On the first day of the silver LOF "closed door to guests," it rose over 7% after being suspended in the morning, with capital speculation heating up

The suspension of subscriptions for a popular fund often triggers a series of chain reactions.

On January 28, 2026, after a nearly 230% surge over 45 trading days, UBS SDIC Fund "completely" suspended the subscription business for its silver LOF fund.

This decision also means that the only major public fund investing in silver futures in the market will temporarily "close its doors."

On the first day of the suspension, the silver ETF resumed trading one hour after being suspended and continued to surge, with an increase of over 7% in half a day, surpassing the previous trading day's gains!

Previously, UBS SDIC announced that the reason for suspending subscriptions (regular investment) was "to protect the interests of fund shareholders."

Currently, this move has attracted widespread attention and more complex "feedback" from investors and the market.

Suspension of Subscriptions: Upgraded Risk Control to Prevent Risk Expansion

UBS SDIC Fund announced the suspension of subscriptions for the UBS Silver LOF Fund on January 26. The announcement decided to close the door to new capital inflows (including subscriptions and regular investments) starting from January 28.

In fact, the fund had already begun tightening subscription restrictions early on. The capital restriction policy for the UBS Silver LOF Fund has been continuously tightened over the past few months, especially regarding the limits on regular investment amounts.

On October 15, 2025, the fund management announced adjustments to the regular investment limits for Class A and Class C shares, set at 6,000 yuan and 40,000 yuan, respectively.

In the following two months, this limit was gradually reduced, with announcements on October 20 and December 19 adjusting the regular investment amount limits to 100 yuan and 1,000 yuan, respectively.

On December 29, 2025, the company announced the suspension of subscriptions for Class C shares of the silver LOF, which are generally considered more suitable for short-term investors due to the subscription fee structure.

The subscription limit for Class A shares had also been tightened to 100 yuan per day at that time.

However, it is evident that these measures were insufficient to curb capital inflows. Starting January 28, the fund fully suspended subscriptions, meaning that investors could no longer make new investments in either Class A or Class C shares.

This measure indicates, from another perspective, that the fund management is striving to control the expansion of the fund's scale to avoid further exposure of investors to risks in a highly uncertain market.

Official WeChat Communication

In addition to tightening subscription measures, the fund manager has also frequently released "cooling" signals to the outside.

On the evening of January 27, UBS SDIC communicated with investors through its official WeChat account, providing the following explanation regarding the suspension of the silver LOF:

Regarding Redemption: The current suspension of subscriptions does not affect the redemption business of existing shares, and investors can normally process redemptions.

Regarding On-Market Trading: During non-suspension periods, investors can still buy and sell fund shares normally through their securities accounts in the secondary market. The trading price in the secondary market is subject to risks from fluctuations in the net asset value of fund shares, as well as other factors such as market supply and demand, systemic risk, and liquidity risk

About the Suspension Mechanism: Recently, the trading price of this fund in the secondary market has been significantly higher than the net asset value of the fund shares, resulting in a substantial premium. We may take measures to apply for the suspension of this fund from the Shenzhen Stock Exchange to warn the market of risks, with specific details to be announced at that time.

UBS SDIC also stated in the article: “We understand your concerns about market opportunities, but in the long run, the trading price of the fund in the secondary market will fluctuate around its net asset value. The current high premium is not sustainable, and caution is needed regarding price corrections due to cooling market sentiment. Please view this rationally and make prudent decisions.”

Reminder of Premium Risk

In addition to measures such as “suspending subscriptions” and “moral persuasion,” UBS SDIC Fund has also issued reminders regarding premium risks.

At the beginning of 2026, UBS SDIC Fund has repeatedly issued reminders about premium risks and announcements regarding suspensions and resumption of trading.

In January alone, the fund management has issued 17 reminders about premium risks and 12 announcements regarding suspensions and resumption of trading. The frequent warnings indicate that the fund management is highly concerned about the current market premium phenomenon and has taken more frequent risk reminders to alert investors to make rational decisions.

According to Wind data, as of the latest, the premium rate of UBS SDIC Silver LOF has exceeded 40%. This means that investors are paying a price in the market that is 40% higher than the actual net asset value of the fund.

Since the beginning of 2026, the price of UBS SDIC Silver LOF has surged rapidly, with a cumulative increase exceeding 85%.

However, the degree of deviation between price and net asset value continues to widen, driven by market sentiment, leading to a sharp rise in fund prices.

But the capital game is still unfolding, and after losing the new scale of subscription issuance, the increase of Silver LOF on January 28 is still expanding.