
Interest income | 40,432 | 5,271 | 5,281 |
ETF transaction fees | 10,850 | 6,650 | 5,600 |
Total income (loss) | (8,565,182) | (26,698,069) | 3,507,284 |
Expenses | |||
General Partner management fees (Note 3) | 494,612 | 294,290 | 351,177 |
Professional fees | 179,466 | 185,801 | 225,429 |
Brokerage commissions | 98,827 | 38,600 | 39,110 |
Directors' fees and insurance | 10,840 | 12,396 | 13,365 |
License fees | 12,365 | 7,357 | 8,779 |
Registration fees | 46,453 | 46,454 | 46,453 |
Total expenses | 842,563 | 584,898 | 684,313 |
Expense waiver (Note 3) | (224,565) | (182,226) | (137,776) |
Net expenses | 617,998 | 402,672 | 546,537 |
Net income (loss) | $ (9,183,180) | $ (27,100,741) | $ 2,960,747 |
Net income (loss) per limited partnership share | $ (4.6) | $ (25.99) | $ 1.5 |
Net income (loss) per weighted average limited partnership share | $ (3.88) | $ (30.23) | $ 2.97 |
Weighted average limited partnership shares outstanding | 2,367,260 | 896,438 | 997,123 |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | General Partner | Limited Partners |
Begining Balances at Dec. 31, 2012 | $ 64,225,488 | $ 0 | $ 64,225,488 |
Addition of partnership shares | 19,597,900 | 0 | 19,597,900 |
Redemption of partnership shares | (29,886,964) | 0 | (29,886,964) |
Net income (loss) | 2,960,747 | 0 | 2,960,747 |
Ending Balances at Dec. 31, 2013 | $ 56,897,171 | 0 | 56,897,171 |
Net asset value, beginning of period at Dec. 31, 2012 | $ 58.39 | ||
Net asset value, end of period at Dec. 31, 2013 | $ 59.89 | ||
Addition of partnership shares | $ 30,932,639 | 0 | 30,932,639 |
Redemption of partnership shares | (20,046,925) | 0 | (20,046,925) |
Net income (loss) | (27,100,741) | 0 | (27,100,741) |
Ending Balances at Dec. 31, 2014 | $ 40,682,144 | 0 | 40,682,144 |
Net asset value, end of period at Dec. 31, 2014 | $ 33.9 | ||
Addition of partnership shares | $ 66,727,593 | 0 | 66,727,593 |
Redemption of partnership shares | (22,049,687) | 0 | (22,049,687) |
Net income (loss) | (9,183,180) | 0 | (9,183,180) |
Ending Balances at Dec. 31, 2015 | $ 76,176,870 | $ 0 | $ 76,176,870 |
Net asset value, end of period at Dec. 31, 2015 | $ 29.3 |
Statements of Changes in Partn7
Statements of Changes in Partners' Capital (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Addition of partnership units, units | 2,000,000 | 600,000 | 350,000 |
Redemption of partnership units, units | 600,000 | 350,000 | 500,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (9,183,180) | $ (27,100,741) | $ 2,960,747 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | (4,914,712) | (4,108,097) | 3,116,655 |
Unrealized (gain) loss on open futures contracts | (3,362,528) | 5,433,855 | 9,790 |
(Increase) decrease in receivable from General Partner | (90,459) | 3,670 | 1,670 |
(Increase) decrease in dividends receivable | 768 | (340) | 771 |
(Increase) decrease in directors' fees and insurance receivable | (71) | (415) | 1,028 |
(Increase) decrease in prepaid registration fees | 46,454 | 46,453 | 46,453 |
(Increase) decrease in ETF transaction fees receivable | 350 | (350) | 0 |
Increase (decrease) in General Partner management fees payable | 15,602 | (6,075) | (4,341) |
Increase (decrease) in professional fees payable | 2,818 | (100,307) | (50,214) |
Increase (decrease) in brokerage commissions payable | 2,540 | 250 | (625) |
Increase (decrease) in license fees payable | 966 | (212) | (326) |
Net cash provided by (used in) operating activities | (17,481,452) | (25,832,309) | 6,081,608 |
Cash Flows from Financing Activities: | |||
Addition of partnership shares | 68,416,865 | 29,243,367 | 19,597,900 |
Redemption of partnership shares | (22,049,687) | (20,046,925) | (29,886,964) |
Net cash provided by (used in) financing activities | 46,367,178 | 9,196,442 | (10,289,064) |
Net Increase (Decrease) in Cash and Cash Equivalents | 28,885,726 | (16,635,867) | (4,207,456) |
Cash and Cash Equivalents, beginning of year | 35,557,290 | 52,193,157 | 56,400,613 |
Cash and Cash Equivalents, end of year | $ 64,443,016 | $ 35,557,290 | $ 52,193,157 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | NOTE 1 - ORGANIZATION AND BUSINESS The United States Gasoline Fund, LP (“UGA”) was organized as a limited partnership under the laws of the state of Delaware on April 13, 2007. UGA is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). Prior to November 25, 2008, UGA’s shares traded on the American Stock Exchange (the “AMEX”). UGA will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the “LP Agreement”). The investment objective of UGA is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of gasoline (also known as reformulated gasoline blendstock for oxygen blending, or “RBOB”, for delivery to the New York harbor), as measured by the daily changes in the price of the futures contract for gasoline traded on the New York Mercantile Exchange (the “NYMEX”) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire (the “Benchmark Futures Contract”), less UGA’s expenses. It is not the intent of UGA to be operated in a fashion such that the per share NAV will equal, in