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XOVR: a daily-liquid ETF for private + public crossover investing.
Designed to deliver access to a portfolio that includes select private holdings — SpaceX and Anduril — alongside 30 U.S. public companies, in a single Nasdaq-listed ETF. No accreditation. No investment minimum. 0.75% expense ratio. Subject to investment risk.
What is XOVR?
XOVR is the ERShares Private-Public Crossover ETF — among the first exchange-traded funds engineered to integrate private-company holdings (including SpaceX, Klarna, and Anduril) inside a regulated, daily-liquid ETF wrapper. It trades on Nasdaq under the ticker XOVR, has a 0.75% expense ratio, no investment minimum, and no accreditation requirement. Holdings are subject to change. Investing involves risk, including possible loss of principal.
How does XOVR's structure compare to other private-equity vehicles?
Across the five vehicles investors commonly use to access private companies — ETFs, mutual funds, closed-end funds, interval funds, and direct SPVs — XOVR is the only structure in this comparison that combines
(1) intraday daily liquidity,
(2) no accreditation requirement,
(3) no investment minimum,
(4) real-time market pricing, and
(5) private-company holdings inside a 1099-reporting ETF wrapper. This is a structural comparison; it is not a statement about investment performance. Each vehicle carries different risks; investors should review each fund’s prospectus.
(1) intraday daily liquidity,
(2) no accreditation requirement,
(3) no investment minimum,
(4) real-time market pricing, and
(5) private-company holdings inside a 1099-reporting ETF wrapper. This is a structural comparison; it is not a statement about investment performance. Each vehicle carries different risks; investors should review each fund’s prospectus.
Companies are staying private longer.
Companies are staying private longer than in most periods of modern market history. Consequently, a meaningful share of value creation for many closely followed companies has historically occurred prior to their entry into the public markets. Direct access to that pre-IPO stage has typically been limited to venture funds, institutional investors, and accredited individuals with the capacity to commit large amounts of capital for extended periods.
XOVR was designed to offer retail investors and advisors a regulated, daily-liquidity vehicle that provides exposure to select private companies alongside the structure and discipline of a public traded vehicle. Like all investments, it involves risks; notably, private investments carry additional considerations such as limited liquidity, valuation uncertainty, and exit-related risks, which are described in more detail below.
Five ways to access private innovation.
Each carries different trade-offs.
There are essentially five vehicles investors could potentially use to gain exposure to growth-stage and private companies. Each carries different trade-offs across liquidity, access, pricing, tax treatment, and investor eligibility. The table below summarizes how XOVR’s structure compares with the others on each dimension.
| ETF | Mutual Fund | Closed-End Fund | Interval Fund | Direct SPV | |
|---|---|---|---|---|---|
| Liquidity | Daily, intraday | Daily, NAV | Daily, on exchange | Quarterly redemptions, liquidity limits may apply |
Typically, multi-year lockup |
| Investor type | Anyone | Anyone | Anyone | Anyone (lower mins) | Accredited+ only |
| Pricing | Real-time market | End-of-day NAV | Discount/premium | NAV with lag | Negotiated |
| Tax | Highly efficient | Cap-gain distrib. | Distrib. driven | Distrib. driven | 1099-style direct |
| Generally for |
Daily-liquid retail + flexible horizon, private exposure via SPVs |
Cap-gain distrib. | Distrib. driven | Distrib. driven | 1099-style direct |
Illustrative comparison for educational purposes only. Not a recommendation. Each vehicle carries its own risks and investor eligibility requirements. Investors should review each vehicle’s prospectus and suitability before investing.
+ Accredited means investors meeting accredited investor or stricter legal standards.
Structural trade-offs of each vehicle.
Mutual funds.
Daily NAV pricing and 401(k)-friendly familiarity make traditional mutual funds the default for many retirement portfolios. The structural trade-off: traditional mutual funds rarely hold private companies, investors cannot trade intraday, and capital-gain distributions can create tax considerations in taxable accounts. Mutual funds may be a fit for investors prioritizing investment product familiarity over private-market exposure.
Closed-end funds.
Closed-end funds trade on exchange but may trade at persistent discounts or premiums to NAV, which can affect entry and exit prices. Closed-end funds with desirable holdings, often trade at a significant premium to net asset value. This may make trading very volatile with potentially wide swings in short term profits and losses. The permanent-capital structure can support certain manager strategies but does not guarantee fair value at any given time. Closed-end funds may be a fit for investors comfortable with discount/premium risk in exchange for permanent-capital access.
