No result found for 'This new development is surprising for a number of reasons. While the PowerShares funds held more than $3 billion across their three grains positions and United States Natural Gas still has more than $3 billion in assets, GAZ has only $190 million in assets. Furthermore, GAZ is an ETN. As such, the backing bank Barclays has more flexibility to hedge GAZ using multiple natural gas contracts with different expiry dates, allowing it to avoid the most restrictive single-contract position limits. (This also applies to DXO, but we go into the potential reasons for their lack of issuance at the end of this article.) Barclays may have needed to clamp down on GAZ's growth to prevent its hedging positions from interfering with their own proprietary trades in natural gas, which would be problematic for regulators who want to distinguish bank trading desk commodity positions from futures positions held for major clients. Whatever the ultimate reason, the small size of this newly closed fund shows the depth of concern about the CFTC and the potential shape of new regulation on commodity futures markets.'