Guotou UBS Silver Fund Compensation Work Has Started, Over Ten Thousand People Have Filed for Settlement

The China Investment UBS Silver Fund Compensation Event Has New Developments. On February 26, the “China Investment UBS Silver Fund” mini-program launched on Alipay. Investors who meet the compensation criteria can complete identity verification in the mini-program and handle settlement matters online. As of 5 p.m. on February 26, when the Shanghai Securities News reporter published this, over 10,000 users had used the mini-program, and some users told reporters they had successfully applied for compensation.

Layered Compensation Principles for Investors

On February 2, the net asset value of the China Investment UBS Silver Fund dropped sharply by 31.5% due to valuation adjustments, sparking market controversy. On February 6, China Investment UBS Fund announced that the company was actively studying and formulating relevant plans to support investors in resolving their demands. Before the Spring Festival, the fund issued an announcement regarding the silver fund compensation plan.

Sources indicate that the fund adopts a layered approach to compensate investors. The compensation plan applies to individual investors who redeemed on February 2, 2026, with net asset value confirmation (including redemption applications submitted after 3 p.m. on January 30, 2026, and before 3 p.m. on February 2, 2026), excluding institutional investors.

For individual investors affected by valuation adjustments (from -17% to -31.5%) with impact amounts below 1,000 yuan, the full amount of impact will be used to determine the settlement amount. It is understood that this group accounts for 92.4% of the investors who redeemed on that day.

For individual investors with impact amounts exceeding 1,000 yuan (including 1,000 yuan), the total settlement amount will be calculated based on 1,000 yuan plus the excess amount multiplied by a certain ratio. Specifically: for impact amounts between 1,000 and 2,000 yuan, the settlement ratio is 35%; between 2,000 and 3,000 yuan, 25%; between 3,000 and 5,000 yuan, 15%; between 5,000 and 10,000 yuan, 10%; and amounts exceeding 10,000 yuan are capped at 5%.

Funding for Compensation Comes from Company Assets

The mini-program implementing the compensation plan officially launched on Alipay on February 26. Reporters learned that if there are discrepancies in the bank card registered by investors, after handling related procedures, the overall compensation can be received within about 10 working days.

A relevant person from China Investment UBS Fund told Shanghai Securities News that using Alipay for compensation aims to redefine the service standards for investor protection, demonstrating the efficiency and warmth of “finance serving the people.” “Convenient” means avoiding the trouble of in-person visits and litigation; “reliable” ensures protection against scams and information leaks. Replacing gray areas of rights protection with official, convenient channels is the most responsible safeguard for investors’ time and assets.

Where does the compensation fund come from? Reporters learned that the funds come from the company’s assets, specifically from the company’s risk reserve and own funds, without affecting the independence of the fund assets or the interests of fund holders.

Additionally, according to the compensation plan, on-exchange investors and investors who have not redeemed are not included in the scope of compensation.

Industry experts say that for on-exchange investors, this valuation adjustment directly affects the fund’s net asset value but only impacts purchase and redemption transactions based on NAV. Their gains and losses mainly depend on secondary market trading prices, and their trading behavior is not directly affected by the valuation method adjustment.

For investors who have not redeemed, experts state that the valuation adjustment has no substantive impact on them on that day. Objectively, the combined net asset value of China Investment UBS Silver Fund on February 2 and 3 declined by about 30%, consistent with the two-day cumulative decline of silver futures contracts on the Shanghai Futures Exchange.

Maximizing Protection of Holders’ Interests

China Investment UBS Fund previously stated that the market environment at that time was abnormal, with an “epic” plunge in international silver prices, with daily fluctuations far exceeding normal levels. However, the domestic futures market has a limit-up and limit-down system. If the fund continues to use the settlement price of the Shanghai Futures Exchange silver futures for valuation, the net asset value would significantly exceed the true value of the underlying assets in the international market, creating a “phantom high.” If valuation adjustments are not made, losses will be borne by existing investors.

Why did the company announce the valuation adjustment after making it? Industry experts say that if the company announced it in advance, it might be interpreted by the market as guiding investors not to redeem, potentially causing panic and bank runs. Moreover, considering the timing of price determination and fairness, the public fund industry generally follows the practice of “announcing after valuation adjustment plans are finalized.” This approach aligns with the “unknown price” principle of fund redemption and subscription, and helps prevent misleading investors and market panic.

The experts also noted that the fund company’s adjustment of valuation is in compliance with contractual agreements, aiming to maximize the protection of investors’ interests and avoid “pre-emptive redemptions.” The compensation plan does not deny the valuation adjustment but actively addresses investors’ “experience gap.” The valuation adjustment itself follows industry norms and proper procedures, without illegal or irregular conduct. However, the company considers small and medium investors’ “experience” and proactively crosses the “exemption zone” to respond to investor concerns, better embodying the principle of “finance serving the people.”