EntrepreneurShares Series Trust Private Public Crossover ETF (XOVR)

XOVR ETF Reports 27.45%* Q2 Return as SpaceX Strategy DeliversJuly 6, 2026 9:30 AM
PR Newswire (US) XOVR returned 27.45%* in Q2 2026 and 5.30%* in June; SpaceX contributed approximately $84 million in unrealized appreciation and about 75% of XOVR's June return, while the Fund reported approximately $387 million in SpaceX exposure and turned away an estimated $1 billion of potential inflows just prior to the SpaceX IPO in an effort to reduce dilution risk for existing shareholders.Key HighlightsXOVR held approximately $387 million of SpaceX exposure at quarter end, representing approximately 18% of the Fund's approximately $2.2 billion in assets under management.SpaceX contributed more than $135 million in unrealized appreciation during Q2 2026, helping drive XOVR's 27.45%* return for Q2.In June 2026, SpaceX contributed approximately $84 million in unrealized appreciation and accounted for approximately 75% of XOVR's total monthly return; XOVR returned 5.30%* for the month of June 2026.Assets under management increased from approximately $400 million to approximately $2.2 billion while XOVR maintained approximately 14% SpaceX exposure immediately prior to the IPO.XOVR's Shareholder Protection Plan was the mechanism that helped the Fund enter the IPO with approximately 14% SpaceX exposure by limiting new inflows that could have diluted existing shareholders.XOVR was the first ETF** to provide private equity*** exposure within an ETF structure.Management believes that the Fund turned away more than $1 billion of potential inflows before the SpaceX IPO in an effort to protect existing shareholders from dilution.ERShares seeks to identify what management believes are category-defining companies at an early stage using its proprietary Venture Capital ("VC") Lens, investing either before or after an IPO.XOVR is not a satellite ETF. While SpaceX is one holding within the portfolio, the fund pursues a broader public-private crossover strategy primarily based on the proprietary Entrepreneur 30 Total Return Index.The Fund uses the ER30TR Index as the public equity foundation and invests with a long-term, VC-style horizon.NEW YORK, July 6, 2026 /PRNewswire/ -- ERShares today announced Q2 2026 results for the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), highlighting strong performance, long-term SpaceX exposure, innovation in ETF portfolio construction, and a shareholder-first decision that management believes turned away more than $1 billion of potential inflows ahead of the SpaceX IPO. The Fund generated a 27.45% return for the second quarter of 2026, supported by the continued appreciation of its long-term SpaceX investment and disciplined management of its private equity exposure.As of quarter end, XOVR held approximately $387 million of SpaceX exposure, representing approximately 18% of the Fund's approximately $2.2 billion in assets under management as of July 1, 2026.During Q2, the SpaceX position contributed more than $135 million in unrealized appreciation."XOVR entered the SpaceX IPO with approximately 14% exposure following the implementation of a Shareholder Protection Plan designed to help manage dilution risk during a period of significant asset growth," said Eva Ados. A Long-Term Investment StrategyManagement emphasized that the Fund's second quarter performance was not simply the result of the June 12, 2026 SpaceX IPO.Throughout the quarter, XOVR's SpaceX position experienced multiple unrealized gains pursuant to the Fund's Board-approved valuation policies as new observable market information became available. In addition, management increased the Fund's exposure through several additional purchases during the quarter, reflecting its continued long-term conviction in SpaceX.These purchases were designed to increase participation for existing shareholders while helping maintain meaningful exposure despite rapidly growing assets under management.June PerformanceJune represented one of the strongest, relative months in the Fund's history.SpaceX generated approximately $84 million in unrealized appreciation during the month and, based upon the Fund's internal performance attribution analysis, accounted for proximately 75% of XOVR's total June return.Past performance does not guarantee future results.The Fund generated a 5.30% return from 05/31/2026 to 06/30/2026 despite a challenging environment for large-cap growth equities, with major benchmarks including the S&P 500, Nasdaq-100 and Russell 1000 Growth Index declining by as much as -2.68%  during the month.Management believes these results demonstrate the value of combining innovative public companies with carefully selected private company investments that may follow different valuation cycles than the broader public equity markets.Maintaining Conviction During Extraordinary Asset GrowthOne of the defining achievements of the quarter was the Fund's ability to help preserve meaningful SpaceX exposure despite unprecedented growth in assets.During the second quarter, XOVR's assets under management increased from approximately $400 million to approximately $2.2 billion.Ordinarily, rapid asset growth immediately before a significant liquidity event can materially dilute an existing private investment position unless additional exposure is acquired.Through disciplined portfolio management and additional purchases of SpaceX exposure, XOVR maintained approximately 14% exposure immediately prior to the IPO, preserving meaningful participation for long-term shareholders despite one of the fastest periods of asset growth experienced by a U.S. ETF.Management believes the Shareholder Protection Plan contributed to the Fund's ability to maintain approximately 14% SpaceX exposure immediately prior to the IPO. The plan temporarily limited certain new inflows during a period of rapid asset growth with the objective of managing potential dilution of the Fund's existing private company exposure.Putting Shareholders Before Asset GrowthAs investor interest accelerated immediately before the SpaceX IPO, many investment vehicles experienced substantial inflows.Rather than maximizing assets under management, XOVR implemented a temporary shareholder protection measure designed to address the effects that significant asset inflows could have on the Fund's private company exposure..During the week preceding the IPO, the Fund rejected new creation orders in an effort to preserve the economic interests of