Net Asset Value Restatement for Range Global LNG Ecosystem Index ETF (LNGZ)

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Exchange Traded Concepts, (ETC), the investment adviser for the Range Global LNG Ecosystem Index ETF (NYSE Arca: LNGZ), has announced a restatement of the fund's net asset value (NAV) for October 15, 2024. The previously reported NAV of $25.36 per share was understated by $1.71 per share due to an administrative error. The corrected NAV has been revised to $27.07 per share.

ETC confirmed that there were no subscriptions or redemptions during the one-day period affected by the error, and no further changes are expected. The company, which has managed the fund since its inception, provides various investment services and has approximately $7 billion in assets under management as of October 15, 2024, through exchange-traded funds.

Positive

Quick identification and correction of the NAV error
No subscriptions or redemptions occurred during the error period, minimizing potential impact

Negative

Administrative error resulting in a significant NAV understatement of $1.71 per share
Potential impact on investor confidence due to the reporting inaccuracy

News Market Reaction

-3.96%

1 alert

-3.96% News Effect

On the day this news was published, LNGZ declined 3.96%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

10/16/2024 - 12:58 PM

OKLAHOMA CITY, Oct. 16, 2024 /PRNewswire/ -- Exchange Traded Concepts, LLC ("ETC") investment adviser of Range Global LNG Ecosystem Index ETF (NYSE Arca: LNGZ) (the "Fund") announces that the previously disclosed net asset value (NAV) per share of the Fund on October 15, 2024 contained an error of greater than 1%. The reported $25.36 NAV per share of the Fund was understated on October 15, 2024 by $1.71 per share due to an administrative error. The NAV was subsequently recalculated and revised to $27.07 per share. There were no subscriptions or redemptions during the one-day period and no further changes are expected.

Exchange Traded Concepts, LLC has served as the Fund's investment adviser since the Fund's inception. ETC is a privately-held company which provides a variety of investment services, including asset management and financial advisory services, with collective assets under management of approximately $7 billion as of October 15, 2024 through exchange-traded funds.

FAQ

What was the NAV error for Range Global LNG Ecosystem Index ETF (LNGZ) on October 15, 2024?

The NAV for LNGZ was initially reported as $25.36 per share but was understated by $1.71. The corrected NAV was $27.07 per share.

Were there any subscriptions or redemptions affected by the LNGZ NAV error on October 15, 2024?

No, there were no subscriptions or redemptions during the one-day period affected by the NAV error for LNGZ.

What is the total assets under management for Exchange Traded Concepts, as of October 15, 2024?

Exchange Traded Concepts, reported approximately $7 billion in assets under management through exchange-traded funds as of October 15, 2024.

When was the NAV error for Range Global LNG Ecosystem Index ETF (LNGZ) discovered and corrected?

The NAV error for LNGZ was discovered and corrected on October 16, 2024, the day after the error occurred on October 15, 2024.

Net Asset Value Restatement for Range Global LNG Ecosystem Index ETF (LNGZ)