“My success so far has mainly been because I have very little attachment for money. My obsession is really to make sure that the internet and cloud are a safe place for everyone to do business.” Jay Chaudhry.
Jay ChaudhryJay Chaudhry is the founder and CEO of Zscaler, a cybersecurity firm he started in 2007. Chaudhry was born in a small village in the foothills of the Himalayas, in India. His community was self-sustaining.
He was a bright student all throughout school and ended up being the number one ranking student in his state. He then went on to the Indian Institute of Technology (BHU) Varanasi (one of the best technological institutions in the world) to study electronics engineering. After that, he went to the University of Cincinnati for his master’s.
After a few jobs out of school, he married his wife and decided to put their life savings on the line for their first startup in 1997- SecureIT. After starting SecureIT, AirDefense, CipherTrust, CoreHarbor, and Air2Web, Chaudhry founded Zscaler in 2007.
Zsclaer is the leader in three things: Rethinking Cloud Application Security, which leads to the Rethinking of Networks, and Rethinking Network Security. When Network changes from hub-and-spoke to direct to cloud, network security also needs to change with it.
Jay was one of the first people to see that inherently secure “network security” was what people needed. He saw that people were accessing applications from everywhere in the world (cafes, airports, hotels, etc.). There needed to be a way to protect people from anywhere and everywhere. Cisco is the main competitor of Zscaler. The difference between the two is that Cisco is at the DNS and IP layers, whereas with Zscaler you do not even get an IP. You access the cloud directly. This direct access to the cloud is what makes Zsclaer different from Cisco. Because Zscaler is using cloud computing as a disruptive technology, they have a leg up on competitors like Cisco.
Since more and more people are working from home, Zscaler has the ability to provide more protection from more locations than its competitors do.
Since the end of Q1 2026, XOVR's SpaceX exposure reflected more than $183 million of unrealized appreciation, measured from March 30, 2026 through June 15, 2026, including appreciation associated with SpaceX's IPO and the commencement of public trading on the NASDAQ. Over the same period, XOVR appreciated by approximately 30.71%, with appreciation in its SpaceX exposure contributing significantly to the Fund's performance.
XOVR's NAV increased on June 12 after SpaceX completed its IPO and began trading publicly on the NASDAQ. XOVR shares traded at a discount to NAV due to secondary-market trading dynamics while the Fund's Shareholder Protection Plan was in effect.
After trading at a 1.7% premium on June 11, XOVR closed at a secondary-market price of $19.96 on June 12 while NAV rose to $20.26, or +2.6%. The June 12 discount reflected IPO-day secondary-market pricing while the Shareholder Protection Plan was in effect; following the IPO date, price-to-NAV alignment appeared to improve.
The Shareholder Protection Plan was implemented to help protect existing long-term shareholders and mitigate the impact of unusually large short-term, event-driven flows around the SpaceX IPO. For details on NAV vs. market price, SpaceX exposure appreciation, and the Fund's Shareholder Protection Plan, please read the FAQ. The XOVR Shareholder Protection Plan was designed to prioritize existing long-term shareholders ahead of short-term, event-driven trading flows, including institutional trading activity around the SpaceX IPO.