溢价率超47%！紧急提示风险

Core Viewpoint - The recent surge in the National Investment Silver LOF fund has led to a trading halt and a significant premium rate exceeding 47%, raising concerns about potential risks for investors who buy at high premiums [2][6][12]. Group 1: Market Performance - On December 22, the National Investment Silver LOF resumed trading after a 1.5-hour suspension, experiencing a rapid price increase, with a peak rise of over 8% before closing at a 10% gain [4][6]. - The fund's market price has increased by over 87% since November 25, with a closing price of 2.575 yuan and a trading volume of 1.331 billion yuan [6][4]. Group 2: Premium Rate and Risk Warnings - The premium rate for the National Investment Silver LOF reached 47.63%, prompting the fund company to issue 11 risk warning announcements since December 1, advising investors of potential losses if they invest blindly at high premiums [6][12]. - Industry experts indicate that the high premium is partly due to the fund's limited supply and the recent surge in silver prices, suggesting that the premium may quickly disappear if silver prices decline [13][12]. Group 3: Fund Management Adjustments - To mitigate the high premium, the fund company has adjusted the subscription limits for the National Investment Silver LOF, increasing the upper limit for A-class shares from 100 yuan to 500 yuan, while reducing the limit for C-class shares from 1000 yuan to 500 yuan [8][10]. - The adjustments aim to enhance the effective supply of shares in the market and provide a cooling mechanism for overheated trading sentiment [8][10]. Group 4: Operational Challenges - The fund has faced challenges due to frequent inflows and outflows of capital, which can significantly increase tracking errors and affect the fund's performance against its benchmark [10][11]. - The fund's investment in silver futures contracts means that large fluctuations in capital can lead to frequent portfolio adjustments, increasing transaction costs and impacting investor interests [10][11].