iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) Stock Analysis
DELISTED 2023
What happened to iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) stock?
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) no longer trades on public markets. It was delisted in June 2023. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) trades at $9.74. The iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) is an exchange-traded note designed to provide investors… Market cap: $30.8M, Sector: Financial services.
Last analyzed: Mar 17, 2026Analyst Coverage for GAZ: GAZ does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates GAZ against Financial Services peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
GAZ: 1/2 scored disciplines lean bearish. Dominant signal: Izzy Englander bullish.
How is this calculated? →iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) Financial Services Profile
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) offers exposure to natural gas futures through an exchange-traded note. As an ETN, GAZ's returns mirror the Bloomberg Natural Gas Subindex Total Return. It is subject to credit risk of the issuer and fluctuations in natural gas prices, making it a speculative investment.
What Is the Investment Thesis for GAZ?
Investing in the iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) is a speculative play on natural gas prices. The ETN offers a way to gain exposure to natural gas futures without directly trading them. However, the value of GAZ is highly sensitive to fluctuations in natural gas prices, influenced by factors like weather patterns, supply and demand dynamics, and geopolitical events. Given the ETN structure, investors face the credit risk of the issuer, adding another layer of complexity. With a beta of 2.71, GAZ exhibits high volatility compared to the broader market. Investors should carefully consider their risk tolerance and outlook on natural gas prices before investing in GAZ. The absence of a dividend further underscores its nature as a speculative instrument rather than an income-generating asset.
Based on FMP financials and quantitative analysis
GAZ Key Highlights
GAZ is an Exchange Traded Note (ETN) providing exposure to the Bloomberg Natural Gas Subindex Total Return.
- The ETN structure exposes investors to the credit risk of the issuing bank.
- GAZ's performance is directly linked to the price fluctuations of natural gas futures contracts.
- The ETN has a beta of 2.71, indicating high volatility relative to the market.
- GAZ does not pay a dividend, making it unsuitable for income-seeking investors.
Who Are GAZ's Competitors?
GAZ is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| DYNI IDX Dynamic Innovation ETF | $26.28 | +0.11% | $10.3M | — |
| MJJ MicroSectors Cannabis ETNs | $73.21 | +0.00% | $43.2M | — |
| MJO MicroSectors Cannabis 2X Leveraged ETNs | $81.16 | +0.00% | $15.8M | — |
| BCG Binah Capital Group, Inc. | $1.40 | +0.72% | $23.5M | 78 |
| EEA The European Equity Fund, Inc. | $11.15 | -0.59% | $74.7M | 67 |
| HNNA Hennessy Advisors, Inc. | $9.89 | -1.30% | $78.2M | 81 |
| ETHT ProShares - Ultra Ether ETF | $12.57 | +19.94% | $92.2M | 68 |
| ALTEX Firsthand Alternative Energy Fund | $12.93 | -1.90% | $8.98M | 82 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are GAZ's Key Strengths?
Provides direct exposure to natural gas futures.
- Offers a relatively liquid way to trade natural gas.
- Accessible to a wide range of investors through exchanges.
- Tracks a well-known natural gas index.
What Are GAZ's Weaknesses?
Subject to the credit risk of the issuing bank.
- Does not hold physical natural gas or futures contracts.
- Performance can deviate from the underlying index due to fees and tracking errors.
- Highly volatile and sensitive to natural gas price fluctuations.
What Could Drive GAZ Stock Higher?
Winter season driving increased natural gas demand for heating.
- Geopolitical tensions impacting natural gas supply chains.
- Infrastructure developments such as new pipelines and LNG export facilities.
What Are the Key Risks for GAZ?
Credit risk of the issuing bank.
- High volatility in natural gas prices.
- Regulatory changes impacting natural gas markets.
- Weather events disrupting natural gas production or transportation.
- Economic downturns reducing energy demand.
What Are the Growth Opportunities for GAZ?
- Increased Investor Interest in Commodities: Growing awareness of commodities as an asset class could drive demand for commodity-linked investment products like GAZ. As investors seek diversification and inflation hedges, the appeal of natural gas exposure may increase. The market size for commodity ETFs and ETNs is substantial, with trillions of dollars in assets under management globally. This trend could unfold over the next 3-5 years as financial literacy and access to investment platforms expand.
- Volatility in Energy Markets: Periods of heightened volatility in the energy markets can create trading opportunities for investors using instruments like GAZ. Fluctuations in natural gas prices due to weather events, geopolitical tensions, or supply disruptions can lead to increased trading volumes and potential short-term gains. The timeline for this growth driver is event-driven and unpredictable, but it can provide periodic boosts to GAZ's trading activity.
- Development of New Natural Gas Infrastructure: Expansion of natural gas pipelines, LNG export facilities, and other infrastructure projects can impact natural gas prices and, consequently, the performance of GAZ. These developments can alter supply and demand dynamics, creating new opportunities for investors to capitalize on price movements. The timeline for these projects varies, but they can have long-term effects on the natural gas market and GAZ's investment profile.
- Technological Advancements in Natural Gas Production: Innovations in drilling techniques, such as hydraulic fracturing, can increase natural gas production and affect prices. These technological advancements can lead to shifts in the supply curve and create opportunities for investors to profit from price fluctuations. The timeline for these technological impacts is ongoing, as companies continue to innovate and optimize their production methods.
- Geopolitical Factors Influencing Natural Gas Supply: Geopolitical events, such as conflicts, sanctions, or trade agreements, can disrupt natural gas supply chains and impact prices. These events can create volatility in the natural gas market and lead to increased trading activity in instruments like GAZ. The timeline for these geopolitical influences is unpredictable, but they can have significant short-term and long-term effects on the natural gas market and GAZ's investment profile.
