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Let's go over $BOT since there's a lot of misunderstandings around it and NAV. Why own bot? Bc you get liquid exposure to the leading robotics companies. It's essentially a bet that there will be mark appreciation from further funding rounds sometime over the next 12-18 months. *IF* you believe that happens, THEN its likely a pretty good bet. If you think Figure, apptronik, or any others raise more capital, then you essentially should see that jump in AUM. When value is created in the private rounds, it should be expressed in the public shares. Two: you aren't going to get to buy it at nav bc that implies that you are going to buy a valuation that was never available to the public in the first place, and get to buy at that nav while being liquid while their shares are illiquid and may not IPO for several years. It's a closed end fund, of course there is a premium. You are paying a premium to get to trade liquid shares of pre-ipo companies The main risk is that you see one of the portco's do a down round. But considering VC funding is set to increase over the next year or two for robotics. It is more likely than not you get to capture some of that upside. This just my take, and opinion. Subject to change if new information comes in. In terms of the issuance, it is accretive and has been done privately. If you own shares, and they raise for example. 36m, your shares capture that value that bc it increases the nav per share . That money then goes on the books, which can then is re-invested into a new robotics company, which then in theory does a round, and we capture the mark up. Theoretically. Do your own research. This is just my opinion. I am long from 29. For you, you'll have to decide if its something you even want to own, and where it makes the most sense. My bet, or thesis, is that we see private valuations continue to markup further.