I previously had a question on using AC reference voltage with a MDAC, But it has been addressed nicely in the answer below.

[How does the "Multiplying Bandwidth" specification relate to a DAC output's maximum bandwidth](https://electronics.stackexchange.com/questions/702254/how-does-the-multiplying-bandwidth-specification-relate-to-a-dac-outputs-maxi/702256#702256)

But how would the fluctuating reference voltage not impact the output value, considering that a precise DC Vref is not required?