GAZiPath Series B Bloomberg Natural Gas Subindex Total Return ETN
GAZ Fund Description
GAZ tracks second-month natural gas futures contracts.
GAZ Factset Analytics Insight
GAZ offers every-other-month natural gas futures exposure in an ETN wrapper. GAZ's index follows a pre-determined roll schedule, which rolls the expiring contract into a contract two months out, then holds the contract for two months. This strategy reduces contango effects and roll costs, while keeping the note relatively sensitive to spot natural gas prices. GAZ's ETN wrapper means it's backed by Barclay's credit, not actual futures as in a commodity pool. Investors will get a 1099 at tax time, not a K-1. GAZ replaced an older ETN with the same ticker. The newer, “series B” note tracks the same index, but charges a lower fee and avoids path dependency issues that made its predecessor more expensive to hold over time. It also includes a call provision. The new version traded under the ticker GAZB until November 16, 2018.
GAZ Portfolio Management
GAZ Tax Exposures
GAZ Fund Structure
GAZ Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of GAZ. GAZ is rated a 5 out of 5.
GAZ Sector Breakdown
GAZ Tenor Strategy
GAZB invests solely in second-month futures contracts. This means that the fund will be slightly less sensitive to changes in spot prices compared to front-month futures products.
GAZ Rolling Strategy
GAZB rolls contracts over an annually pre-determined 5 day period each month.