Frequently Asked Questions

The Fund carries its SpaceX exposure, held through an effective 0/0 structured SPV, at fair value and updates it on a periodic basis as market pricing dictates. The Adviser’s Valuation Committee evaluates proposed changes, which are then subject to internal Compliance review before implementation. The underlying framework has been reviewed and approved by the Fund’s Board of Trustees.

Announcements will be made either (i) after the daily NAV has been calculated and published following the close of U.S. equity markets, or (ii) prior to the opening of U.S. equity markets on the following trading day — never during market hours. Announcements will be communicated through the Fund’s website, and where appropriate, through press release or newsletter distribution — so that all market participants have equal and timely access.

ERShares believes SpaceX has the characteristics to become the Magnificent 8th: the next company to join the small group of businesses that define an era of the market. SpaceX is currently valued at approximately $1.55 trillion on secondary markets and, based on publicly reported market estimates, could go public at $1.75 trillion or higher. XOVR holds approximately $292 million in SpaceX exposure, the largest such position of any ETF, through a SpaceX SPV with no management fee and no carried interest. For investors who want access to SpaceX before a potential IPO, XOVR is the most accessible way to get involved.

XOVR is an actively managed ETF that invests primarily in companies that meet the highest conviction threshold (top quartile) of the proprietary Entrepreneur Factor (“EF”) model of Capital Impact Advisors, LLC, the Fund’s adviser (the “Adviser”), and selects most of its investments from companies included in the proprietary ERShares 30 Total Return Index (the “ER30TR Index”). XOVR combines public equities selected through the ER30TR Index, a 20-year framework that outperformed major benchmarks including the Nasdaq-100 as shown below, with selective private-market exposure. The fund currently holds approximately $292 million in SpaceX through a SpaceX SPV with no management fee and no carried interest. One ticker. Daily liquidity. No lockups. No minimums.

XOVR charges a management fee of 0.75%. The SpaceX position is held through a SpaceX SPV, with no management fee and no carried interest at the SPV level. By comparison, traditional private equity funds typically charge 2% management fees and 20% carried interest with multi-year lockups and high minimums. Unlike these private equity funds, XOVR has no lockups, no minimums, and no accredited-investor requirement. One ticker, available through any brokerage account.

When SpaceX goes public, the SpaceX SPV will be fair valued based on the trading price of the SpaceX stock and the price of the SPV will rise and fall in tandem with the newly issued IPO stock. The investor does not have to do anything — as the stock rises in value, the SpaceX position in XOVR will rise, and as it falls, the SpaceX position will fall.

ERShares has high conviction in XOVR’s positioning. The fund’s public equity backbone is anchored in the ER30TR Index, which has a 20-year track record of outperformance as discussed above. Further, the SpaceX position was acquired at pre-IPO pricing and is held through a SpaceX SPV with no management fee and no carried interest. Based on publicly reported market estimates, SpaceX could go public at $1.75 trillion or higher. Future outcomes remain uncertain, but XOVR shareholders are already positioned.

No. No action is required on your part. Your investment in XOVR remains in place, and the Fund’s portfolio management team handles the transition of SpaceX from a private to a public holding within the portfolio.

No. As a shareholder of XOVR, you own shares of the Fund, not the underlying portfolio securities. No SpaceX shares will be distributed to XOVR shareholders at any time, including in connection with a SpaceX IPO.

No. There is no lockup on your shares of XOVR. Any lockup applies to the Fund’s underlying SpaceX holdings, not to XOVR shareholders.

The SpaceX IPO itself is not expected to create a taxable event for XOVR shareholders. As with any ETF, buying or selling your own XOVR shares may result in a capital gain or loss. Please consult your tax advisor regarding your specific situation.

