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VanEck

Lack Of Disclosure Costs VanEck Almost $2 Million Fine In SEC’s ETF Investigation

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent development, VanEck, a registered investment adviser and issuer of Bitcoin Exchange Traded Funds (ETFs), has settled with the US Securities and Exchange Commission (SEC). 

The company has agreed to pay a civil penalty of $1.75 million to settle charges related to its failure to disclose the involvement of a social media influencer in the launch of its Social Sentiment ETF.

SEC Finds VanEck Guilty

According to the SEC’s order, VanEck launched the VanEck Social Sentiment ETF (BUZZ) in March 2021. The ETF was designed to track an index based on “positive insights” from social media and other data. 

The index provider informed VanEck Associates that they intended to engage a “well-known and controversial” social media influencer to promote the index during the ETF’s launch. 

Related Reading: Bitcoin Contract Explosion: Frenetic Activity As $23 Billion Floods Major Exchanges

As part of the influencer’s compensation structure, they would receive a licensing fee linked to the fund’s size. This fee would increase proportionally as the fund’s assets grew, granting the index provider a larger share of the management fee paid to VanEck Associates.

However, the SEC’s order found that the asset manager failed to disclose the influencer’s planned involvement and the sliding scale fee structure to the ETF’s board when seeking approval for the fund launch and the management fee. 

According to the SEC, this lack of disclosure limited the board’s ability to evaluate the economic impact of the licensing arrangement and the influencer’s participation as they considered VanEck’s advisory contract for the fund.

Andrew Dean, Co-Chief of the SEC’s Enforcement Division’s Asset Management Unit, emphasized the importance of advisers’ accurate disclosures, particularly in matters that can impact the advisory contract. The SEC official noted that VanEck’s failure to disclose these details regarding the high-profile fund launch hindered the board’s decision-making.

Without admitting or denying the SEC’s findings, the now Bitcoin Spot ETF issuer consented to the entry of the SEC’s order, which found that the company violated the Investment Company Act and Investment Advisers Act. In addition to the $1.75 million civil penalty, VanEck has agreed to a cease-and-desist order and will implement measures to prevent similar disclosure failures.

Fee Cut For HODL Bitcoin ETF

As competition in the spot Bitcoin ETF market intensifies, fee cuts and steady inflows dominate the landscape. In this regard, VanEck recently announced a fee reduction for its new spot Bitcoin ETF, HODL.

Starting February 21st, the management fee will be lowered from 0.25% to 0.20%, signaling the ongoing fee wars among ETF issuers.

Related Reading: How Much To Hack Bitcoin And Ethereum? New Study Reveals Price

Looking at the overall Bitcoin ETF market, analytics firm SoSo Value data shows that the spot Bitcoin ETF market continues attracting significant investor interest. 

VanEck
Bitcoin ETF market data as of February 15. Source: SoSo Value

On February 15, the market saw a total net inflow of $477 million, marking the fifteenth consecutive trading day of net inflows. However, it’s worth noting that Grayscale’s ETF, GBTC, experienced a net outflow of $174 million on the same day.

Among the Bitcoin spot ETFs, BlackRock’s IBIT emerged as the leader in net inflows on February 15th. The ETF recorded a daily net inflow of $330 million, showcasing its strong appeal to investors. IBIT has garnered a total historical net inflow of $5.17 billion to date, solidifying its position as a significant player in the market.

VanEck
BTC sideways price action above the $52,000 mark on the daily chart. Source: BTCUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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