More than 200,000 Chinese investors filed complaints against UBS SDIC Fund Management after a sudden valuation change in its silver fund caused heavy losses. On February 2, UBS SDIC switched the fund’s valuation benchmark from Shanghai Futures Exchange prices to international market prices without prior notice. This decision came after a sharp global silver price drop on January 30, when silver plunged over 30% from about US$121 per ounce. Shanghai futures could only cap losses at 17%, so the switch increased the fund’s value drop to 31.5%, surprising investors. The fund, a joint venture between Swiss bank UBS and state-owned SDIC Group, manages China’s only silver fund called UBS SDIC Silver Futures Fund LOF. Despite setting up a task force and offering a tiered compensation plan for investors who redeemed on February 2, many investors remain unhappy with the remedy. The complaints swelled on the last day of the Year of the Snake as thousands sought help through the Xiaofei Bao consumer protection platform.