XOVR is primarily a public equity portfolio following the ER30TR Index, which typically represents more than 85% of fund assets. The Fund includes a complementary private sleeve that currently holds SpaceX exposure indirectly through a dedicated SPV. Public equities aligned with the ER30TR framework drive most portfolio behavior, while private investments, such as SpaceX exposure, provide differentiated exposure across the innovation lifecycle.

No. SpaceX exposure remains part of the Fund’s private sleeve within the broader portfolio structure. The Fund has always combined a public core with selective private investments.

Over the last several months, the Fund engaged in a restructuring of its private sleeve designed to simplify how its private investments are held and reported. This included increasing the Fund’s SpaceX exposure given the substantial inflows it has recently received and transitioning a substantial portion into a new SPV that simplifies layered economics and improves reporting clarity. This reflects a structural evolution in investment vehicles rather than a change in investment thesis.

The Fund’s SpaceX exposure is now primarily obtained through a SPV that currently has no additional ongoing management fees or performance participation at the vehicle level (often known as a “0/0” structure). However, the transition to the new streamlined SPV structure involved certain transaction costs that have been reflected in the fund’s current performance. Investors should be aware that private market pricing and performance may reflect a wide range of vehicle-level characteristics, including fee structures, performance participation, transaction dates, deal size, number of intermediary layers, and jurisdiction of underlying vehicles, that may influence quoted prices, in some cases substantially. To the extent the SPV acquires additional private securities exposure in the future, the SPV will seek, where practicable, to continue to structure such exposure in this manner. However, there can be no assurance that future transactions will be available on identical terms.

SpaceX exposure is valued under the Fund’s formal valuation policies and oversight framework, which incorporates transaction data, tender activity, third-party inputs, comparable analysis, valuation committee governance, independent fund administration, and auditor review. Accounting guidance also permits use of a private vehicle’s net asset value as a practical expedient to inform fair value. These inputs inform fair value but do not establish a continuously updated market price. Private valuations update periodically through this governance process and are not continuously marked like public equities.

Third party private secondary markets are negotiated and episodic. Observed prices may vary based on vehicle structure, liquidity, transaction size, investor eligibility, and other deal-specific factors. These references may provide context but do not determine the Fund’s valuation, which follows its formal policies and oversight procedures.

Fund-level outcomes reflect multiple factors, including position size relative to total assets at the time, staged changes in exposure over time, the periodic cadence of private valuation updates, and the effects of the one-time structural transition, including associated transaction costs.

Going forward, the Fund expects performance attribution related to private exposure to be clearer and with a more transparent cost and reporting structure. Public–private crossover investing remains an evolving category, and the Fund continues refining procurement, valuation oversight, structural design, and disclosure practices to improve investor understanding.