dollar terms, the spot price of gasoline or any particular futures contract based on gasoline. It is not the intent of UGA to be operated in a fashion such that its per share NAV will reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (“USCF”), the general partner of UGA, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Gasoline-Related Investments (as defined below). UGA accomplishes its objective through investments in futures contracts for gasoline, crude oil, natural gas, diesel-heating oil and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, “Futures Contracts”) and other gasoline-related investments such as cash-settled options on Futures Contracts, forward contracts for gasoline, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of gasoline, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively, “Other Gasoline-Related Investments”). As of December 31, 2015, UGA held 1,427 UGA commenced investment operations on February 26, 2008 and has a fiscal year ending on December 31. USCF is responsible for the management of UGA. USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013. USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the AMEX under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“DNO”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “DNO” on September 24, 2009, “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”), and the United States Agriculture Index Fund (“USAG”), each a series of the United States Commodity Index Funds Trust. USCI, CPER and USAG listed their shares on the NYSE Arca under the ticker symbol “USCI” on August 10, 2010, “CPER” on November 15, 2011 and “USAG” on April 13, 2012, respectively. All funds listed previously are referred to collectively herein as the “Related Public Funds.” UGA issues shares to certain Authorized Participants (“Authorized Participants”) by offering baskets consisting of 50,000 From July 1, 2011 and continuing at least through April 30, 2016, the applicable transaction fee paid by Authorized Participants is $ 350 1,000 In November 2007, UGA initially registered 30,000,000 50.00 300,000 15,000,000 80,000,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UGA is an investment company and follows the accounting and reporting guidance in FASB Topic 946. Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UGA earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. UGA is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with GAAP, UGA is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. UGA files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UGA is not subject to income tax return examinations by major taxing authorities for years before 2012. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in UGA recording a tax liability that reduces net assets. However, UGA’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. UGA recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2015. Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UGA receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UGA’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UGA a fee of $ 350 Profit or loss shall be allocated among the partners of UGA in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. UGA’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. UGA uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2015. Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UGA. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
FEES PAID BY THE FUND AND RELAT
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Fees Paid and Related Party Transactions Disclosure [Abstract] | |
Fees Paid By The Fund And Related Party Transactions | NOTE 3 - FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of UGA in accordance with the objectives and policies of UGA. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to UGA. For these services, UGA is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses UGA pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2015, 2014 and 2013, UGA incurred $ 46,453 46,454 46,453 Directors’ Fees and Expenses UGA is responsible for paying its portion of the directors’ and officers’ liability insurance for UGA and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of UGA and the Related Public Funds. UGA shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis. These fees and expenses for the year ended December 31, 2015 were $ 569,303 10,840 567,863 12,396 555,465 Licensing Fees As discussed in Note 4 below, UGA entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, UGA and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay a licensing fee that is equal to 0.015 12,365 7,357 8,779 Investor Tax Reporting Cost The fees and expenses associated with UGA’s audit expenses and tax accounting and reporting requirements are paid by UGA. These costs were approximately $ 164,000 164,000 225,000 Other Expenses and Fees and Expense Waivers In addition to the fees described above, UGA pays all brokerage fees and other expenses in connection with the operation of UGA, excluding costs and expenses