Replies to post #20490 on Velocityshares 3X Long Natural Gas ETN (UGAZ)

[ybnormal]

Backwarded refers to backwardation...which is when the prompt month commodity price is higher than further out in time.

[budmgd]

not a dumb question at all...had to do a little research myself on the matter. this link will help

https://www.investopedia.com/articles/07/contango_backwardation.asp