ERSHARES VC LENS MODEL FOR PUBLIC MARKETS
A venture-style analytical framework applied to publicly traded equities — developed by ERShares founder Dr. Joel Shulman through decades of academic and industry research at Babson College and Harvard University.
A VC Lens Applied to Public Markets
ERShares applies a VC lens model to public markets — an analytical framework developed over more than 20 years by ERShares founder Dr. Joel Shulman, informed by his academic work at Babson College and Harvard University. The objective is to translate venture-style judgment into a repeatable, auditable research process suitable for publicly traded equities.
This framework is implemented through ERShares’ proprietary Entrepreneur Factor® (registered trademark), which supports how we evaluate companies and inform portfolio construction across ERShares investment strategies.
20+ Years
of academic & industry research
Academic Foundation
Babson College & Harvard University
Proprietary Framework
Entrepreneur Factor at the core
Actionable Insights
Informing portfolio construction
One Framework Across Public and Private Markets
ERShares’ VC lens model was originally developed in the private-market context, where venture investors evaluate leadership quality, innovation execution, market structure, and scaling dynamics. Extending that same framework into the public universe is the core idea behind our approach: applying a consistent methodology across both public and private companies.
In that sense, incorporating a private sleeve within a public-market vehicle is a natural extension of the model — using the same analytical lens regardless of whether a company is listed or privately held.
What a VC Lens Model Means in Public Markets
A VC lens model focuses on how durable value is created over long horizons — often emphasizing:
Leadership and incentive alignment
Innovation capacity and execution quality
Competitive positioning and market structure
Scaling dynamics and capital allocation discipline
ERShares adapts this perspective to public equities using a structured framework designed to be consistent across sectors, geographies, and market cycles.
We think some of the most important companies are not always captured well by conventional frameworks early enough. especially when they are building strategic advantage in ways the public market does not neatly classify. A VC lens is designed to identify business quality and long-duration opportunity before that is fully reflected in traditional classifications.
– Eva Ados, ERShares Chief Investment Strategist
How ERShares Applies the Model
The model is intentionally multi-dimensional. Rather than relying on a single metric or style box, it synthesizes multiple inputs intended to capture signals of business quality and trajectory. The process is designed to be repeatable—with defined rules, documentation, and cross-checks against common return drivers (e.g., sector, size, geography, and market-regime effects).
Why Investors Consider XOVR
Many investors compare vehicles for private-company exposure based on structure — liquidity, transparency, and operational mechanics — not just headline holdings. XOVR is built as an ETF wrapper intended to provide:
Daily ETF Mechanics
Daily market pricing and standard ETF trading mechanics.
Single-Vehicle Approach
Combining public equities with a private sleeve in one ETF structure.
Ongoing Disclosures
Fund documentation investors can review for current positioning.
XOVR ETF FAQ
In most cases, you can’t buy SpaceX stock directly through a brokerage account because SpaceX is a private company and does not trade on a public exchange. Investors searching “buy SpaceX stock” typically look for indirect exposure through private-market vehicles or funds that may hold private-company interests. One listed product investors often research is the ERShares Private-Public Crossover ETF (XOVR), which is designed to provide exposure to private companies alongside publicly traded equities within a single ETF structure. XOVR’s portfolio exposure may include SpaceX at certain times, and holdings are subject to change—so investors should confirm current holdings and disclosures.
Since SpaceX is private, pre-IPO access—if available—is generally via indirect structures (for example, funds or vehicles that hold private-company exposure) rather than direct share purchases for most investors. Investors commonly compare options based on structure (liquidity, transparency, and how exposure is obtained). A public-market option some investors review is XOVR, an ETF designed for public-plus-private exposure in one vehicle. Because exposures can change, the most reliable step is to review the latest XOVR holdings and fund disclosures for current information.
Some ETFs may have private-company exposure that can include SpaceX at certain times. As of April 25, 2026, SpaceX was the largest portfolio weight in XOVR, but holdings and weights are subject to change. Investors should verify the most recent holdings and disclosures.
XOVR is an ETF and can typically be purchased through a brokerage account, subject to your broker’s availability and policies. Search for “XOVR” on your brokerage platform and place a trade during market hours (many investors use limit orders). Investing involves risk, including possible loss of principal.
Disclosures: Investing involves risk, including possible loss of principal. Holdings are subject to change. Past performance does not guarantee future results. This material is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should carefully consider the investment objectives, risks, charges, and expenses of the fund before investing. This and other information is contained in the fund’s prospectus, which should be read carefully before investing.
Model Behavior vs Traditional Factor Lenses
This chart illustrates how ERShares analyzes the model relative to other commonly referenced factor lenses over time. It is provided for informational purposes only.
Past performance is no guarantee of future results.
Model Behavior vs Traditional Factor Lenses
The Entrepreneur Factor® (EF) has been developed and statistically verified through a complex, data-intensive analysis available through a professional application on Bloomberg terminals. We include a representative list of the most widely applied factors as well as the Entrepreneur Factor® as computed with our ERShares Global Entrepreneurs Mutual Fund (ENTWX). We compare it to its MSCI Global benchmark. There are many lines shown in the chart, but the most crucial lines include: Total Active Return, Entrepreneur Factor®, and Factor Return. The Total Active Return represents the total excess return that the ERShares Global Entrepreneurs Mutual Fund provides above its assigned benchmark. This line theoretically should approach 0% if the fund does not provide additional value to the investor. If the line is above 0% (as shown in the graph) then it provides excess, risk-adjusted return. This is something generally pursued by most investors. But investors will want to know what is driving the excess return. The most common traits include criteria such as: Growth stocks, Value stocks, Momentum stocks, Highly Leveraged companies, Large Cap stocks, Technology stocks, HealthCare stocks, Industry, Country, Currency, etc. These categories include Sector, Style and Country traits known as “Factors”. Bloomberg identifies more than 25 Factors and we include them all to help explain the Total Active, or excess risk-adjusted return. Typically, the common factors are aggregated together referred to as the “Factor Return” and will comprise most of the Total Active return. However, in the case above, the selection effect, or “Entrepreneurial Factor” is almost the same as the Total Active return. In fact, during this time period of analysis, the “Entrepreneur Factor®” represents approximately 85% of the Total Active return, leaving approximately 15% for all of the other Factors combined. It’s important to note that the EF does not work in this manner during all periods, and these excess, risk-adjusted returns from the past may not be representative of the future. However, this graph does demonstrate the major tenet of our investment thesis: over an extended period of time we maintain that Entrepreneurs will outperform Non Entrepreneurs around the world. This EF exhibit and explanation help provide support for our bold, investment statement, and why we believe ERShares provides strong value to investors.
How to Access the ERShares VC Lens Model: XOVR ETF
Investors looking for a way to access ERShares’ VC lens model in a listed product often start with the ERShares Private-Public Crossover ETF (XOVR). XOVR is designed to provide exposure to private companies alongside publicly traded equities within a single ETF structure. Portfolio exposure may include private company exposure (such as SpaceX), among other holdings, and holdings are subject to change.
To evaluate current exposures, investors should review fund holdings and disclosures.
