3 unchanged sentences
In particular, UGA is exposed to gasoline price risk through its holdings of Futures Contracts together with any other derivatives in which it may invest, which are discussed below.
−Removed: As a result, fluctuations in the value of the Futures Contracts that UGA holds in its portfolio, as described in “Contractual Obligations"
−Removed: under “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations"
−Removed: above, are expected to directly affect the value of UGA’s shares.
+Added: As a result, fluctuations in the value of the Futures Contracts that UGA holds in its portfolio, as described in “Contractual Obligations” under “Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations” above, are expected to directly affect the value of UGA’s shares.
OTC Contract Risk
15 unchanged sentences
Furthermore, USCF on behalf of UGA only enters into OTC swaps with counterparties who are, or are affiliates of, (a) banks regulated by a United States federal bank regulator, (b) broker-dealers regulated by the SEC, (c) insurance companies domiciled in the United States, or (d) producers, users or traders of energy, whether or not regulated by the CFTC.
−Removed: Any entity acting as a counterparty shall be regulated in either the United States or the United Kingdom unless otherwise approved by the Board after consultation with its legal counsel.
+Added: Any entity acting as a counterparty shall be regulated in either the United States or the United Kingdom unless otherwise approved by the Board
+Added: after consultation with its legal counsel.
Existing counterparties are also reviewed periodically by USCF.
4 unchanged sentences
As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.
−Removed: During the reporting period of this annual report on Form 10-K, UGA has limited its OTC activities to EFRP transactions.
+Added: During the reporting period of this annual report on Form 10-K, UGA limited its OTC activities to EFRP transactions.
UGA anticipates that the use of Other Gasoline-Related Investments together with its investments in Futures Contracts will produce price and total return results that closely track the investment goals of UGA.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.