Entrepreneur's Journey

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.