The $4.5 billion U.S. Natural Gas Fund, an exchange-traded fund, may have an investment mandate for the U.S., but regulators’ crackdown on speculation is forcing the fund to look overseas, The Wall Street Journal reports.

The fund is exploring the idea of investing in overseas energy exchanges, over-the-counter swaps or even other types of energy such as crude oil, heating oil or gasoline to avoid new rules from the Commodity Futures Trading Commission.

“We are taking steps now to get ahead of the process,” said John Hyland, chief investment officer of the fund.

Regulators contend that the fund, which has grown from $727 million in March to $4.5 billion in just the past five months, holds 30% of all natural gas futures contracts and, therefore, has an undue sway over the market.

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