KGI Securities Fined NT$600,000 for Inconsistent ETF vs Index Performance Comparison
Summary
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.
Securities investment trust companies and fund managers offering ETFs in Taiwan should review their marketing materials, website disclosures, and simplified prospectuses for consistency in return calculations when comparing fund performance to a benchmark index. The specific conduct the FSC targeted was using total returns (dividends included) for the ETF alongside price returns (dividends excluded) for the tracked index — a practice that can overstate relative ETF performance. The corrective order and NT$600,000 fine apply directly under the Financial Consumer Protection Act and Securities Investment Advisory Act.
What changed
FSC Taiwan imposed a fine of NT$600,000 on KGI Securities Investment Trust and ordered corrective action after finding the firm compared ETF total returns (with dividends) against the tracked index's price returns (without dividends) in marketing materials and simplified prospectuses. Multiple funds were found to have disclosed this inconsistent comparison over an extended period. The violation was cited under the Securities Investment Advisory Act, the Financial Consumer Protection Act, public offering prospectus standards, and advertising conduct rules for securities firms.
Securities investment trust companies and asset managers in Taiwan that offer ETFs should audit their websites, prospectuses, and promotional materials to ensure performance comparisons between ETFs and their benchmark indices use consistent return methodologies. Using total returns for both, or price returns for both, is required to avoid misleading investors about relative performance.
Penalties
NT$600,000 fine under Article 30-1(1) of the Financial Consumer Protection Act; corrective order under Article 102 of the Securities Investment Advisory Act
Archived snapshot
Apr 20, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
新聞稿
金融監督管理委員會證券期貨局每日新聞（115年4月20日）
2026-04-20 壹、公開發行公司等動態
一、預計115年4月21日生效。
二、停止公開發行案件：無。
貳、證券投資信託基金案件
一、115年4月20日生效/核准：無。
二、自行補正案/停止申報生效案/解除申報生效案：無。
參、凱基證券投資信託股份有限公司違規處分案
一、裁罰時間：115年4月20日
二、受裁罰之對象：凱基證券投資信託股份有限公司（以下簡稱凱基投信）。
三、裁罰之法令依據：證券投資信託及顧問法第102條、金融消費者保護法第30條之1、證券投資信託事業募集證券投資信託基金公開說明書應行記載事項準則第3條第1款及第20條第2款第4目、金融服務業從事廣告業務招攬及營業促銷活動辦法第5條第1款、中華民國證券投資信託暨顧問商業同業公會會員及其銷售機構從事廣告及營業活動行為規範第12條第1項第2款第4目。
四、違反事實理由：凱基投信於公司網站及簡式公開說明書揭露內容，有以ETF之含息報酬率與標的指數不含息報酬率進行比較，有比較基礎不一致，易致投資人誤解ETF績效優於追蹤指數，且有數檔基金長期揭露存有前揭比較基礎不一致情事，核已違反證券投資信託相關管理法令。
五、處分結果：依證券投資信託及顧問法第102條規定處以糾正，並依金融消費者保護法第30條之1第1項第1款規定處罰鍰新臺幣60萬元。
聯絡單位：證券期貨局投信投顧組 林科長 聯絡電話：(02)2774-7490 相關附件
- 預計115.4.21生效案件(xlsx)
瀏覽人次： 132
更新日期： 2026-04-20
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