paid by USCF as outlined in Note 4 below. USCF paid certain expenses typically borne by UGA on a discretionary basis where expenses exceeded 0.15 224,565 Note 4 Contracts and Agreements |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Contracts and Agreements | NOTE 4 - CONTRACTS AND AGREEMENTS Marketing Agent Agreement UGA is party to a marketing agent agreement, dated as of February 15, 2008, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for UGA as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 3 0.04 3 10 The above fee does not include website construction and development, which are also borne by USCF. Brown Brothers Harriman & Co. Agreements UGA is also party to a custodian agreement, dated January 16, 2008, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of UGA. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, UGA is party to an administrative agency agreement, dated February 7, 2008, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for UGA. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $ 75,000 20,000 0.06 500 0.0465 500 1 0.035 1 75,000 7 15 Brokerage and Futures Commission Merchant Agreements On October 8, 2013, UGA entered into a brokerage agreement with RBC Capital Markets, LLC (“RBC Capital” or “RBC”) to serve as UGA’s FCM effective October 10, 2013. The agreement with RBC requires it to provide services to UGA in connection with the purchase and sale of Futures Contracts and Other Gasoline-Related Investments that may be purchased and sold by or through RBC Capital for UGA’s account. In accordance with the agreement, RBC Capital charges UGA commissions of approximately $ 7 15 For the Year Ended For the Year Ended For the Year Ended Total commissions accrued to brokers $ 98,827 $ 38,600 $ 39,110 Total commissions as annualized percentage of average total net assets 0.12 % 0.08 % 0.07 % Commissions accrued as a result of rebalancing $ 95,097 $ 37,129 $ 37,932 Percentage of commissions accrued as a result of rebalancing 96.23 % 96.19 % 96.99 % Commissions accrued as a result of creation and redemption activity $ 3,730 $ 1,471 $ 1,178 Percentage of commissions accrued as a result of creation and redemption activity 3.77 % 3.81 % 3.01 % The increase in UGA’s total commissions accrued to brokers was due to a larger number of futures contracts held and traded during the year ended December 31, 2015, as compared to the year ended December 31, 2014. UGA’s total commissions accrued to brokers for the year ended December 31, 2014 as compared to the year ended December 31, 2013, were similar. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. NYMEX Licensing Agreement UGA and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby UGA was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, UGA and the Related Public Funds, other than BNO, USCI, CPER and USAG, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. UGA expressly disclaims any association with the NYMEX or endorsement of UGA by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX. |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Fair Value Off Balance Sheet Risks [Abstract] | |
Financial Instruments, Off-Balance Sheet Risks and Contingencies | NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES UGA engages in the trading of futures contracts, options on futures contracts and cleared swaps (collectively, “derivatives”). UGA is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. UGA may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are OTC agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, but which are not traded on an exchange. A cleared swap is created when the parties to an off-exchange OTC swap transaction agree to extinguish their OTC contract and replace it with a cleared swap. Cleared swaps are intended to provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure UGA has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by UGA through December 31, 2015 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if UGA were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. UGA has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, UGA bears the risk of financial failure by the clearing broker. UGA’s cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of UGA’s assets posted with that FCM; however, the majority of UGA’s assets are held in investments in Treasuries, cash and/or cash equivalents with UGA’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of UGA’s custodian, however, could result in a substantial loss of UGA’s assets. USCF invests a portion of UGA’s cash in money market funds that seek to maintain a stable per share NAV. UGA is exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2015 and December 31, 2014, UGA held investments in money market funds in the amounts of $ 22,000,000 28,024,349 53,519,309 13,694,522 For derivatives, risks arise from changes in the market value of the contracts. Theoretically, UGA is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, UGA pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. UGA’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, UGA has a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. The financial instruments held by UGA are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial In Formation Disclosure [Abstract] | |
