iPath Series B Bloomberg Natural Gas Subindex Total Return ETN

Price: $9.10
Change: $0.42 (-0.04%)
Category: Oil & Gas
Last Updated:


Brand iPath
Structure ETN
Expense Ratio 0.45%
ETF Home Page Home page
Inception Mar 08, 2017
Index Tracked Bloomberg Natural Gas

Analyst Report

This ETN is one of the options available to investors looking to establish exposure to natural gas prices through futures contracts. As such, this product isn’t very useful for those building a long-term, buy-and-hold portfolio; its appeal will be to those looking to express an outlook on movements in natural gas prices over the short term. There are several noteworthy elements of this product. First, GAZ is an ETN, meaning that investors are exposed to the credit risk of the issuer. Second, this ETN won’t generally correspond to changes in spot natural gas prices, as the underlying index is comprised of futures contracts (in many cases, the difference over extended periods of time can be significant). GAZ is really only appropriate for those with a short holding period; investors seeking longer-term exposure to natural gas may want to consider NAGS or UNL. Finally, this ETN has often traded at a significant premium to NAV historically as a result of limitations on the number of shares outstanding; before establishing a position, take careful note of the relationship of price to NAV.

ETF Database Themes

Category Oil & Gas
Asset Class Commodity
Region (General) Global
Region (Specific) Broad
Commodity Type Energy
Commodity Natural Gas
Commodity Exposure Futures-Based

FactSet Classifications

Segment Commodities: Energy Natural Gas
Category Energy
Focus Natural Gas
Niche Front Month
Strategy Vanilla
Weighting Scheme Single Asset

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $8.98
  • 52 Week Hi $52.65
  • AUM $31.0 M
  • Shares 3.3 M

Historical Trading Data

  • 1 Month Avg. Volume 134,804
  • 3 Month Avg. Volume 163,345

Alternative ETFs in the ETF Database Oil & Gas Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest JJE 0.45% $796,000.0 115 -25.64%
Largest (AUM) USO 0.81% $1.6 B 4 M -10.78%
Most Liquid (Volume) UNG 1.11% $1.0 B 23 M -57.87%
Top YTD Performer UGA 0.93% $69.5 M 24,137 -3.79%

Alternative ETFs in the FactSet Commodities: Energy Natural Gas Segment

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest UNL 0.90% $15.4 M 23,045 -39.37%
Largest (AUM) UNG 1.11% $1.0 B 23 M -57.87%
Most Liquid (Volume) UNG 1.11% $1.0 B 23 M -57.87%
Top YTD Performer UNL 0.90% $15.4 M 23,045 -39.37%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to its peers.

Holdings Comparison

GAZ ETF Database Category Average FactSet Segment Average
Number of Holdings 1 1 1
% of Assets in Top 10 100.00% 100.00% 100.00%
% of Assets in Top 15 100.00% 100.00% 100.00%
% of Assets in Top 50 100.00% 100.00% 100.00%

Size Comparison

GAZ ETF Database Category Average FactSet Segment Average
Large (>12.9B) N/A N/A N/A
Mid (>2.7B) N/A N/A N/A
Small (>600M) N/A N/A N/A
Micro (<600M) N/A N/A N/A

GAZ Valuation

This section compares the P/E ratio of this ETF to its peers.

P/E Ratio
ETF Database Category Average
P/E Ratio
FactSet Segment Average
P/E Ratio

GAZ Dividend

This section compares the dividend yield of this ETF to its peers.

GAZ ETF Database Category Average FactSet Segment Average
Dividend N/A $ 0.03 N/A
Dividend Date N/A N/A N/A
Annual Dividend Rate N/A $ 0.43 N/A
Annual Dividend Yield N/A 1.18% N/A

GAZ Price and Volume Charts

View charts featuring GAZ price and volume data.

GAZ Fund Flows Charts

View charts featuring ETF fund flow data.

