Barclays Bank PLC announced that it has temporarily suspended any further issuances of iPath Dow Jones-UBS Natural Gas Subindex Total Return Exchange Traded Notes (GAZ). Daily redemptions at the option of the holders of the Notes will not be affected by this suspension.
The press release, filed with the SEC, fails to explain why the bank is taking the unusual step of suspending new note sales, but the move does come on the heels of recent regulatory hearings and a decision by the manager of the United States Natural Gas Fund (UNG) to stop taking new investment funds. (See Natural Gas ETF Manager Looks for New Approach )
Barclays also warns investors that the change in policy may result in tracking error (price of the security varying from the price of its underlying assets) for the ETN.
See the iPath ETN directory for a complete listing.