RVI and ARKVX are the two real ways a regular investor can own SpaceX, OpenAI, and Anthropic before they IPO. RVI is cheaper (~2.5% vs ~3.49%) and fully liquid, but can spike to a 90% premium. ARKVX always trades at fair NAV and holds ~68 names, but you can only cash out roughly once a quarter. The decision is really about premium risk versus lock-up risk.
Both funds exist to solve the same problem: private companies stay private far longer than they used to, and the biggest gains now happen before the IPO — a window historically reserved for accredited investors and institutions. For a primer on the RVI side, see what RVI actually is. This piece is the direct comparison.
RVI vs ARKVX: The Full Comparison
| Feature | RVI | ARKVX |
|---|---|---|
| Fund structure | Closed-end fund (NYSE-listed) | Interval fund |
| How you buy | Any brokerage, any time market is open | Through ARK / select platforms at NAV |
| Minimum investment | Price of one share (~$44) | ~$500 |
| Accreditation required | No | No |
| Total expense ratio | ~2.5% (net ~2.13% temporarily) | Up to ~3.49% |
| Liquidity | Daily, real-time | Quarterly redemptions, ~5% cap |
| Pricing vs NAV | Premium or discount (hit ~90%) | Always at NAV |
| Number of holdings | Concentrated late-stage book | ~68 public + private |
| Top holdings | OpenAI, Anthropic, Stripe, AI/fintech | SpaceX ~17%, OpenAI ~11%, Anthropic ~4% |
| Carried interest | None | None |
Figures as of June 2026. RVI premium and pricing change intraday — check live on the RVI dashboard.
Fees: RVI Wins, But Watch the Premium
On a pure annual-fee basis, RVI is the cheaper fund — roughly 2.5% versus up to 3.49% for ARKVX. Neither is anywhere near an index ETF, but over a five-year hold that 1% annual gap compounds into a meaningful difference.
The twist: ARKVX charges no premium because you always transact at NAV. RVI's real cost includes whatever premium you pay on entry. Buy RVI at a 50% premium and you've effectively paid a one-time 50% markup that no annual-fee comparison captures. So the honest framing is: RVI is cheaper if you buy near NAV, and can be far more expensive if you chase a spike. The deep dive lives in why RVI trades above its holdings.
Liquidity: The Real Tradeoff
RVI — daily liquidity
- ✓ Sell any second the market is open
- ✓ Set-it-and-forget-it limit orders
- ✕ Exit price can be a discount to NAV
- ✕ Premium can collapse on you mid-hold
ARKVX — interval liquidity
- ✓ Always redeem at fair NAV
- ✓ No premium to overpay on entry
- ✕ Redemptions only ~once per quarter
- ✕ Withdrawals can be capped/prorated
This is the crux. If you might need your money back quickly, RVI's daily market is a genuine advantage — but you accept that the market might pay you below NAV when you sell. If you can leave the money untouched for years, ARKVX's NAV-fair pricing removes the premium gamble entirely, at the cost of being gated when you want out.
Holdings: Concentrated vs Diversified
ARKVX spreads across roughly 68 companies, including some public stocks, with SpaceX as its anchor (~17%). RVI runs a tighter, more purely private book weighted toward late-stage AI and fintech — OpenAI, Anthropic, Stripe, and peers. More concentration means more upside if those specific names pop, and more downside if one stumbles.
One nuance after June 2026: SpaceX has now gone public. That partly neutralizes ARKVX's SpaceX edge, since any investor can now buy SpaceX directly — and it's a reminder that for both funds, the value of a private holding changes character the moment it lists. Track those catalysts on the SpaceX IPO Tracker and the broader AI valuations page.
Which Should You Choose?
Choose RVI if...
You want lower fees, full daily liquidity, no minimum, and the simplicity of trading it like any stock — and you have the discipline to buy near NAV with a limit order rather than chasing a premium spike.
Choose ARKVX if...
You want guaranteed NAV-fair pricing with no premium to overpay, broader diversification across ~68 names, and you can commit capital for years knowing you can only redeem about once a quarter.
Consider both if...
You want diversified private exposure: ARKVX as the lower-volatility, NAV-priced core, and a small RVI position bought near NAV for liquidity and the lower expense ratio.
Same companies, opposite tradeoffs.
RVI sells you liquidity and risks the premium. ARKVX sells you fair pricing and risks the lock-up. Pick the risk you can live with.
See how to buy RVI, track live NAV and premium on the Robinhood RVI Fund dashboard, and explore AI company valuations at Value Add VC. Originally published in the Trace Cohen newsletter.