UBS SDIC Fund Management Co. changed the valuation model for a $2.2 billion silver fund to more closely track global futures prices, triggering a record drop in its net asset value and outcry among investors already bruised by a precious metals slump. The UBS SDIC Silver Futures Fund LOF will be valued based on prices in silver futures on major global markets instead of those listed at the Shangha...
UBS SDIC Fund Management Co. changed the valuation model for a $2.2 billion silver fund to more closely track global futures prices, triggering a record drop in its net asset value and outcry among investors already bruised by a precious metals slump. The UBS SDIC Silver Futures Fund LOF will be valued based on prices in silver futures on major global markets instead of those listed at the Shanghai Futures Exchange, according to statements from UBS SDIC. The change, which came into effect on Monday, led to a record 31.5% drop in the product’s net asset value. UBS SDIC, a joint venture between the Swiss bank and a unit of State Development and Investment Group Co., said in a statement that it strives “to timely and fairly reflect the true value in assets.” Last month’s rally in precious metals came to a halt on Friday when spot silver prices plunged more than 25%. Investors had been piling into commodities amid renewed concerns about geopolitical upheaval and threats to the US Federal Reserve’s independence. The LOF fund mainly invests in silver futures listed on the Shanghai bourse, which are bound by a 17% daily limit, while global futures markets have no price caps. The drop marks one of the sharpest single-day declines for Chinese mutual funds. Rookie Trader’s Rapid 84% Wipeout Shows Depth of China Gold Bust Gold Slump Eases as Traders Weigh Unwinding of ‘Crowded’ Bets China Gold Protests Expose Darker Side of Scorching Metals Rally The adjustment came as silver futures on the Comex tumbled 32.7% in the prior two sessions as a frenzied rally, partly fueled by Chinese speculators, ground to a halt. It has also sparked an outcry on social media. Any investor who tried to redeem the funds late Monday would incur an extra loss with the revaluation. UBS SDIC said the recent market upheaval, with global futures price declines far exceeding the 17% limit, meant the fund’s net asset value can’t fully and timely reflect the fair value in its underlying assets under the pr...
"To see in black and white the chances there were to step in, the signs that were missed and how many opportunities there were to protect my boy is something I'll carry with me for the rest of my life."
"To see in black and white the chances there were to step in, the signs that were missed and how many opportunities there were to protect my boy is something I'll carry with me for the rest of my life."
Precious metals clawed back some losses after the dramatic unwinding of their record-breaking rally. George Cheveley, Natural Resources Portfolio Manager at Ninety One, told Joumanna Bercetche on Horizons Middle East and Africa that he sees core structural drivers remaining intact. (Source: Bloomberg)
Precious metals clawed back some losses after the dramatic unwinding of their record-breaking rally. George Cheveley, Natural Resources Portfolio Manager at Ninety One, told Joumanna Bercetche on Horizons Middle East and Africa that he sees core structural drivers remaining intact. (Source: Bloomberg)
Clintons agree to testify in House Epstein investigation ahead of contempt of Congress vote toggle caption LM Otero/AP WASHINGTON — Former President Bill Clinton and former Secretary of State Hillary Clinton agreed late Monday to testify in a House investigation into convicted sex offender Jeffrey Epstein, but the Republican leading the probe said an agreement had not yet been finalized. Rep. Jame...
Clintons agree to testify in House Epstein investigation ahead of contempt of Congress vote toggle caption LM Otero/AP WASHINGTON — Former President Bill Clinton and former Secretary of State Hillary Clinton agreed late Monday to testify in a House investigation into convicted sex offender Jeffrey Epstein, but the Republican leading the probe said an agreement had not yet been finalized. Rep. James Comer, the chair of the House Oversight Committee, continued to press for criminal contempt of Congress charges against both Clintons Monday evening for defying a congressional subpoena when attorneys for the Clintons emailed staff for the Oversight panel, saying the pair would accept Comer's demands and "will appear for depositions on mutually agreeable dates." The attorneys requested that Comer, a Kentucky Republican, agree not to move forward with the contempt proceedings. Comer, however, said he was not immediately dropping the charges, which would carry the threat of a substantial fine and even incarceration if passed by the House and successfully prosecuted by the Department of Justice. Sponsor Message "We don't have anything in writing," Comer told reporters, adding that he was open to accepting the Clintons' offer but "it depends on what they say." The last-minute negotiating came as Republican leaders were advancing the contempt resolution through the House Rules Committee — a final hurdle before it headed to the House floor for a vote. It was potentially a grave moment for Congress, the first time it could hold a former president in contempt and advance the threat of prison time. As Comer and the Clintons negotiated over the terms of the depositions, the House Rules Committee postponed advancing the contempt of Congress resolutions. Comer earlier Monday rejected an offer from attorneys for the Clintons to have Bill Clinton conduct a transcribed interview and Hillary Clinton submit a sworn declaration. He insisted that both Clintons sit for sworn depositions befo...
