Silver LOF "closed its doors to guests" on the first day, rising over 7% after suspension in the morning, as capital speculation heats up.

A popular fund's suspension of subscriptions often triggers a chain reaction. On January 28, 2026, after surging nearly 230% over 45 trading days, GTJA UBS Fund "completely" suspended the subscription service for its Silver LOF Fund. This decision also means the only major public fund investing in silver futures in the market will temporarily "close its doors to visitors." On the first day of suspension, the Silver ETF resumed trading after a one-hour halt and continued to soar, with gains exceeding 7% in half a day—outperforming the previous trading day's increase! Previously, GTJA UBS had announced that the reason for suspending subscriptions (including regular investment) was "to protect the interests of fund unit holders." Currently, it appears this move has sparked widespread attention from investors and the market, along with more complex "feedback." Suspending Subscriptions: Upgraded Risk Control to Prevent Risk Expansion GTJA UBS Fund announced on January 26 the suspension of subscriptions for the GTJA UBS Silver LOF Fund. According to the announcement, starting January 28, the door for new capital inflows (including subscriptions and regular investments) will be closed. In fact, the fund had already begun tightening subscription restrictions quite some time ago. Over the past few months, the Silver LOF Fund’s capital limitation policies have become stricter, especially regarding limits on regular investments. On October 15, 2025, the fund manager announced adjustments to the regular investment limits for Class A and Class C units, to 6,000 yuan and 40,000 yuan respectively. In the following two months, these limits were gradually reduced. On October 20 and December 19, the fund released two more announcements, further reducing the regular investment cap to 100 yuan and 1,000 yuan. On December 29, 2025, the company announced suspension of subscriptions for Silver LOF Class C units, which, due to subscription fee arrangements, are considered more suitable for short-term investors. At the same time, the subscription cap for Class A units was lowered to 100 yuan per day. But clearly, these measures failed to stem the influx of capital. From January 28, the fund fully suspended new subscriptions, meaning investors can no longer make additional investments in either Class A or C units. From another perspective, these measures show that the fund manager is striving to control the fund's size expansion, and avoid further exposure to risk for investors amid high market uncertainty. Official Account Communication In addition to tightening subscription measures, the fund manager has frequently issued "cooling" signals. On the evening of January 27, GTJA UBS communicated with investors via its official WeChat account regarding the temporary halt of the Silver LOF Fund, providing the following clarifications: About redemption: This suspension of subscriptions does not affect redemptions of existing units. Investors can process redemptions as usual. About on-exchange trading: During non-halt periods, investors can continue to buy and sell fund units in the secondary market through securities accounts. In addition to net asset value fluctuations, secondary market prices are also subject to market supply and demand, systemic risk, liquidity risk, and other factors. About halt mechanism: Recently, secondary market trading prices for this fund have significantly exceeded the net asset value per unit, with a substantial premium. We may apply to Shenzhen Stock Exchange to halt trading of this fund to alert the market to risks. Details will be subject to actual announcements. GTJA UBS also mentioned in the article: "We understand your interest in market opportunities, but in the long run, secondary market prices for the fund will fluctuate around its net value. The current high premium is not sustainable, and you should be wary of price corrections from market sentiment cooling. Please view this rationally and make prudent decisions." Premium Risk Alert Besides "suspending subscriptions" and "moral exhortations," GTJA UBS Fund has also issued risk alerts regarding premium risks. Since the beginning of 2026, GTJA UBS Fund has released multiple warnings about premium risks and trading halts/resumptions. In January alone, the fund manager issued 17 premium risk warnings and 12 halt/resumption announcements. The frequency of these warnings signifies the manager’s serious concern over current market premiums, and the adoption of frequent risk reminders to prompt investors to make rational decisions. According to Wind data, as of the latest, GTJA UBS Silver LOF’s premium rate exceeds 40%. This means investors buying the fund units on exchange pay prices over 40% higher than the actual net asset value. Since early 2026, Silver LOF’s price has soared, with cumulative gains topping 85%. However, the deviation between price and net asset value continues to widen, with market sentiment driving a rapid price surge. But the capital game is still unfolding—as on January 28, with new subscriptions suspended, the Silver LOF’s gains further expanded. Risk warning and disclaimer The market carries risks; investment should be done with prudence. This article does not constitute personal investment advice, nor does it take into account readers’ individual investment objectives, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment decisions based on this article are at your own risk.