Financial Highlights | NOTE 6 FINANCIAL HIGHLIGHTS Year ended Year ended Year ended Per Share Operating Performance: Net asset value, beginning of year $ 33.90 $ 59.89 $ 58.39 Total income (loss) (4.34) (25.54) 2.05 Net expenses (0.26) (0.45) (0.55) Net increase (decrease) in net asset value (4.60) (25.99) 1.50 Net asset value, end of year $ 29.30 $ 33.90 $ 59.89 Total Return (13.57) % (43.40) % 2.57 % Ratios to Average Net Assets Total income (loss) (10.39) % (54.43) % 5.99 % Management fees 0.60 % 0.60 % 0.60 % Total expenses excluding management fees 0.42 % 0.59 % 0.57 % Expenses waived (0.27) % (0.37) % (0.24) % Net expenses excluding management fees 0.15 % 0.22 % 0.33 % Net income (loss) (11.14) % (55.25) % 5.06 % Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UGA. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE 7 QUARTERLY FINANCIAL DATA (Unaudited) First Quarter Second Quarter Third Quarter Fourth Total income (loss) $ 2,454,763 $ 17,077,368 $ (22,875,473) $ (5,221,840) Total expenses 183,759 242,647 214,371 201,786 Expense waivers (48,719) (51,838) (59,725) (64,283) Net expenses 135,040 190,809 154,646 137,503 Net income (loss) $ 2,319,723 $ 16,886,559 $ (23,030,119) $ (5,359,343) Net income (loss) per share $ 0.97 $ 6.43 $ (9.68) $ (2.32) First Quarter Second Quarter Third Quarter Fourth Quarter Total income (loss) $ (787,140) $ 3,249,642 $ (6,561,635) $ (22,598,936) Total expenses 141,716 129,964 154,487 158,731 Expense waivers (16,274) (21,363) (78,559) (66,030) Net expenses 125,442 108,601 75,928 92,701 Net income (loss) $ (912,582) $ 3,141,041 $ (6,637,563) $ (22,691,637) Net income (loss) per share $ (0.89) $ 4.02 $ (8.61) $ (20.51) |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 8 FAIR VALUE OF FINANCIAL INSTRUMENTS UGA values its investments in accordance with Accounting Standards Codification 820 Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of UGA (observable inputs) and (2) UGA’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I Quoted prices (unadjusted) in active markets for identical Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar Level III Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 46,959,155 $ 46,959,155 $ $ Exchange-Traded Futures Contracts United States Contracts 527,226 527,226 During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of UGA’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 34,023,594 $ 34,023,594 $ $ Exchange-Traded Futures Contracts United States Contracts (2,835,302) (2,835,302) During the year ended December 31, 2014, there were no transfers between Level I and Level II. Effective January 1, 2009, UGA adopted the provisions of Accounting Standards Codification 815 Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Derivatives not Accounted for as Statements of Financial Fair Value at Fair Value at Hedging Instruments Condition Location December 31, 2015 December 31, 2014 Futures - Commodity Contracts Assets $ 527,226 $ (2,835,302) For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Change in Change in Change in Location of Realized Unrealized Realized Unrealized Realized Unrealized Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Derivatives not on on on on on on on Accounted for Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized $ (11,985,649) $ (21,284,156) $ 3,496,995 Change in $ 3,362,528 $ (5,433,855) $ (9,790) |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | NOTE 9 RECENT ACCOUNTING PRONOUNCEMENTS In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-14, Revenue from Contracts with Customers, modifying ASU 2014-09. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 is effective for fiscal years beginning on or after December 15, 2016, and interim periods within those annual periods. Early application is permitted. At this time, management does not believe there will be any impact to the Fund’s financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 SUBSEQUENT EVENTS UGA has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. UGA is an investment company and follows the accounting and reporting guidance in FASB Topic 946. |
Revenue Recognition | Revenue Recognition Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. UGA earns income on funds held at the custodian or futures commission merchant (“FCM”) at prevailing market rates earned on such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. |
Income Taxes | Income Taxes UGA is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with GAAP, UGA is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. UGA files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states. UGA is not subject to income tax return examinations by major taxing authorities for years before 2012. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in UGA recording a tax liability that reduces net assets. However, UGA’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. UGA recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2015. |