XOVR was built to solve a problem that public-only ETFs cannot: the most innovative companies are staying private far longer, and by the time they reach the public market much of their growth has already been captured by venture and crossover investors. ERShares spent more than 20 years studying how venture capital identifies those companies, codifying that research into the Entrepreneur Factor® and the Entrepreneur 30 Total Return Index (ER30TR). The same research that powered the public-equity strategy ultimately pointed somewhere public markets alone could not follow. When XOVR relaunched in August 2024, adding private-company exposure was the logical next step, not a product extension, but a structural one. To follow the research wherever it led, the fund needed to hold both public growth companies and select pre-IPO private companies inside a single, daily-traded ETF wrapper. No other ETF was designed that way. In building it, ERShares pioneered the private-public crossover ETF category and made XOVR the first ETF purpose-built to combine public equities with private-company exposure in one vehicle.

XOVR (NASDAQ: XOVR) relaunched on August 30, 2024, when the Fund was restructured into its current form as the ERShares Private-Public Crossover ETF, a long-term investment vehicle built around a unique strategy: pairing a proprietary public-equity index with selective pre-IPO private-market exposure inside a single, daily-liquid ETF. Since March 31, 2026, XOVR investors have received approximately $51 million in appreciation from the Fund’s SpaceX exposure — tangible evidence that the long-term, private-market strategy is already delivering value to shareholders. The relaunch introduced two defining features. The ER30TR Index serves as the public-equity backbone, anchoring the Fund in a methodology with a 20-year track record of outperformance versus the S&P 500, the Nasdaq-100, and the Dow Jones Industrial Average, the same framework that identified the Magnificent Seven from early stages. The second feature is selective private-market exposure, including XOVR’s pre-IPO position in SpaceX, as of 5/27/2026, the largest SpaceX exposure of any ETF. XOVR is built for investors with a long-term horizon. The Fund’s positions, both public and private, are held with multi-year conviction, consistent with the ER30TR Index methodology’s emphasis on entrepreneur-led companies that compound value over time. The August 30, 2024 relaunch positioned XOVR as the first ETF to combine pre-IPO private-company exposure with a daily-liquid public equity portfolio, one ticker, no lockups, no minimums, and no accredited-investor requirement.

XOVR operates within a registered ETF structure and evaluates its holdings under the Fund’s liquidity risk management program. Private-company exposure is not automatically classified as an “illiquid investment” solely because the company is private. Liquidity classification depends on the facts and circumstances of each position, including the expected ability to sell, dispose of, or convert the investment to cash within specified time frames without materially affecting its value.

XOVR’s SpaceX exposure is obtained indirectly through an SPV within the ETF structure. Prior to increasing the Fund’s SpaceX exposure on 05/21/2026, ERShares put in place liquidity arrangements designed to support the Fund’s compliance with applicable liquidity requirements.

ERShares believes this structure allows investors to access select private-company exposure within a regulated, daily-traded ETF format, while remaining subject to the Fund’s liquidity risk management program.

Other ETFs with pre-IPO securities have experienced disruptive trading activity, including massive subscriptions and redemptions, in the days before and after previous high-profile IPOs. This activity can dilute the value of the pre-IPO position for long-term shareholders and cause the fund to bear excessive trading and other costs. XOVR is committed to preserving value for its long-term shareholders and mitigating any such disruptive or dilutive trading activity. Therefore, XOVR has instituted a plan to address such adverse trading activity in the weeks before and immediately after the SpaceX IPO. 

First, starting immediately and continuing until the day of the SpaceX IPO, the fund or its distributor expects to exercise its right stated in the Fund’s prospectus to reject certain large creation units that may have an “adverse effect on the fund” given the possibility of “hot money” flows around the time of the IPO. Second, starting the day of the IPO, the fund will begin imposing a redemption/transaction fee of up to 2%. This transaction fee, as provided in the Fund’s prospectus, is retained by the fund for the benefit of long-term investors, and is intended to cover the costs of selling securities to meet the cash portion of redemption baskets, including the trading costs plus all or part of the spread between the expected bid and offer side of the market. The creation and redemption processes apply to shareholders who purchase or redeem Creation Units and do not directly apply to shareholders who purchase or sell Shares in the Secondary Market. However, the impact of these processes may lead to discounts on secondary market trading compared to the NAV of the fund or other significant price impacts on secondary trades of the fund shares, beginning on the day of the SpaceX IPO.