NEW YORK, Feb. 26 /PRNewswire/ -- Victoria Bay Asset Management, LLC and the American Stock Exchange(R) (Amex(R)) today announced the launch of trading in the United States Gasoline Fund, LP under the ticker symbol "UGA."
The investment objective of UGA is to have the changes in percentage terms of the units' net asset value reflect the changes in percentage terms of the price of gasoline, as measured by the changes in the price of the futures contract on unleaded gasoline (also known as reformulated gasoline blendstock for oxygen blending, or "RBOB," for delivery to the New York harbor), as traded on the New York Mercantile Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less UGA's expenses.
"Gasoline plays an important role in a modern economy and we are pleased to offer investors an innovative way to gain exposure in the energy commodities market," said John Hyland, Chief Investment Officer at Victoria Bay Asset Management. "Investing in commodity related vehicles is complicated and we encourage investors to read the prospectus to determine if the new approach is suitable for them given their goals, risk tolerance, and investment outlook."
UGA is a commodity pool that is managed by California-based Victoria Bay Asset Management, LLC. The partnership's NAV will be calculated once daily on each trading day. An Indicative Partnership Value will be published at least every 15 seconds during regular Amex trading hours. The Amex specialist for USL is Kellogg Capital Group, LLC.
"We are proud to support Victoria Bay Asset Management in growing their family of futures-based products, all of which are listed on the Amex," said Scott Ebner, Senior Vice President of Amex's ETF Marketplace. "Innovation is at the core of the Amex identity and UGA, the first fund to follow gasoline, is a welcome addition to our product line-up."
Bay Asset Management is the manager of publicly traded securities that are designed to track the movements of different commodities. United States Gasoline Fund, LP is the fourth product to list on the Amex by Victoria Bay Asset Management. United States Oil Fund, LP (AMEX:USO) listed in 2006, followed by the listing of the United States Natural Gas Fund, LP (AMEX:USL) and the United States 12 Month Oil Fund, LP (AMEX:USL) in 2007. Victoria Bay Asset Management is registered with the CFTC as a commodity pool operator and has $1.1 billion in assets under management as of December 31, 2007.
Note: Investors should read the prospectus for UGA for more complete information about this security, including risks, expenses, and other important terms. In addition, there can be no guarantee that UGA will be able to achieve its investment goals. A copy of the prospectus may be obtained at www.unitedstatesgasolinefund.com or by contacting the fund at 800.920.0259.
Source: The American Stock Exchange