EntrepreneurShares Series Trust Private Public Crossover ETF (XOVR)

XOVR Lifts SpaceX Exposure to ~23% of Fund with ~ $35M BuyMay 21, 2026 7:54 AM
PR Newswire (US) ERShares Adds Approximately $35 Million to the SpaceX exposure stake in XOVR, Its Private-Public Crossover ETF; Total SpaceX Exposure Now Approximately $281 Million Ahead of What Could Be a Blockbuster SpaceX IPOKey HighlightsXOVR has added approximately $35 million to its SpaceX position.Total SpaceX exposure: approximately $281 million, about 23% of Fund assets, based on recent AUM.The Fund's SpaceX position has generated approximately $41 million in appreciation over the past month, creating accretive value for XOVR shareholders.XOVR is the first crossover ETF to provide private-equity access.SpaceX exposure is obtained through an effective 0/0 SPV (zero management fee, zero performance fee) inside a registered ETF wrapper.Before adding to its SpaceX SPV exposure, the fund put in place a liquidity arrangement that meets regulatory requirements.NEW YORK, May 21, 2026 /PRNewswire/ -- ERShares today announced that its Private-Public Crossover ETF (NASDAQ: XOVR) has added approximately $35 million in additional exposure to its SpaceX position. With the new purchase, XOVR's total SpaceX exposure is approximately $281 million, about 23% of Fund assets as of 5/20/2026. Importantly, the Fund's existing SpaceX position has already generated approximately $41 million in appreciation over the past month for the benefit of XOVR shareholders, reflecting the accretive impact of the position on Fund performance during the period.The position is held through an effective 0/0 SPV (zero management fee, zero performance fee at the SPV level) inside XOVR's registered ETF structure. XOVR was the first ETF* to add private-equity exposure. The increase comes as investor interest builds around what is anticipated to be the premier IPO of this generation, and likely the largest IPO ever."We set out to create a novel structure that creates value for retail investors," said Joel Shulman, Ph.D., CFA, CIO of ERShares and Portfolio Manager of XOVR. "Until XOVR, exposure to companies like SpaceX was structurally out of reach for the everyday investor. We changed that."The VC Lens Behind XOVR's SpaceX PositionERShares' proprietary Venture Capital ("VC") lens, refined over more than 20 years, screens public and private companies for category-defining characteristics. The framework was born in the private market by studying how venture-capital investors invest, then applying the same criteria to public equities. ERShares invests like a VC with a long horizon, so adding private-equity exposure to XOVR was a natural extension of the framework. SpaceX exposure is XOVR's first private company position, and ERShares intends to hold for the long term.The same framework, anchored on the public side by the ERShares 30 Total Return Index (ER30TR), also identified the majority of the "Magnificent 7" well before they earned the label: Nvidia and Amazon in 2005, and Google, Tesla, and Meta as they became public. (Past performance is not indicative of future results, and there is no assurance that SpaceX will deliver comparable outcomes.) While the Fund is not an index ETF, the Fund generally invests in the companies that are in the ER30TR or seeks exposure to them.The Three-Engine Empire: Why ERShares Chose SpaceX as XOVR's First Private Position and Largest WeightERShares views SpaceX as one of the few companies on the planet with a durable, structural moat, the kind ERShares' proprietary VC lens screened for. SpaceX clears that bar across what the firm describes as a "Three-Engine Empire":Launch and Space Transportation: SpaceX's foundational franchise.Starlink: SpaceX's global satellite broadband network.AI-Related Infrastructure: the data transmission and connectivity layers the firm believes are emerging across SpaceX's platform."We don't chase hype. Conviction comes from our proprietary research, not consensus. It's no longer just a rocket company; it's a three-engine empire, and each engine has its own moat," said Eva Ados, COO and Chief Investment Strategist of ERShares, echoing comments she recently made on CNBC. "Launch is the foundation, Starlink is the global connectivity layer, and the AI-related infrastructure built on top is the next leg of compounding. That combination is what, in our view, makes SpaceX likely the most consequential IPO the public markets have ever seen."About XOVR and ERShares
The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) is an actively managed ETF advised by Capital Impact Advisors, LLC, an affiliate of ERShares. XOVR seeks long-term capital appreciation by investing in public and private companies identified through ERShares' proprietary VC lens model.IMPORTANT DISCLOSURESInvestors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing; this and other information is contained in the prospectus. For more information, please refer to https://entrepreneurshares.com/disclosures/.*Basis of "first" claim: ERShares review of U.S.-listed open-end 1940 Act ETFs and public filings as of Aug 29, 2024; requires daily creations/redemptions and a single ETF portfolio with private-company exposure reflected in daily NAV alongside public equities. Excludes interval funds, closed-end funds, BDC/PE-manager ETFs, SPACs, and products without private-company exposure in NAV.The ERShares Private-Public Crossover ETF is distributed by Foreside Fund Services, LLC, which is not affiliated with the Fund, its investment adviser or any of their affiliates. View original content to download multimedia:https://www.prnewswire.com/news-releases/xovr-lifts-spacex-exposure-to-23-of-fund-with--35m-buy-302778900.htmlSOURCE ERShares Original: XOVR Lifts SpaceX Exposure to ~23% of Fund with ~ $35M Buy

