Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Valuation of Securities Using Fair Value Hierarchy
The following table summarizes the valuation of UGA’s securities at December 31, 2013 using the fair value hierarchy:
 
At December 31, 2013
 
Total
 
Level I
 
Level II
 
Level III
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
$
48,493,330
 
$
48,493,330
 
$
–
 
$
–
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
2,598,553
 
 
2,598,553
 
 
–
 
 
–
 
 
During the year ended December 31, 2013, there were no transfers between Level I and Level II.
 
The following table summarizes the valuation of UGA’s securities at December 31, 2012 using the fair value hierarchy:
 
At December 31, 2012
 
Total
 
Level I
 
Level II
 
Level III
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
$
51,194,826
 
$
51,194,826
 
$
–
 
$
–
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
2,608,343
 
 
2,608,343
 
 
–
 
 
–
 
Fair Value of Derivative Instruments
Fair Value of Derivative Instruments
 
Derivatives not
Accounted for as
Hedging Instruments
 
Statements of Financial
Condition
Location
 
Fair Value at
December 31, 2013
 
Fair Value at
December 31, 2012
 
Futures - Commodity Contracts
 
Assets
 
$
2,598,553
 
$
2,608,343
 
Effect of Derivative Instruments on Condensed Statements of Operations
The Effect of Derivative Instruments on the Statements of Operations
 
 
 
 
 
For the year ended
December 31, 2013
 
For the year ended
December 31, 2012
 
For the year ended
December 31, 2011
 
Derivatives not  
Accounted for  
as Hedging  
Instruments
 
Location of  
Gain or (Loss)  
on Derivatives  
Recognized  
in Income
 
Realized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
Realized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
Realized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized
in Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Futures - Commodity Contracts
 
Realized gain on closed positions
 
$
3,496,995
 
 
 
 
$
17,063,315
 
 
 
 
$
13,406,173
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on positions
 
 
 
 
$
(9,790)
 
 
 
 
$
(2,121,382)
 
 
 
 
$
1,464,309