Creations and Redemptions | Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 UGA receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in UGA’s statements of financial condition as receivable for shares sold, and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay UGA a fee of $ 350 |
Partnership Capital and Allocation of Partnership Income and Losses | Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of UGA in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement. |
Calculation of Per Share Net Asset Value (“NAV”) | Calculation of Per Share Net Asset Value (“NAV”) UGA’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. UGA uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2015. |
Offering Costs | Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by UGA. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. |
Cash Equivalents | Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. |
Reclassification | Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
CONTRACTS AND AGREEMENTS (Table
CONTRACTS AND AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Brokerage Commissions | UGA also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Gasoline-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). For the Year Ended For the Year Ended For the Year Ended Total commissions accrued to brokers $ 98,827 $ 38,600 $ 39,110 Total commissions as annualized percentage of average total net assets 0.12 % 0.08 % 0.07 % Commissions accrued as a result of rebalancing $ 95,097 $ 37,129 $ 37,932 Percentage of commissions accrued as a result of rebalancing 96.23 % 96.19 % 96.99 % Commissions accrued as a result of creation and redemption activity $ 3,730 $ 1,471 $ 1,178 Percentage of commissions accrued as a result of creation and redemption activity 3.77 % 3.81 % 3.01 % |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial In Formation Disclosure [Abstract] | |
Per Unit Performance Data and Other Supplemental Financial Data | The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2015, 2014 and 2013. This information has been derived from information presented in the financial statements. Year ended Year ended Year ended Per Share Operating Performance: Net asset value, beginning of year $ 33.90 $ 59.89 $ 58.39 Total income (loss) (4.34) (25.54) 2.05 Net expenses (0.26) (0.45) (0.55) Net increase (decrease) in net asset value (4.60) (25.99) 1.50 Net asset value, end of year $ 29.30 $ 33.90 $ 59.89 Total Return (13.57) % (43.40) % 2.57 % Ratios to Average Net Assets Total income (loss) (10.39) % (54.43) % 5.99 % Management fees 0.60 % 0.60 % 0.60 % Total expenses excluding management fees 0.42 % 0.59 % 0.57 % Expenses waived (0.27) % (0.37) % (0.24) % Net expenses excluding management fees 0.15 % 0.22 % 0.33 % Net income (loss) (11.14) % (55.25) % 5.06 % |
QUARTERLY FINANCIAL DATA (Una22
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2015 and 2014. First Quarter Second Quarter Third Quarter Fourth Total income (loss) $ 2,454,763 $ 17,077,368 $ (22,875,473) $ (5,221,840) Total expenses 183,759 242,647 214,371 201,786 Expense waivers (48,719) (51,838) (59,725) (64,283) Net expenses 135,040 190,809 154,646 137,503 Net income (loss) $ 2,319,723 $ 16,886,559 $ (23,030,119) $ (5,359,343) Net income (loss) per share $ 0.97 $ 6.43 $ (9.68) $ (2.32) First Quarter Second Quarter Third Quarter Fourth Quarter Total income (loss) $ (787,140) $ 3,249,642 $ (6,561,635) $ (22,598,936) Total expenses 141,716 129,964 154,487 158,731 Expense waivers (16,274) (21,363) (78,559) (66,030) Net expenses 125,442 108,601 75,928 92,701 Net income (loss) $ (912,582) $ 3,141,041 $ (6,637,563) $ (22,691,637) Net income (loss) per share $ (0.89) $ 4.02 $ (8.61) $ (20.51) |
FAIR VALUE OF FINANCIAL INSTR23
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Valuation of Securities Using Fair Value Hierarchy | The following table summarizes the valuation of UGA’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 46,959,155 $ 46,959,155 $ $ Exchange-Traded Futures Contracts United States Contracts 527,226 527,226 During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of UGA’s securities at December 31, 2014 using the fair value hierarchy: At December 31, 2014 Total Level I Level II Level III Short-Term Investments $ 34,023,594 $ 34,023,594 $ $ Exchange-Traded Futures Contracts United States Contracts (2,835,302) (2,835,302) |
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments Derivatives not Accounted for as Statements of Financial Fair Value at Fair Value at Hedging Instruments Condition Location December 31, 2015 December 31, 2014 Futures - Commodity Contracts Assets $ 527,226 $ (2,835,302) |
