国投白银LOF补偿方案今日启动，专家详解两大核心问题

Core Viewpoint - The compensation scheme for the Guotai Junan UBS Silver Futures Securities Investment Fund (LOF) is being implemented, focusing on individual investors who redeemed their shares between January 30, 2026, and February 2, 2026, while excluding institutional investors and those who did not redeem on February 2, 2026 [1][8]. Group 1: Compensation Scheme Details - The compensation scheme applies to individual investors who submitted redemption requests between January 30, 2026, at 15:00 and February 2, 2026, at 15:00 [1]. - The compensation does not cover investors who engaged in on-market trading or those who did not redeem on February 2, 2026, due to the different pricing mechanisms involved [3][4]. Group 2: Trading Mechanisms - The LOF fund operates under a dual trading mechanism: one for off-market subscription and redemption based on the net asset value (NAV) and another for on-market trading where prices are determined by real-time supply and demand [3][4]. - The NAV adjustment on February 2, 2026, directly impacts investors who redeemed their shares, while on-market investors' prices are determined by market conditions and are not directly linked to the NAV [4][6]. Group 3: Impact on Investors - Investors who did not submit redemption requests by February 2, 2026, are not eligible for compensation as their situation reflects "unrealized gains or losses" rather than "realized losses" [6][8]. - The fund's NAV on February 2, 2026, represents a temporary value for those who held shares, and their actual gains or losses will depend on future redemption decisions [6][8]. Group 4: Market Performance Analysis - Data indicates that the cumulative NAV return for the silver LOF fund on February 2 and 3, 2026, was -29.23%, closely aligning with the 29.34% decline in the Shanghai Futures Exchange silver futures contracts during the same period [7].