And what does this mean for the ETF? Looks like it has consistently gone down over the last 6 months

XOVR ETF Offers Pre-IPO SpaceX ExposureMarch 30, 2026 8:32 AM
PR Newswire (US)

With SpaceX reportedly evaluating a confidential IPO at a valuation approaching $1.75 trillion, ERShares highlights XOVR's role as a regulated, listed vehicle for accessing late-stage private marketsNEW YORK, March 30, 2026 /PRNewswire/ -- Recent reports indicate that SpaceX may be evaluating a confidential IPO filing, with widely discussed valuations approaching $1.75 trillion — a figure that would rank it among the largest public offerings in history. The XOVR ETF (ERShares Private-Public Crossover ETF) provides investors with SpaceX exposure and access to other select late-stage private companies, within a listed fund structure that requires no accredited-investor status. As demand for late-stage private market access continues to accelerate, XOVR offers a differentiated framework for investors seeking exposure, though any SpaceX IPO plans remain subject to change and are out of the control of ERShares.







I. XOVR: Structure, Exposure, and AccessFor decades, access to transformative private companies, including SpaceX, has been largely limited to sovereign wealth funds, large institutions, and ultra-high-net-worth investors. XOVR was developed to provide a more accessible framework within a regulated ETF structure.Public equity foundation: Core allocation to the ER30TR Index, a proprietary basket of 30 U.S. large-cap, venture-capital-informed companies selected for innovation and long-term growthPrivate market exposure: Approximately $205 million in SpaceX exposure as of March 25, 2026, held through a structured Special Purpose Vehicle ("SPV") designed without ongoing management fee or carried interest, alongside selective exposure to other late-stage private companies including Anduril. Exposure levels may change.Exchange Listing: Nasdaq listingAccess: No minimums and no accredited-investor requirementERShares has built a high-conviction position in SpaceX exposure as part of its broader strategy to capture value creation in late-stage private markets prior to potential public listings.II. Verified Operational RecordThe following reflects information drawn from publicly filed SEC documents, official ERShares materials, and regulatory disclosures:Fee disclosure: All fund expenses, including those associated with the private market sleeve, have been disclosed in accordance with applicable SEC requirements and made publicly available through formal filingsHoldings transparency: XOVR holdings are disclosed on a regular basis consistent with regulatory requirements. Following a routine administrator transition on January 19, 2026, holdings data remains accessible to market participants and data providersNAV calculation: The fund calculates and publishes net asset value daily, consistent with standard ETF practices and regulatory guidelinesPrivate market valuation: Differences between external private market indications reported in the press and XOVR reported portfolio valuations reflect structural considerations, timing, portfolio weighting, transaction costs, and valuation methodologyRegulatory filings: All required disclosures are filed with the SEC and available through standard public channelsInvestors should evaluate the fund through official SEC filings, portfolio disclosures, and fund materials available at ershares.com.III. Market Context and Research StandardsERShares welcomes rigorous, independent evaluation of complex investment products. Investors, however, should evaluate XOVR through official SEC filings, portfolio disclosures, and fund materials rather than incomplete or misleading third-party characterizations.Over a twelve-month period, one analyst published more than 120 posts, articles, and podcast appearances targeting XOVR, a significant number of