VelocityShares 3x Long Natural Gas ETN Linked to the S&P GSCI Natural Gas Index ER
UGAZ
New York Stock Exchange Arca- -
USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- IPO Date
- Feb 7, 2012
- Similar Companies
- Business
- VelocityShares 3x Long Natural Gas ETN Linked to the S&P GSCI Natural Gas Index ER (UGAZ) is an exchange-traded note issued by Credit Suisse AG, Nassau Branch, that provides three times the daily performance of the S&P GSCI Natural Gas Index Excess Return. The underlying index tracks long positions in natural gas commodity markets through derivatives such as futures contracts on natural gas, with daily rolling of contracts to reflect excess returns adjusted for roll yields. Launched on February 7, 2012, with a scheduled maturity of February 9, 2032, the ETN is domiciled in Switzerland and was listed on NYSE Arca in the United States. The ETN offers leveraged exposure to natural gas price movements for sophisticated investors seeking short-term trading opportunities in the commodities sector, targeting institutional and retail traders focused on energy markets volatility; it does not pay interest or dividends and carries principal risk tied to the issuer's creditworthiness. Geographically, it facilitates access to U.S.-traded natural gas futures primarily via the Henry Hub benchmark, serving a global investor base through U.S. exchanges prior to delisting. In June 2020, Credit Suisse announced its intent to delist UGAZ along with its inverse counterpart DGAZ and several other leveraged VelocityShares ETNs to align its product suite with strategic growth plans amid market turmoil exposing risks in geared commodity products. The delisting from NYSE Arca occurred on July 10, 2020, with trading shifting over-the-counter (OTC) and further issuances suspended thereafter. Credit Suisse subsequently accelerated the ETNs at its option in October 2023, setting a redemption date around November 1, 2023, effectively terminating the notes years ahead of maturity and requiring holders to receive a final cash payment based on the closing indicative value. No successor product under the VelocityShares brand directly replicating UGAZ's 3x leverage on the S&P GSCI Natural Gas Index ER has been issued by Credit Suisse or UBS following its 2023 acquisition.