the idea of daos fun is cool and all, but the model is deeply troubling for 3 reasons:
1. nothing prevents the fund manager to buy a memecoin with his private account first, then with the fund and subsequently dump it privately for a guaranteed profit
2. the structure is identical to grayscale and everyone knows how bad it is. it is basically a close ended fund, far worse than an ETF structure. share price deviates heavily from NAV (in this case by 50x), if you really wanted the exposure to the underlying, just copy the fund 1-to-1 and by it at a 5000% discount
3. trading fees are a ponzi, just like with friendtech. why should the manager earn trading fees? imagine blackrock earning trading fees on their etf, it is very predatory for traders of the fund. not everything in tradfi is bad, management and performance fees are a good structure, trading fees is predatory
overall, this is a GREAT product for crypto: not well thought through, many flaws but speculative enough that degens will use it for gambling