“Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell.”
Elon MuskElon Musk is a South African-born American entrepreneur and businessman. His early interest in reading philosophy, science fiction, and fantasy novels is reflected in his sense of idealism and concern with human progress. He seeks to work in the areas he has identified as crucial to our future, specifically the Internet, the transition to renewable energy sources, and space colonization.
Elon enrolled at Stanford for a Ph.D. but dropped out after two days to pursue a business career. He started off with Zip2, which Compaq acquired. He then founded X.com, which merged with Confinity to form Paypal and was eventually purchased by eBay for $1.5 billion. In 2002, he founded SpaceX. In 2004, he joined Tesla as its product architect before eventually rising to become CEO in 2008. In 2006, he supported the creation of Solar City, a-Solar Energy Services Company. In 2015, he co-founded OpenAI, a non-profit research company that aims to promote friendly AI. In 2016, he founded Neuralink, a neurotechnology company focused on developing brain-computer interfaces. In the same year, he also founded The Boring Company, an infrastructure and tunnel Construction Company focused on tunnels optimized for electric vehicles.
Elon Musk developed many innovations across multiple sectors. In Payments, Paypal: The faster, safer way to send money, make an online payment, receive money, or set up a merchant account. In Electric Technology or Sustainable Energy Technology, Tesla: Accelerating the world’s transition to Sustainable Energy with Electric cars, Solar, and Integrated Renewable Energy Solutions for homes and businesses. In Space Exploration, SpaceX: Designs, manufactures, and launches advanced rockets and spacecraft. In transportation, Hyperloop and Boring company: New and innovative ways of bringing the world together. Finally, in AI, Neuralink: Testing the boundaries of science fiction to better integrate human conscience with AI.
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.