This ETN was delisted and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. GAZ no longer functions as originally intended. The ETN tracks an index of futures on natural gas, which are rolled over every other month. But GAZ is closed to creations, meaning the key plumbing that underpins all exchange-traded productsthe create/redeem processis broken. Most likely, Barclays would prefer to close GAZ. However, like many older ETNs, the prospectus does not include any provision for closure prior to its maturity date in October 2037. Therefore, the issuer seems to be encouraging investors to redeem their holdings in the note, which can be done with as few as 5,000 shares. This situation isn't new: GAZ has been closed for creations since 2009, and has traded at massive premiums to fair value at times. While the note can`t be closed, it might be delisted, leaving investors to choose between holding to maturity and trying to sell their shares on the OTC market. In short, proceed with extreme caution.