which ERShares believes materially misstate the fund's disclosures, structure, or operations. To protect investors and the integrity of the public record, ERShares has taken formal action to address statements it believes materially misstate the fund's disclosures, structure, or operations. Professor Joel Shulman, Ph.D., CFA, has filed a formal complaint with the CFA Institute Professional Conduct Division, and ERShares has retained Meier Watkins Phillips Pusch, a Washington, D.C. defamation law firm, which has transmitted formal correspondence to Morningstar, Inc. and the relevant analyst. ERShares will act where necessary to ensure that commentary relied upon by investors is measured against the public record."When an analyst publishes an outsized volume of commentary focused on a single fund — around Valentine's Day, New Year's Eve, Christmas Eve — that is not analysis. That is something else entirely. Our investors made a deliberate decision to participate in a differentiated investment structure. The facts, the disclosures, and the underlying thesis support that decision."— Eva Ados — Chief Investment Strategist & COO, ERShares  ABOUT ERSHARESERShares LLC is an investment adviser and sub-adviser to the XOVR ETF (ERShares Private-Public Crossover ETF), a strategy designed to provide exposure to both public equities and select late-stage private companies within an exchange-traded framework. XOVR is managed through Capital Impact Advisors, LLC and distributed through Foreside. Joel Shulman, Ph.D., CFA, is Founder and Chief Investment Officer of ERShares and Portfolio Manager of XOVR. He is a Professor of Entrepreneurship at Babson College, where he has taught for more than 30 years, and has previously trained more than 12,000 CFA candidates globally through his Shulman Review program."We built XOVR for one reason: to give every investor access to the kind of private market opportunity that has always existed — but never for them. Everything we do is in service of that investor."— Joel Shulman, Ph.D., CFA — Founder & Chief Investment Officer, ERShares This release is for informational purposes only and reflects ERShares' views regarding publicly available disclosures and investor materials. It does not constitute an offer to sell or a solicitation of an offer to buy any security. All allegations contained herein are those of ERShares LLC and are subject to applicable legal processes. Investors should review the fund's prospectus and disclosures carefully before investing. Past performance does not guarantee future results.DISCLOSURESETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling +1 (617) 279 0045 or by visiting our website www.ershares.com. Read it carefully before investing.Fund specific risk information along with the disclosures "The fund does not directly hold shares of SpaceX. Exposure to SpaceX is sought indirectly through investment in SPV Exposure to SpaceX LLC or other special purpose vehicles ("SPVs") the objective(s) of which is to seek such exposure through investment in privately-offered securities including other private funds ("private securities") that have exposure to direct interests in SpaceX. The fund may not be able to influence the SPV's management, and the SPV may hold material amounts of cash while seeking investments. There cannot be any guarantee the SPV will be successful.Fund Risks can include and are not limited to: Absence of Prior Active Market Risk, Management Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk, Private Equity Investment Risk, Illiquidity Risk, Valuation Risk, Exit Strategy Risk.Top 10 XOVR ETF Holdings as of 03.25.2026SPV Exposure to SpaceX LLCNVIDIA Corp.Meta Platforms Inc.Ubiquiti Inc.Arista Networks Inc.Palantir Technologies Inc.Interactive Brokers Group Inc.Tesla Inc.Alphabet Inc.AppLovin Corp.Current holdings are subject to change.Distributed by Foreside Financial Services, LLC.



