VanEck will pay a $1.75 million fine to the SEC for violating regulations in ETF marketing
Asset management group VanEck will pay a fine of $1.75 million to settle charges by the U.S. Securities and Exchange Commission (SEC) related to its social media-focused ETF launched in 2021, as reported by Cointelegraph. The SEC imposed civil penalties on the company. In a statement on February 16th, the SEC revealed that when VanEck launched its social mood ETF in March 2021, it did not fully disclose the involvement of a well-known social media personality in promoting the product. The ETF aims to track an index through "positive insights" from social media and other data sources. However, the SEC found that in order to increase the fund's success rate through social media, VanEck collaborated with an influential online personality to enhance the fund's appeal.
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