Effect of Derivative Instruments on Condensed Statements of Operations | The Effect of Derivative Instruments on the Statements of Operations For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Change in Change in Change in Location of Realized Unrealized Realized Unrealized Realized Unrealized Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Derivatives not on on on on on on on Accounted for Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives Derivatives as Hedging Recognized Recognized Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income in Income in Income Futures - Commodity Contracts Realized $ (11,985,649) $ (21,284,156) $ 3,496,995 Change in $ 3,362,528 $ (5,433,855) $ (9,790) |
ORGANIZATION AND BUSINESS - Add
ORGANIZATION AND BUSINESS - Additional Information (Detail) | Jul. 01, 2011USD ($) | Feb. 26, 2008USD ($)$ / sharesshares | Nov. 30, 2007Contracts | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2013$ / shares | Dec. 31, 2012$ / shares |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | $ 350 | |||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | Contracts | 30,000,000 | ||||||
Net asset value per unit | $ / shares | $ 50 | $ 29.3 | $ 33.9 | $ 59.89 | $ 58.39 | ||
Number of units issued | shares | 300,000 | ||||||
Value of units issued | $ 15,000,000 | ||||||
Number of registered units | 80,000,000 | ||||||
Creation Baskets | |||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||
Number of units per basket | 50,000 | ||||||
Open Cleared Swap and Futures Contracts | United States | NYMEX RBOB Gasoline Futures RB May 2015 contracts, expiring April 2015 | |||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||||
Number of contracts | 1,427 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | Jul. 01, 2011USD ($) | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | ||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | $ 350 |
Creation Baskets | ||
Significant Accounting Policies [Line Items] | ||
Number of units per basket | 50,000 |
FEES PAID BY THE FUND AND REL26
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
USCF Management Fee | UGA is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.60% per annum of average daily total net assets.  | ||||||||||
Ongoing registration fees and other offering expenses | $ 46,453 | $ 46,454 | $ 46,453 | ||||||||
Estimated directors fees and expenses | 10,840 | 12,396 | 13,365 | ||||||||
Licensing fee incurred | 12,365 | 7,357 | 8,779 | ||||||||
Estimated investor tax reporting cost | 164,000 | 164,000 | 225,000 | ||||||||
Expense waivers | $ (64,283) | $ (59,725) | $ (51,838) | $ (48,719) | $ (66,030) | $ (78,559) | $ (21,363) | $ (16,274) | $ (224,565) | (182,226) | (137,776) |
Maximum [Member] | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Costs and expenses annual limit for reimbursement | 0.15% | ||||||||||
UGA and the Related Public Funds | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Estimated directors fees and expenses | $ 569,303 | 567,863 | 555,465 | ||||||||
United States Gas Fund Lp | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Estimated directors fees and expenses | $ 10,840 | $ 12,396 | $ 13,365 | ||||||||
Licensing Agreements [Member] | On and after October 20, 2011 | |||||||||||
Fees Paid and Related Party Transactions [Line Items] | |||||||||||
Assets basis for determining fee percentage | on all net assets | ||||||||||
Costs and expenses annual limit for reimbursement | 0.015% |
CONTRACTS AND AGREEMENTS (Broke
CONTRACTS AND AGREEMENTS (Brokerage Commissions) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Duration Contracts Assumptions By Product And Guarantee [Line Items] | |||
Brokerage commissions | $ 98,827 | $ 38,600 | $ 39,110 |
Brokerage commissions as a percentage of average daily net assets | 0.12% | 0.08% | 0.07% |
Rebalancing Investments Transaction [Member] | |||
Long Duration Contracts Assumptions By Product And Guarantee [Line Items] | |||
Brokerage commissions | $ 95,097 | $ 37,129 | $ 37,932 |
Brokerage commissions as a percentage of average daily net assets | 96.23% | 96.19% | 96.99% |
Creation And Redemption Activity [Member] | |||
Long Duration Contracts Assumptions By Product And Guarantee [Line Items] | |||
Brokerage commissions | $ 3,730 | $ 1,471 | $ 1,178 |
Brokerage commissions as a percentage of average daily net assets | 3.77% | 3.81% | 3.01% |
CONTRACTS AND AGREEMENTS - Addi
CONTRACTS AND AGREEMENTS - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Annual transfer agency services fee | $ 20,000 |
Annual Minimum Amount Applicability Description | 75,000 |
Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Transaction fees per transaction | 15 |
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts | 15 |
Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Annual Fee for custody, fund accounting and fund administration services | 75,000 |
Transaction fees per transaction | 7 |
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts | $ 7 |
First $500 million of the Related Public Funds' combined net assets | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.06% |
Base amount for determining fee percentage | $ 500,000,000 |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.0465% |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion | Maximum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 1,000,000,000 |