existing shareholders.Management estimates the Fund turned away more than $1 billion of potential inflows during this period.While accepting those assets would have increased management fee revenue, management concluded that limiting certain inflows during this period was consistent with its investment philosophy and objective of managing dilution risk associated with rapid asset growth.Continuing to InnovateSince introducing the First Private-Public Crossover ETF, XOVR has continued to refine its approach to accessing private market investments through an ETF.The Fund provides meaningful private equity exposure within an ETF structure.It has implemented a liquidity framework allowing private company exposure to exceed traditional thresholds**** while maintaining daily ETF liquidity.It has also implemented a Shareholder Protection Plan that rejected new inflows immediately prior to a major IPO in order to protect long-term shareholders.Management believes these innovations represent an important evolution in how investors can access what they consider premier private companies while maintaining the transparency, liquidity and operational efficiency of an exchange-traded fund.A Differentiated Investment StrategyUnlike traditional private investment vehicles that typically impose long lock-up periods, higher management fees and performance fees, XOVR combines public market liquidity with access to carefully selected private investments.The traditional threshold of illiquid private company exposure into ETFs is 15%. XOVR participated in a liquidity arrangement that re-classified SpaceX away from an illiquid status and allowed the fund to exceed the traditional 15% threshold typically applicable to all private company exposure.Despite operating, what management believes is one of the largest private company positions among U.S.-listed ETFs, XOVR continues to charge a management fee of only 0.75% and does not earn additional ongoing management fees associated with its private equity exposure.Management believes this alignment reinforces its commitment to delivering long-term shareholder value rather than maximizing fee generation.Looking AheadERShares intends to continue expanding XOVR's private equity portfolio as attractive opportunities become available.Management believes the combination of disciplined public equity investing, carefully selected private company investments, proprietary research, and shareholder-focused portfolio management provides investors with a differentiated strategy that is difficult to replicate through traditional investment products. There can be no assurance the strategy will achieve its objectives."Our objective has always been to build an ETF that gives investors access to exceptional private companies maintaining a focus on long-term shareholder outcomes and disciplined portfolio management," said Dr. Joel Shulman, Founder and Chief Investment Officer of ERShares. "The second quarter demonstrated that innovation alone is not enough. Innovation must be accompanied by disciplined execution, thoughtful risk management and an unwavering commitment to putting shareholders first. We believe the decisions we made before the SpaceX IPO reflect those principles and position XOVR to continue the evolution of private-public crossover investing."Disclosures:The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information may be obtained by calling +1 (617) 279 0045 or by visiting our website www.ershares.com. Read it carefully before investing. Distributed by Foreside Financial Services, LLC.*Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, current holdings and other important information please call +1 (617) 279 0045 or visit our website www.ershares.com.** 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.*** Private equity refers to investments in privately held companies or public companies taken private, typically through pooled funds managed by private equity firms.**** The traditional threshold of illiquid private company exposure into ETFs is 15%. XOVR participated in a liquidity arrangement that re-classified SpaceX away from an illiquid status and allowed the fund to exceed the traditional 15% threshold typically applicable to all private company exposure.Important Information:The Fund's investment performance may be significantly affected by changes in the value of one or more large portfolio positions, which may increase the Fund's volatility and risk.The Fund does not directly hold SpaceX shares. Exposure is obtained indirectly through SPVs that invest in private securities with exposure to SpaceX. Such investments involve risks, including limited liquidity, valuation uncertainty, lack of certain regulatory protections, additional fees and expenses, and no assurance that the SPV will achieve its investment objectiveThere can be no assurance that the Shareholder Protection Plan will achieve its intended objectives. Management implemented the measure based on its assessment of the potential impact of significant asset inflows on the Fund's portfolio composition and private company exposure.Index performance does not represent the fund's performance. It is not possible to invest directly in an index. Due to the nature of the private and public holdings of XOVR, the ER30TR, S&P 500, Nasdaq-100 and Russell 1000 Growth Indices are unmanaged and directly comparable.The S&P 500 is an index of 500 leading large-cap U.S. companies that serves as a broad benchmark for the overall U.S. stock market, the NASDAQ-100 tracks the 100 largest non-financial companies listed on the Nasdaq Stock Market with a strong emphasis on technology and growth companies, and the Russell 1000 Index measures the performance of the 1,000 largest publicly traded U.S. companies by market capitalization, representing most of the U.S. equity market. View original content to download multimedia:https://www.prnewswire.com/news-releases/xovr-etf-reports-27-45-q2-return-as-spacex-strategy-delivers-302818393.htmlSOURCE ERShares Original: XOVR ETF Reports 27.45%* Q2 Return as SpaceX Strategy Delivers

Why is this creeping up over the last month yet DXYZ has lost 55% in the last month??

Yep! And I am all in!!!

Big spacex push 💪 tomorrow 💪 🙌 😎

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.



View original content to download multimedia:https://www.prnewswire.com/news-releases/xovr-etf-offers-pre-ipo-spacex-exposure-302728612.htmlSOURCE ERShares

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."