Interval funds.
Interval funds offer redemption windows on a defined schedule (typically quarterly) and may apply pro-rata redemption restrictions if redemption requests exceed available liquidity. The redemption restrictions make this investment vehicle less attractive for many investors desiring flexible investment horizons. NAV is typically reported with a lag. Interval funds may be a fit for long-horizon retail capital that does not require intraday flexibility.
Direct SPVs.
A direct SPV can provide concentrated exposure to a single private company. These vehicles typically require accredited-investor status, six-figure investment minimums, multi-year lockups, and negotiated pricing terms.
Direct SPVs may be appropriate for accredited investors who can commit substantial capital to a single private company for an extended period. They are generally not designed for, and may not be available to, retail investors or investors who lack large discretionary cash balances or may need periodic liquidity.
XOVR ETF.
XOVR is the only structure in this comparison that combines daily intraday liquidity, no accreditation requirement, no investment minimum, real-time market pricing, and private-company holdings inside an ETF wrapper. This combination is structural; it does not predict or guarantee any particular investment outcome. XOVR carries the associated risks described in its prospectus, including illiquid private-equity exposure, valuation, and exit-strategy risks.
Private investments are valued under established policies and may differ from realized values.
Which structure aligns with your goal?
Different vehicles fit different objectives. The table below maps common investor goals to the structure that most directly addresses them. This is a structural mapping, not investment advice. Investors should consult their own financial advisors before making investment decisions.
| If you are seeking... | Structure to consider |
|---|---|
|
Daily-liquid ETF access to a portfolio that includes select private holdings
(SpaceX, Klarna, Anduril) |
XOVR ETF |
| Private-market exposure with no investment minimum | XOVR ETF |
| Private-market exposure without an accreditation requirement | XOVR ETF |
| Real-time, on-exchange pricing for a portfolio with private holdings | XOVR ETF |
| 1099 tax reporting on a portfolio with private holdings | XOVR ETF |
|
Concentrated single-name private exposure with $250K+ to lock up for 7-10 years
(accredited investors) |
Direct SPV |
| Familiar investment product without need for intra day liquidity | Mutual Fund |
| Permanent-capital structure for longer term holding and willingness to sacrifice redemption flexibility | Closed-End Fund |
Educational comparison only. Not a recommendation. Each vehicle carries its own risks and investor eligibility requirements. Investors should review each vehicle’s prospectus and consult a financial advisor before investing.
What XOVR provides.
XOVR is the ERShares Private-Public Crossover ETF, designed to deliver access to a portfolio that includes select private holdings inside a regulated, daily-liquid ETF wrapper.
It tracks a proprietary index of 30 U.S. large-cap public companies (the ER30TR Index*) with a measured, policy-capped sleeve of select private holdings, including SpaceX, Klarna, and Anduril. Allocation levels evolve over time within the fund’s risk framework.
Structural features:
Intraday daily liquidity on Nasdaq, with no quarterly redemption windows or multi-year lockups.
Open eligibility — no accreditation requirement, no investment minimum, available through major U.S. brokerages.
Real-time market pricing — XOVR uses standard ETF mechanics rather than end-of-day NAV, quarterly windows, or negotiated terms.
1099-reporting ETF tax structure with in-kind creation/redemption mechanics.
Private-company holdings inside an ETF — XOVR was the first ETF** to integrate private-equity holding exposure, and was the first ETF** to provide IPO-stage exposure to retail investors.
These structural features describe how XOVR is built. They do not predict or guarantee any particular investment outcome.
What's inside XOVR.
Public-equity core.
The fund’s public sleeve tracks the ER30TR Index — 30 large-cap U.S. companies selected through a proprietary, repeatable methodology focused on quality growth, capital discipline, and durable competitive advantage. The index rebalances on a defined schedule.
Private-equity sleeve.
The remaining allocation is invested in select private companies through SPV structures, reflected in the fund’s daily NAV. Notable holdings have included:
- SpaceX — provides public-market access to one of the most-watched private companies. As of recent disclosure, SpaceX exposure represented approximately $230M of the portfolio. Allocation may vary.
- Anduril — defense-technology exposure added to the crossover sleeve.
Holdings are subject to change. Allocation levels adjust over time within the fund’s risk framework. References to specific holdings are not recommendations. Private-equity holdings are subject to illiquidity, valuation, and exit-strategy risks. See the prospectus for a complete description of fund risks. Current holdings are published on the XOVR holdings page.
