The United States Gasoline Fund (UGA) is an ETF structured as a Delaware limited partnership that gives investors exposure to gasoline prices without physically owning or storing gasoline. UGA trades on NYSE Arca and is managed by United States Commodity Funds (USCF), a CFTC-registered commodity pool operator. UGA's objective is for the daily change in its per-share NAV to track the daily change in the price of the near-month NYMEX RBOB gasoline futures contract, plus interest earned on collateral, minus expenses. To achieve this, UGA invests substantially all assets in NYMEX gasoline futures, while holding the bulk of its assets in short-term U.S. Treasuries as collateral, which also earn interest income. Each month, USCF rolls UGA's positions by closing near-month contracts and reinvesting in the next-month contract. Investor returns are driven by gasoline price movements, roll yield, and collateral income. Roll yield can be a persistent drag when the futures curve is in contango, which is the more common condition in energy markets. USCF charges a management fee of 0.60% per annum, with a total expense ratio of approximately 0.89% annualized. UGA uses the standard ETF creation/redemption mechanism, where Authorized Participants create or redeem shares in blocks of 50,000, keeping the market price close to NAV. Investors use UGA to either speculate on gasoline prices or hedge against gasoline price risk.