<p>Destiny Tech100 是一隻封閉式基金。與持續發行和贖回股份的交易所交易基金或傳統共同基金不同，封閉式基金在首次公開募股時發行固定數量的股份，以籌集資金用於投資。之後，股份數量大多保持不變。投資者可以在股票市場上買賣該基金的股份，但新資金通常不會流入基礎投資。</p>
<p>換句話説，當投資者交易 Destiny Tech100 時，他們是在相互交易基金的股份，而不是直接投資於像 SpaceX 或 Anthropic 這樣的私人公司。</p>
<p>封閉式基金的交易價格通常低於其淨資產值（NAV），這反映了其持有資產的價值減去運營基金的成本等多個因素。但 Destiny Tech100 僅在每季度計算一次其 NAV，這意味着投資者在其財政第二季度結束之前不會獲得其公允價值的更新。</p>
<p>截至 3 月 31 日，Destiny Tech100 的 NAV 為每股 24.56 美元，而根據 FactSet 數據，截至週一下午，其市值超過 10 億美元，或每股 71.24 美元，週二回落。</p>
<p>這一曾經達到 NAV 的 190% 溢價提醒投資者，封閉式基金的價格可能與實際價值 &#34;顯著偏離&#34;，Zacks Investment Research 的 ETF 研究主管 Neena Mishra 説道。</p>
<p>&#34;像 Destiny Tech100 或 Fundrise Innovation Fund VCX 這樣的基金存在很多不透明性，&#34; Mishra 週二通過電話告訴 MarketWatch，&#34;因此完全缺乏透明度，並且它們非常昂貴。&#34; &#34;投資者往往在炒作激增時蜂擁而入，因此很多人最終在這些困難且波動的證券中虧損。&#34;</p>
<p>Prasad、Destiny Tech100 和 Anthropic 並未立即回應 MarketWatch 的評論請求。</p>
<p>閲讀更多：'DRAM' 內存 ETF 開局火爆，槓桿版即將來襲。</p>
<p>-William Gavin -Isabel Wang</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和華爾街日報發佈。</p>
<p>（結束）道瓊斯新聞通訊</p>
<p>05-13-26 1223ET</p>

DXYZ

<p>Destiny Tech100 是一隻封閉式基金，發行固定數量的股份，允許投資者在股票市場上交易，而無需直接投資於私營公司。它每季度計算一次淨資產值（NAV），最近的每股淨資產值為 24.56 美元，而以每股 71.24 美元的市場價格交易，市值超過 10 億美元，反映出 190% 的溢價。專家警告稱，此類基金存在不透明和高成本的問題，提醒投資者在炒作驅動的交易中可能會遭受損失</p>

<p>Destiny Tech100 is a closed-end fund. Unlike an exchange-traded fund or a traditional mutual fund that continuously issues and redeems shares, a closed-end fund issues a fixed number of shares at its initial public offering to raise capital that is plowed into its investments. After that, the number of shares mostly stays the same. Investors can buy and sell shares of the fund on the stock market, but new money typically does not flow into the underlying investments.</p>
<div class="lb-trans"><p>Destiny Tech100 是一隻封閉式基金。與持續發行和贖回股份的交易所交易基金或傳統共同基金不同，封閉式基金在首次公開募股時發行固定數量的股份，以籌集資金用於投資。之後，股份數量大多保持不變。投資者可以在股票市場上買賣該基金的股份，但新資金通常不會流入基礎投資。</p>
</div><p>In other words, when investors trade Destiny Tech100, they are trading the fund's shares with each other, not directly investing in private companies such as SpaceX or Anthropic.</p>
<div class="lb-trans"><p>換句話説，當投資者交易 Destiny Tech100 時，他們是在相互交易基金的股份，而不是直接投資於像 SpaceX 或 Anthropic 這樣的私人公司。</p>
</div><p>Closed-end funds often trade at a discount to their net asset value, or NAV, reflecting, among other factors, the value of their holdings minus the cost of operating the fund. But Destiny Tech100 only computes its NAV quarterly, which means investors will not get an update on its fair value until the end of its fiscal second quarter.</p>
<div class="lb-trans"><p>封閉式基金的交易價格通常低於其淨資產值（NAV），這反映了其持有資產的價值減去運營基金的成本等多個因素。但 Destiny Tech100 僅在每季度計算一次其 NAV，這意味着投資者在其財政第二季度結束之前不會獲得其公允價值的更新。</p>
</div><p>Destiny Tech100 had a NAV of $24.56 a share as of March 31, while its market capitalization stood at over $1 billion, or $71.24 per share, as of Monday afternoon, before pulling back on Tuesday, according to FactSet data.</p>
<div class="lb-trans"><p>截至 3 月 31 日，Destiny Tech100 的 NAV 為每股 24.56 美元，而根據 FactSet 數據，截至週一下午，其市值超過 10 億美元，或每股 71.24 美元，週二回落。</p>
</div><p>That one-time 190% premium to its NAV is a reminder for investors that the price of the closed-end fund can &#34;deviate significantly&#34; from the actual value, said Neena Mishra, director of ETF research at Zacks Investment Research.</p>
<div class="lb-trans"><p>這一曾經達到 NAV 的 190% 溢價提醒投資者，封閉式基金的價格可能與實際價值 &#34;顯著偏離&#34;，Zacks Investment Research 的 ETF 研究主管 Neena Mishra 説道。</p>
</div><p>&#34;There is a lot of opacity&#34; for funds like Destiny Tech100 or Fundrise Innovation Fund VCX, &#34;so there's a total lack of transparency and they are very expensive,&#34; Mishra told MarketWatch via phone on Tuesday. &#34;Investors tend to pile in when the hype surges, so probably many end up losing money in these hard and volatile securities.&#34;</p>
<div class="lb-trans"><p>&#34;像 Destiny Tech100 或 Fundrise Innovation Fund VCX 這樣的基金存在很多不透明性，&#34; Mishra 週二通過電話告訴 MarketWatch，&#34;因此完全缺乏透明度，並且它們非常昂貴。&#34; &#34;投資者往往在炒作激增時蜂擁而入，因此很多人最終在這些困難且波動的證券中虧損。&#34;</p>
</div><p>Prasad, Destiny Tech100 and Anthropic did not immediately respond to MarketWatch's requests for comment.</p>
<div class="lb-trans"><p>Prasad、Destiny Tech100 和 Anthropic 並未立即回應 MarketWatch 的評論請求。</p>
</div><p>Read more: The 'DRAM' memory ETF has gotten off to a blazing start. Here comes a leveraged version.</p>
<div class="lb-trans"><p>閲讀更多：'DRAM' 內存 ETF 開局火爆，槓桿版即將來襲。</p>
</div><p>-William Gavin -Isabel Wang</p>
<div class="lb-trans"><p>-William Gavin -Isabel Wang</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和華爾街日報發佈。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（結束）道瓊斯新聞通訊</p>
</div><p>05-13-26 1223ET</p>
<div class="lb-trans"><p>05-13-26 1223ET</p>
</div>

為什麼一個備受關注的基金宣傳持有熱門股份 -2-