Elon Musk is combining SpaceX and xAI as he looks to fuel his increasingly costly ambitions in artificial intelligence and space exploration. The deal gives SpaceX a valuation of $1 trillion, and xAI a value of $250 billion, people familiar with the matter said. Bloomberg’s Neil Campling breaks down the possible reasoning behind the deal.
Elon Musk is combining SpaceX and xAI as he looks to fuel his increasingly costly ambitions in artificial intelligence and space exploration. The deal gives SpaceX a valuation of $1 trillion, and xAI a value of $250 billion, people familiar with the matter said. Bloomberg’s Neil Campling breaks down the possible reasoning behind the deal.
The sultan of Pahang in Malaysia has urged the public to view royal pardons with “calmness of emotion” and not as “a political gift”, in what analysts describe as a pointed reminder that clemency is a constitutional process, amid a furore over a decree supposedly extended to ex-prime minister Najib Razak According to Najib, the supplementary royal decree, or “addendum”, would allow him to serve hi...
The sultan of Pahang in Malaysia has urged the public to view royal pardons with “calmness of emotion” and not as “a political gift”, in what analysts describe as a pointed reminder that clemency is a constitutional process, amid a furore over a decree supposedly extended to ex-prime minister Najib Razak According to Najib, the supplementary royal decree, or “addendum”, would allow him to serve his reduced prison sentence at home, after the Kuala Lumpur High Court dismissed his bid to enforce a similar document in December last year. The claim has polarised opinion in Malaysia, where Najib’s corruption cases remain a sensitive test of the rule of law, elite privilege and the credibility of institutions. Advertisement Najib, once the country’s most powerful politician, is already serving a sentence linked to the 1Malaysia Development Berhad (1MDB) sovereign fund scandal and continues to command loyalty inside parts of his former party, the United Malays National Organisation (Umno), now a key component of Prime Minister Anwar Ibrahim’s unity government. At Umno’s general assembly last month, party president Ahmad Zahid Hamidi reiterated that the party’s backing for Najib “had never changed”, and appealed to Malaysia’s current king, Sultan Ibrahim, to show “compassion” so Najib could return to his family. Advertisement In a statement posted by the Pahang palace on late Monday, Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said the royal “prerogative of mercy” under the federal constitution should not be read “emotionally, or with mixed sentiment”.
Klaus Vedfelt/DigitalVision via Getty Images Back in August, I initially reviewed the Dan IVES Wedbush AI Revolution ETF ( IVES ). For investors unfamiliar with Dan Ives, he is the legendary tech analyst with eye catching attire. At the time, I gave the ETF a "Hold" rating as I wanted to wait and see how IVES performed in the back half of 2025, given it was a rather new ETF. Over the last six mont...
Klaus Vedfelt/DigitalVision via Getty Images Back in August, I initially reviewed the Dan IVES Wedbush AI Revolution ETF ( IVES ). For investors unfamiliar with Dan Ives, he is the legendary tech analyst with eye catching attire. At the time, I gave the ETF a "Hold" rating as I wanted to wait and see how IVES performed in the back half of 2025, given it was a rather new ETF. Over the last six months, IVES is up over 14%, and so far in 2026, the ETF is up less than 2%. Comparatively, the Vanguard 500 Index Fund ETF ( VOO ) is up 9% in the last six months, and YTD VOO is up 1.45%. Despite this outperformance, I'm not jumping for joy at these results given this ETF's fees and overall market risk. I'll share why I'm downgrading IVES and why fellow investors might want to reconsider allocating funds to this ETF. Fund Strategy and Holdings As I noted in my prior article, this ETF's strategy is simple: find the companies that are poised to lead the artificial intelligence revolution. The fund currently has 30 stocks, including mostly large tech names like the Magnificent 7: Wedbush Funds Currently in IVES, the Mag 7, four big chip makers (Micron, AMD, TSM, and Broadcom), and lastly Alibaba ( BABA ) make up the fund's top twelve holdings. Roughly 58% of IVES is being allocated to these twelve gigantic companies. Now, let's look at VOO's top ten holdings: Seeking Alpha Excluding Berkshire, you have the same exact companies in VOO's top ten holdings, which account for roughly 37% of the fund's top holdings. It's no secret that VOO is extremely concentrated now with these tech titans leading the way. An investment in the Nasdaq 100 ( QQQ ) now isn't that much different from VOO given these leading companies. I'd argue IVES isn't much different given more than half of the ETF is being allocated to the world's largest companies. In this situation, a notable earnings miss or correction for one key holding (like Microsoft, for example) would have more of a resounding impact on IVE...