5 Day Net Flows: 1.23 M 1 Month Net Flows: -3.69 M 3 Month Net Flows: 8.54 M 6 Month Net Flows: 36.9 M 1 Year Net Flows: 30.24 M 3 Year Net Flows: 46.4 M 5 Year Net Flows: 49 M 10 Year Net Flows: 49.13 M

GAZ Price vs Flows AUM Influence Charts

View charts that break down the influence that fund flows and price had on overall assets.

5 Day Net AUM Change: -2.74 M
1 Month Net AUM Change: -7.77 M
3 Month Net AUM Change: -1.72 M
6 Month Net AUM Change: 14.37 M
1 Year Net AUM Change: -1.68 M
3 Year Net AUM Change: 28.14 M
5 Year Net AUM Change: 27.77 M
10 Year Net AUM Change: 31.01 M

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for GAZ on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETF Database Pro members, shows the ETF in the Oil & Gas with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETF Database Pro. To view information on how the ETF Database Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity B- USO
Expenses A USO

A+ Overall Rated ETF:

GAZ Expenses & Fees

This section compares the cost efficiency of this ETF to its peers.

Expenses Ratio Analysis

Expense Ratio
ETF Database Category Average
Expense Ratio
FactSet Segment Average
Expense Ratio

Tax Analysis

Max ST Capital Gains Rate 39.60%
Max LT Capital Gains Rate 20.00%
Tax On Distributions No distributions
Distributes K1 No
ESG Themes and Scores

GAZ does not have an ESG score. There are no ESG themes that map to this ETF.

GAZ Performance

This section shows how this ETF has performed relative to its peers. Returns over 1 year are annualized.

GAZ ETF Database
Category Average
Factset Segment
1 Month Return -15.58% -7.91% -13.04%
3 Month Return -36.10% -13.38% -30.77%
YTD Return -58.79% -21.95% -52.01%
1 Year Return -79.56% -40.13% -73.37%
3 Year Return -19.66% 22.75% -9.62%
5 Year Return N/A -0.63% -7.47%

Geographic Exposure

The following charts reflect the geographic spread of GAZ's underlying holdings.

Holdings Analysis

The following charts reflect the allocation of GAZ's underlying holdings.

GAZ Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETF Database Category.

5 Day Volatility 140.42%
20 Day Volatility 56.31%
50 Day Volatility 54.10%
200 Day Volatility 66.54%
Beta 0.48
Standard Deviation 13.01%
5 Day Volatility
8 of 12

20 Day Volatility
2 of 12

50 Day Volatility
2 of 12

200 Day Volatility
2 of 12

11 of 12

Standard Deviation
1 of 12


  • 20 Day MA $10.23
  • 60 Day MA $10.92
  • MACD 15 Period -1.27
  • MACD 100 Period -3.41
  • Williams % Range 10 Day 95.74
  • Williams % Range 20 Day 95.74
  • RSI 10 Day 30
  • RSI 20 Day 38
  • RSI 30 Day 39
  • Ultimate Oscillator 37

Bollinger Bands

  • Lower Bollinger (10 Day) $9.01
  • Upper Bollinger (10 Day) $11.74
  • Lower Bollinger (20 Day) $9.12
  • Upper Bollinger (20 Day) $11.36
  • Lower Bollinger (30 Day) $9.30
  • Upper Bollinger (30 Day) $11.41

Support & Resistance

  • Support Level 1 $8.93
  • Support Level 2 $8.77
  • Resistance Level 1 $9.31
  • Resistance Level 2 $9.53


  • Stochastic Oscillator %D (1 Day) 36.47
  • Stochastic Oscillator %D (5 Day) 12.74
  • Stochastic Oscillator %K (1 Day) 43.82
  • Stochastic Oscillator %K (5 Day) 21.68


  • Tracking Difference Median (%) -0.62
  • Tracking Difference Max Upside (%) -0.12
  • Tracking Difference Max Downside (%) -1.31
  • Median Premium Discount (%) 0.41
  • Maximum Premium Discount (%) 3.09
  • Average Spread (%) 3.03
  • Average Spread ($) 3.03

Financial Advisor Report

ETF Database's Financial Advisor Reports are designed as an easy handout for clients to explain the key information on a fund. Includes new analyst insights and classification data.

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETF Database. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Data Lineage

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