American Stock Exchange and Victoria Bay Asset Management Launch United States Gasoline Fund, LP
February 26 2008 - 11:14AM
PR Newswire (US)
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
http://www.unitedstatesgasolinefund.com/ or by contacting the fund
at 800.920.0259. DATASOURCE: The American Stock Exchange CONTACT:
Bari Trontz of American Stock Exchange, +1-212-306-8964, ; or Katie
Rooney of Victoria Bay Asset Management, +1-818-206-8148, Web site:
http://www.amex.com/ http://www.unitedstatesgasolinefund.com/
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