Credit Suisse’s Delisted Energy ETN Goes Wild With 560% Gain (1)

Investors swept up in this week’s energy market storm have nothing on traders in an infamous $122 million product languishing in an opaque corner of Wall Street.

Big swings in natural gas are rocking the triple-leveraged note known as the VelocityShares Daily 3x Long Natural Gas ETN (ticker UGAZF), which has been trading in over-the-counter purgatory ever since Credit Suisse Group AG delisted it in July last year.

The note was practically dormant for the first half of 2021, but as the spreading supply-side crisis drove up energy prices it began to rocket. At one point this week it ...