Related Public Funds' combined net assets greater than $500 million but less than $1 billion | Minimum [Member] | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Base amount for determining fee percentage | $ 500,000,000 |
Related Public Funds' combined net assets exceed $1 billion | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.035% |
Base amount for determining fee percentage | $ 1,000,000,000 |
Marketing Agent and Affliate of USCF | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Maximum Aggregate Compensation Paid For Distribution Related Services Percentage | 10.00% |
Marketing Agreement [Member] | Assets up to $3 billion | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.06% |
Base amount for determining fee percentage | $ 3,000,000,000 |
Marketing Agreement [Member] | Assets in excess of $3 billion | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |
Fee percentage | 0.04% |
Base amount for determining fee percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA29
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cash investments in money market funds | $ 22,000,000 | $ 28,024,349 |
Deposits in domestic and foreign financial institutions | $ 53,519,309 | $ 13,694,522 |
FINANCIAL HIGHLIGHTS (Per Share
FINANCIAL HIGHLIGHTS (Per Share Performance Data and Other Supplemental Financial Data) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Per Share Operating Performance: | |||
Net asset value, beginning of period | $ 33.9 | $ 59.89 | $ 58.39 |
Total income (loss) | (4.34) | (25.54) | 2.05 |
Net expenses | (0.26) | (0.45) | (0.55) |
Net increase (decrease) in net asset value | (4.6) | (25.99) | 1.5 |
Net asset value, end of period | $ 29.3 | $ 33.9 | $ 59.89 |
Total Return | (13.57%) | (43.40%) | 2.57% |
Ratios to Average Net Assets | |||
Total income (loss) | (10.39%) | (54.43%) | 5.99% |
Management fees | 0.60% | 0.60% | 0.60% |
Total expenses excluding management fees | 0.42% | 0.59% | 0.57% |
Expenses waived | (0.27%) | (0.37%) | (0.24%) |
Net expenses excluding management fees | 0.15% | 0.22% | 0.33% |
Net income (loss) | (11.14%) | (55.25%) | 5.06% |
QUARTERLY FINANCIAL DATA (Summa
QUARTERLY FINANCIAL DATA (Summarized (Unaudited) Quarterly Financial Information) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total income (loss) | $ (5,221,840) | $ (22,875,473) | $ 17,077,368 | $ 2,454,763 | $ (22,598,936) | $ (6,561,635) | $ 3,249,642 | $ (787,140) | $ (8,565,182) | $ (26,698,069) | $ 3,507,284 |
Total expenses | 201,786 | 214,371 | 242,647 | 183,759 | 158,731 | 154,487 | 129,964 | 141,716 | 842,563 | 584,898 | 684,313 |
Expense waivers | (64,283) | (59,725) | (51,838) | (48,719) | (66,030) | (78,559) | (21,363) | (16,274) | (224,565) | (182,226) | (137,776) |
Net expenses | 137,503 | 154,646 | 190,809 | 135,040 | 92,701 | 75,928 | 108,601 | 125,442 | 617,998 | 402,672 | 546,537 |
Net income (loss) | $ (5,359,343) | $ (23,030,119) | $ 16,886,559 | $ 2,319,723 | $ (22,691,637) | $ (6,637,563) | $ 3,141,041 | $ (912,582) | $ (9,183,180) | $ (27,100,741) | $ 2,960,747 |
Net income (loss) per share | $ (2.32) | $ (9.68) | $ 6.43 | $ 0.97 | $ (20.51) | $ (8.61) | $ 4.02 | $ (0.89) | $ (4.6) | $ (25.99) | $ 1.5 |
FAIR VALUE OF FINANCIAL INSTR32
FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 46,959,155 | $ 34,023,594 |
Exchange-Traded Futures Contracts | United States | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 527,226 | (2,835,302) |
Fair Value, Inputs, Level 1 | Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 46,959,155 | 34,023,594 |
Fair Value, Inputs, Level 1 | Exchange-Traded Futures Contracts | United States | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 527,226 | (2,835,302) |
Fair Value, Inputs, Level 2 | Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 | Exchange-Traded Futures Contracts | United States | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Short-Term Investments | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 | Exchange-Traded Futures Contracts | United States | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR33
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value of Derivative Instruments) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Commodity Contracts | Futures | Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not Accounted for as Hedging Instruments | $ 527,226 | $ (2,835,302) |
FAIR VALUE OF FINANCIAL INSTR34
FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on Condensed Statements of Operations) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives Recognized in Income | $ (11,985,649) | $ (21,284,156) | $ 3,496,995 |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 3,362,528 | (5,433,855) | (9,790) |
Commodity Contracts | Futures | Realized gain (loss) on closed positions | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives Recognized in Income | (11,985,649) | (21,284,156) | 3,496,995 |
Commodity Contracts | Futures | Change in unrealized gain (loss) on open contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 3,362,528 | $ (5,433,855) | $ (9,790) |