Shares of EQT Holdings (ASX:EQT) rose around 1% in recent Friday trade after it said in a late Thursday filing that its subsidiary, Equity Trustees Superannuation (ETSL), intends to defend civil penalty proceedings initiated by the Australian Securities and Investments Commission over alleged due diligence failures related to the Shield Master Fund.

The commission claims ETSL failed to meet due diligence and monitoring standards when offering or increasing exposure to the shield master fund on a superannuation platform, the filing said.

The proceedings are seeking civil penalties against ETSL for the alleged misconduct, the filing added.