Key facts at a glance.
| Fund name | ERShares Private-Public Crossover ETF |
| Ticker | XOVR (Nasdaq) |
| Issuer | ERShares |
| Management fee | 0.75% |
| Inception | November 7, 2017 (relaunched as crossover structure August 30, 2024) |
| Investment minimum | None |
| Accreditation required | No |
| Underlying index | ER30TR (proprietary 30-stock total-return index) |
| Notable private holdings | SpaceX, Anduril (subject to change) |
The Fund does not directly invest in SpaceX, Klarna or Anduril. Exposure is sought indirectly through SPV exposure to special purpose vehicles that invest in privately offered securities, including private funds, with direct exposure to SpaceX, Klarna, and Anduril.
XOVR head-to-head: structural comparisons.
The questions below compare XOVR’s structure with other vehicles commonly used to access private markets. These are structural comparisons; they are not statements about investment performance, and they do not constitute recommendations.
XOVR vs Direct SPV.
A direct SPV in a single private company typically requires a minimum accredited-investor status, a $250K or larger minimum commitment, a multi-year lockup, and negotiated pricing terms. XOVR provides exposure to a portfolio that includes select private holdings (such as SpaceX) with daily ETF liquidity, no investment minimum, no accreditation requirement, real The questions below compare XOVR’s structure with other vehicles commonly used to access private markets. These are structural comparisons; they are not statements about investment performance, and they do not constitute recommendations.
-time market pricing, and a 0.75% expense ratio. The two are different structures with different risks; an SPV provides concentrated single-name exposure, while XOVR provides diversified exposure inside a regulated ETF wrapper.
XOVR vs interval fund.
Interval funds open redemption windows on a defined schedule (typically quarterly), may apply pro-rata gates, and report NAV with a lag. XOVR trades intraday on Nasdaq at real-time market prices. The two are different structures with different risks; investors should consider their need for flexibility against each fund’s other characteristics.
XOVR vs traditional mutual fund.
Traditional mutual funds rarely hold private companies and price only at end-of-day NAV. Through SPVs, XOVR includes private-company holdings (SpaceX, Anduril) and prices in real time on Nasdaq. Mutual funds may carry different tax considerations than ETFs in taxable accounts.
XOVR vs closed-end fund.
Closed-end funds may trade at persistent discounts or premiums to NAV. Sometimes the premiums to net asset value for closed end funds have been very significant. XOVR uses standard ETF creation/redemption mechanics, which generally support pricing aligned with the value of underlying holdings. Each structure carries different risks; closed-end funds may suit investors comfortable with discount/premium dynamics that could increase price volatility.
Private investments, including the Fund’s SpaceX exposure, are valued pursuant to the Fund’s valuation policies and procedures under the Adviser’s valuation governance framework and applicable accounting standards. Valuations involve significant judgment and there can be no assurance that assigned values reflect realizable outcomes.
Educational comparison only. Not a recommendation. Each vehicle carries its own risks and investor eligibility requirements. Investors should review each vehicle’s prospectus and consult a financial advisor before investing.
Why retail access to this stage matters.
Several private companies — including SpaceX, Stripe, Databricks, and OpenAI — have reportedly been evaluating future paths to public markets. Public reporting on these companies is widely available; ERShares does not have non-public information regarding any company’s IPO timing or plans. Historically, retail investors have only been able to participate after a company’s public listing.
Much of today’s wealth creation occurs before the opening bell ever rings. We believe XOVR helps break down that barrier and opens the door for everyday investors to participate in growth across the full cycle — private and public — all in one ETF, with daily liquidity.
-Eva Ados, COO and Chief Investment Strategist, ERShares
Performance and track record.
Current performance figures, daily NAV, and full historical data are available on the XOVR fact sheet and performance page. Performance data current to the most recent month-end may be obtained by calling +1 (617) 279-0045 or visiting ershares.com.
How to buy XOVR.
XOVR trades on Nasdaq under the ticker XOVR. It is available through major U.S. brokerages that support Nasdaq-listed securities, including:
- Charles Schwab
- E*TRADE
- Fidelity
- Interactive Brokers
- Robinhood
- Samsung Securities
- Pershing
- Wells Fargo
- JPMorgan
- Webull
- Futu
- Freedom24
- Stifel
- UBS
- Northwestern Mutual
Search the ticker XOVR in your brokerage to add it to your portfolio. Before investing, read the prospectus and consider whether the fund is suitable for your individual circumstances.
