"The investment objective of UGA is for the changes in percentage terms of the units' net asset value to reflect the changes in percentage terms of the price of gasoline as measured by the futures contract on unleaded gasoline 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 invest in the next month to expire, less UGA's expenses"
Yes it does trade in contango, but for those thinking that this will correlate with gas prices from day to day really need to plan within 2 weeks to 1 months futures. Most people can't track prices day to day let alone next month. Fortunately gas prices do seem to be fairly seasonal. So just like everything not what you buy but when you buy it jmo