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KGI Securities Fined NT$600,000 for Inconsistent ETF vs Index Performance Comparison
FSC Taiwan fined KGI Securities Investment Trust Co., Ltd. NT$600,000 for publishing marketing materials that compared ETF total returns (dividends included) against the underlying index's price returns (dividends excluded). The inconsistent comparison basis was found on the firm's website and simplified prospectuses across multiple funds over an extended period, creating potential investor misunderstanding that ETF performance exceeded the tracked index. The regulator also issued a corrective order requiring the firm to align its performance disclosures.
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