What Threats Does GAZ Face?
- Changes in natural gas regulations.
- Competition from other commodity-linked investment products.
- Unexpected events impacting natural gas supply or demand.
- Economic downturns reducing energy consumption.
What Are GAZ's Competitive Advantages?
- Established tracking of the Bloomberg Natural Gas Subindex Total Return.
- Accessibility through major exchanges.
- Provides a relatively simple way for investors to gain exposure to natural gas futures.
- Brand recognition as an iPath product.
What Does GAZ Do?
The iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) is an exchange-traded note that seeks to provide investors with exposure to the Bloomberg Natural Gas Subindex Total Return. Unlike an exchange-traded fund (ETF) that holds a basket of underlying assets, GAZ is an ETN, which is a type of debt security issued by a financial institution. The performance of the ETN is linked to the performance of the specified index, in this case, the Bloomberg Natural Gas Subindex Total Return. This index reflects the returns potentially available through an unleveraged investment in the futures contracts on natural gas. GAZ does not directly hold natural gas or natural gas futures contracts. Instead, it promises to pay the holder an amount equal to the return of the index, less fees. As an ETN, GAZ is subject to the credit risk of the issuing bank, meaning that the investor is relying on the issuer's ability to fulfill its promise to pay the index return. The ETN structure allows investors to gain exposure to the natural gas market without the complexities of directly trading futures contracts or dealing with the physical storage of natural gas. However, it also introduces credit risk and other considerations that are not present in traditional ETFs.
What Products and Services Does GAZ Offer?
- Provides exposure to the Bloomberg Natural Gas Subindex Total Return.
- Offers a way to invest in natural gas futures without direct trading.
- Tracks the performance of natural gas futures contracts.
- Functions as an exchange-traded note (ETN).
- Is subject to the credit risk of the issuing bank.
- Does not hold physical natural gas or futures contracts directly.
How Does GAZ Make Money?
- Tracks the Bloomberg Natural Gas Subindex Total Return.
- Generates revenue through fees charged to investors.
- Operates as a debt security issued by a financial institution.
- Provides a return linked to the performance of natural gas futures, less expenses.
What Industry Does GAZ Operate In?
The asset management industry includes a wide range of investment vehicles, including exchange-traded funds (ETFs) and exchange-traded notes (ETNs). GAZ operates within this landscape by offering a specialized product focused on natural gas futures. The market for commodity-linked investment products is influenced by factors such as commodity price volatility, investor sentiment, and regulatory changes. Competitors in this space include firms offering similar commodity-based ETFs and ETNs, as well as those providing alternative investment strategies in the energy sector. The performance of GAZ is closely tied to the dynamics of the natural gas market, which is subject to seasonal fluctuations and geopolitical influences.
Who Are GAZ's Key Customers?
- Retail investors seeking exposure to natural gas.
- Speculative traders looking to profit from natural gas price movements.
- Institutional investors seeking to diversify their portfolios with commodity exposure.
- Investors who want to avoid the complexities of trading natural gas futures directly.
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) Valuation Context
Valued at $30.8M, GAZ is classified as a micro-cap stock.
Key Financial Metrics
Return on equity for iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. GAZ trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN's Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 3.67 places it in the safe zone, indicating low near-term bankruptcy risk.
GAZ Financials
Bull Case vs Bear Case
Bull Case
- Provides direct exposure to natural gas futures.
- Offers a relatively liquid way to trade natural gas.
- Accessible to a wide range of investors through exchanges.
- Tracks a well-known natural gas index.
Bear Case
- Subject to the credit risk of the issuing bank.
- Does not hold physical natural gas or futures contracts.
- Performance can deviate from the underlying index due to fees and tracking errors.
- Highly volatile and sensitive to natural gas price fluctuations.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
GAZ Latest News
No recent news available for GAZ.
GAZ Financial Services Stock FAQ
What happened to iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) stock?
iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) no longer trades on public markets. It was delisted in June 2023. The figures below are historical and are not a current quote.
Can I still buy GAZ shares?
No. GAZ stopped trading on public markets in June 2023, so the shares are not available through a broker. Anything you see quoted for GAZ elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before GAZ stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN do?
The iPath Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN (GAZ) is designed to provide investors with exposure to the Bloomberg Natural Gas Subindex Total Return. It's an exchange-traded note, meaning it's a type of debt security issued by a financial institution, rather than an exchange-traded fund (ETF) that holds underlying assets.
What do analysts say about GAZ stock?
Given the nature of GAZ as an exchange-traded note linked to natural gas futures, analyst coverage typically focuses on the outlook for natural gas prices rather than traditional stock analysis. Key valuation metrics are less relevant for ETNs compared to equities.
What are the main risks for GAZ?
The primary risks associated with GAZ include the volatility of natural gas prices, the credit risk of the issuing bank, and potential tracking errors. Natural gas prices are influenced by numerous factors, including weather, supply disruptions, and economic conditions, leading to significant price swings.
How sensitive is GAZ to interest rate changes?
As an ETN, GAZ is indirectly sensitive to interest rate changes. Rising interest rates can increase the issuing bank's borrowing costs, potentially impacting the ETN's profitability and creditworthiness. Higher interest rates can also make alternative investments more attractive, potentially reducing demand for GAZ. However, the primary driver of GAZ's performance remains the price of natural gas, which is influenced by factors unrelated to interest rates.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- The analysis is based on publicly available information and may not reflect all factors influencing the company's performance.
- The natural gas market is highly volatile and subject to unforeseen events.