ARKVX vs DXYZ vs VCX 2026

Both listed funds have documented the swing themselves. DXYZ's May 2026 shelf registration carries a quarterly table of high and low closes against the NAV reported for each quarter: a second-quarter 2024 high close of $99.79 against a $5.15 quarterly NAV, quarterly lows still 53% to 356% above NAV through the third quarter of 2025, then lows of (1.1)% and (3.1)% at the turn of the year, then a 151% premium at $61.66 on May 21, 2026. The fund's financial highlights add the other half of the story: of the $13.49 rise in NAV per share during 2025, $9.95 came from selling new shares above NAV, and the market-price return to a shareholder that year was (47.96)%.

VCX's record is shorter and the same shape. The shares opened at $31.25 on March 19, 2026 against an audited $18.97 NAV twelve days later; the September 10 prospectus supplement put the September 8 close at $38.12 against a $21.70 NAV and warned that buyers at a premium "may incur significant losses even if NAV is stable or increases." The pre-listing lockup had expired a month early on August 13, and the supplement authorized up to $1 billion of new shares; no filing AltStreet located confirms sales under that authorization. The price fell to $29.62 by September 30 and $20.05 by November 6, 2026.

Discounts are no safer to assume than premiums. On November 6, DXYZ at $24.37 sat about 29% below its June 30 NAV of $34.30, but that NAV predates the $169 million of deployments the fund reported through August 27 and whatever its private marks did in the third quarter. VCX at $20.05 sat 7.6% below a September 8 NAV. A buyer who treats either gap as a bargain is taking a view on a number that the next filing will replace. ARKVX avoids the question in both directions: the fund issues shares at NAV and buys them back at NAV, and the price risk is in ARK's marks rather than in the market.

The September 2026 notice spells out the mechanics. The offer opened on September 2 and closed at the NYSE close on September 30, the Repurchase Request Deadline; the NAV used is the one calculated on the Repurchase Pricing Date, which the notice says will normally be the same day as the deadline, with the fund able to price later, and which may differ from the NAV on the day you decide to tender. The result of that offer had not been reported in a filing AltStreet located by November 8, 2026. The notice also reports the fund's NAV of $59.45 at August 31, 2026 and reminds holders that a repurchase is a taxable event and that a nominee may charge its own transaction fee. The fund has run this cycle every quarter since March 2023.

The record is good and the terms are the terms. Fourteen offers through June 2026 repurchased between 1.50% and 5.00% of shares; the four in fiscal 2026 bought every share tendered. But the offer is 5% and the fund's discretion to add 2% is a ceiling, not a floor. A quarter in which 10% of holders want out would leave most of them holding shares until the next window, with no secondary market to sell into. ARK has filed to register an exchange-listed Class X (proposed ticker ARKV) and offers tokenized access through Securitize; neither changes the exit for existing Class D, S and U holders today.

That is the trade against DXYZ and VCX in one line. The listed funds let you place a sell order whenever the exchange is open and tell you nothing about the price; ARKVX tells you the price basis and nothing about when, beyond the quarterly calendar.

The weights are not measured on the same day or the same base, which matters more here than usual. ARKVX publishes a monthly top ten on its site, most recently as of October 31, 2026, against net assets of $1,309 million. DXYZ's figures are economic exposure as a share of its investment portfolio at June 30, 2026, a date on which 57.5% of net assets sat in a money market fund waiting to be deployed; the fund says it deployed $169 million more by August 27, so the current weights are higher than the June table shows and will not be reported until the September 30 holdings filing. VCX's figures are from its March 31, 2026 annual report as a share of net assets, and the June 30 holdings report lists 62 positions without a look-through.

The rest of each list is where the funds differ. ARKVX's top ten includes Kalshi (5.89%), Ayar Labs (5.73%), Tenstorrent (4.22%), Stripe (4.10%), Lila Sciences (3.97%), Crusoe (3.52%) and Figure AI (2.48%), and 22.59% of the fund is in public companies after SpaceX listed in June 2026. DXYZ's exposure after its top three runs through OpenEvidence, Shield AI, Databricks and Revolut at 1% to 2% each, with the AI theme nearly half of deployed capital. VCX adds Databricks at 14.1%, Anduril at 5.5% and Ramp at 4.1%, plus 4.56% in data-center asset-backed securities.

Two structural points sit under the weights. DXYZ holds its largest positions through special purpose vehicles, some of which own forward contracts for shares to be delivered by unidentified existing shareholders rather than the shares themselves, and two of its twenty SPVs carry 20% and 10% carried interest. ARKVX and VCX also use third-party vehicles whose fees and carry do not appear in the funds' expense ratios. All three carry most of the book at Level 3, valued by the adviser.

Same basis means NAV total return over each fund's own reporting period, and the periods do not line up: ARKVX reports to July 31, VCX to March 31, DXYZ to December 31 with a June semi-annual. On those figures ARKVX returned 62.94% in fiscal 2026 and 30.26% a year since inception to July 31, 2026 (32.01% to September 30 per the fact sheet); VCX returned 68.39% in fiscal 2026 and 19.45% a year since July 2022; DXYZ returned 209.59% in 2025 and 72.12% in the first half of 2026, 81.80% a year since inception. All three were lifted by the 2025 to 2026 repricing of private AI companies and by the SpaceX listing.

DXYZ's NAV return needs its footnote attached. The fund's financial highlights split each year's NAV change between investment operations and the "impact of at-the-market offering": $3.54 from operations and $9.95 from issuance in 2025, $7.27 and $7.10 in the first half of 2026. Selling shares above NAV raises NAV per share for every existing holder, which is real value to them; it is not a portfolio return, and it stops when the premium does. The market-price return, which is what a shareholder actually earned, was (47.96)% in 2025 and (15.90)% in the first half of 2026.

On fees, read the base as well as the rate. DXYZ's 2.50% applies to average gross assets, so in a half year when 57.5% of the fund was a money market fund the adviser was paid 2.50% on cash; management fees were $11.15 million for the six months. ARKVX's 2.75% applies to net assets that are 68% ARK's own Level 3 marks. VCX's 1.85% is the lowest rate and the fund's shareholders kept it there by voting down a 2.50% proposal in February 2026. None of the three charges carried interest at the fund level; the vehicles underneath may.