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Original: XOVR ETF Offers Pre-IPO SpaceX Exposure

Why is this steady sinking since the first of January? Of course, that is when I bought in. So much for investing in the next Elon Musk

How much does this ETF stand to go up when SpaceX goes public?

Hi everyone, I am quite new to this type of stock. What confuses me is, I was interested in the company owned by a guy named Palmer luckey call Anduril. They said the only way in is through this type of stock. My question is, these are privately owned companies that basically can't be traded. What the presenter said was since these stocks are private there is no law, rule or regulation that prevents them from pulling out of this ETF type stock. If that happens you can lose a boatload of money. What say you?

So this is the best way to invest in space x publicly ? 

New PR, Just increased Spacex shares to 11Percent 108,000 shares,

"https://www.prnewswire.com/news-releases/xovr-etf-expands-spacex-investment-with-additional-13m-raising-position-to-11-of-aum-302365606.html"

They should be able to get to 15Percent their limit.

Boing X 2

Found out that FCNTX, Fidelity Contra Fund, holds 1,106,000 shares of Spacex. That pleases me along with their other holdings.

Boing X 2

Around 700k shares held by institutional investors according to 13f's filed. A total of 13,900,000 shares outstanding per their website. That is minuscule in the overall picture.

It sounds like they are going to add other private companies in the future when possible.

I like that they have other companies to smooth things out.

Boing X 2

Just found out about this stock yesterday on the Charles Payne show. Added shares on the dip this am.

Great to get in before everyone else finds out Spacex in this ETF.

Boing X 2

XOVR: And THANKS for tip about XOVR, since I was CLUELESS that it even existed!!

Space X about 10% of their holdings is the attraction 

 XOVR's recent addition of SpaceX as its top holding underscores the ETF industry's efforts to tap into the $14 trillion private-asset market, which has been mostly inaccessible to retail investors. He further noted that since the inclusion of SpaceX, XOVR has attracted $116 million in inflows, quadrupling its assets. CNBC confirmed last month that SpaceX hit a $350 billion valuation based on a secondary share sale. The round did not include raising new capital. SpaceX's soaring valuation comes as the company dominates the global space race with a near-monopoly on the global satellite launch market. Yet SpaceX is a private company. 

A private company is the largest holding in an ETF for the first-time ever as XOVR has a 9% weighting to Elon Musk's SpaceX via a special purpose vehicle. XOVR isn't a new ETF per se, but it recently changed strategy to focus on entrepreneurial companies, including those that are closely held. SEC rules limit such holdings to no more than 15% of the fund

Since converting to its public-private strategy and adding SpaceX, XOVR has taken in $116 million, quadrupling its assets. This evidence of investor interest will likely only embolden other ETFs to try the same. XOVR's performance has helped, as the ETF is up 23% since switching to a public-private crossover strategy, which is about double QQQ and triple SPY. It's also besting ARK Venture, an interval fund that also has a big holding in SpaceX. Though an interval fund may arguably be the better format to deliver private-company exposure to retail, it's not the preferred format for these investors. They have shown they want it in ETFs -- even if that means bigger premiums and discounts. The fact that XOVR already has doubled ARKVX shows this. Balchunas has found a way for investors to own SpaceX through a private-public crossover ETF. 

XOVR: Another one of my iHub Board 'creations'. (ENJOY!!!)

"XOVR, which stands for "ERShares Crossover ETF," is a company that operates an exchange-traded fund (ETF) allowing investors to access both public and private equity securities, essentially giving retail investors the opportunity to invest in companies like SpaceX, which are typically only accessible to institutional investors with high net worth; it essentially "democratizes" private equity by offering daily liquidity and transparency in a single fund."