Frequently asked questions.
XOVR holds SpaceX shares through an underlying SPV structure inside the fund. That exposure is reflected in XOVR’s daily NAV alongside its public-equity holdings. As of recent disclosure, SpaceX exposure represented approximately $230M or 27% of the Fund’s net assets Find XOVR on your brokerage as of 04/22/2026 of the portfolio. Allocation levels may vary over time. Holdings are subject to illiquidity, valuation, and exit-strategy risks.
Yes. XOVR has no investment minimum and no accreditation requirement. It is available through U.S. brokerage accounts that trade Nasdaq-listed ETFs. As with any investment, investors should review the fund’s prospectus and consider suitability before investing.
A direct SPV typically requires accredited-investor status, a $250K or larger minimum commitment, a multi-year lockup, and negotiated pricing terms. XOVR provides exposure with daily ETF liquidity, no investment minimum, no accreditation requirement, and real-time market pricing. The two structures are different and carry different risks; investors should consider their objectives, risk tolerance, and capacity for illiquidity.
What is XOVR’s management fee?
XOVR uses the standard ETF tax structure with 1099 reporting. Like other ETFs, in-kind creation/redemption mechanics may support tax efficiency relative to traditional mutual funds. Tax treatment varies by individual circumstance; investors should consult a tax advisor.
XOVR tracks the proprietary ER30TR Index — 30 large-cap U.S. companies — with the balance allocated to a select private-company sleeve. The Index is unmanaged and investors cannot invest directly in an index.
XOVR’s underlying fund was launched on November 7, 2017. It was relaunched as a private-public crossover structure on August 30, 2024, when ERShares combined the ER30TR Index with selective private-equity exposure.
Principal risks include market risk, common stock risk, concentration risk, private-equity investment risk, illiquidity risk, valuation risk, exit-strategy risk, ETF risk, management risk, and others. Investing in XOVR involves risk, including possible loss of principal. See the prospectus for a complete description of fund risks.
Current holdings are published on the XOVR holdings page at ershares.com and refreshed in line with regulatory disclosure requirements.
Important disclosures.
The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling +1 (617) 279 0045 or by visiting www.ershares.com. Read it carefully before investing.
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. This material is for informational purposes only and does not constitute investment, tax, or legal advice. Investors should consult their own advisors before making investment decisions.
Distributed by Foreside Financial Services, LLC. Fund risks may include, but are not limited to: Absence of Prior Active Market Risk, Management Risk, New ETF Provider Risk, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts Risk, Early Closing Risk, Exchange Traded Fund Risk, Private Equity Investment Risk, Illiquidity Risk, Valuation Risk, and Exit Strategy Risk. There can be no assurance that the fund will achieve its investment objective.
Sector concentration risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.
Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
Private equity refers to investments in privately held companies or public companies taken private, typically through pooled funds. Allocation to private holdings may adjust over time within the fund's risk framework. Private holdings are valued in accordance with the fund's valuation policy and may differ from prices that would be obtained in an active market.
References to specific companies (including SpaceX, Klarna, Anduril) describe historical or current portfolio holdings and should not be construed as a recommendation to buy or sell any security. Holdings are subject to change. ERShares does not possess non-public information regarding any company's IPO timing or plans; statements about potential future IPOs are based on publicly available reporting and are not predictions.
Comparisons to other investment vehicles (ETFs, mutual funds, closed-end funds, interval funds, direct SPVs) are structural and educational. Each vehicle carries different risks and is subject to different regulatory requirements. The appropriate vehicle for a given investor depends on individual circumstances. Investors should consult a financial advisor before making investment decisions. Distributed by Foreside Financial Services, LLC.
* The ER30TR — ERShares 30 Total Return Index is a proprietary, rules-based benchmark that applies a venture-capital lens to public markets. The ER30TR methodology is powered by the Entrepreneur Factor®, a framework that evaluates companies across 18 proprietary attributes designed to surface entrepreneurial leadership and innovation characteristics. The index is designed for long-horizon benchmarking and is maintained through scheduled rebalances.
** Basis of “first” and “pioneer” claim: ERShares review of U.S.-listed open-end 1940 Act ETFs and public filings as of Aug 29, 2024; requires daily creations/redemptions and a single ETF portfolio with private-company exposure reflected in daily NAV alongside public equities. Excludes interval funds, closed-end funds, BDC/PE-manager ETFs, SPACs, and products without private-company exposure in NAV.
