“A founder is not a job, it’s a role, an attitude. And it’s something that can happen again and again and again, and in fact, it has to happen again and again and again, otherwise, we would not move forward.”
Jack DorseyJack Patrick Dorsey was born in Missouri. As Dorsey was growing up, he modeled, interned at the Mira Digital Publishing Company under Jim Makkilvi, and eventually moved towards dispatch routing: a procedure allowing workers to be assigned to vehicles or customers.
Dorsey is mainly self-taught and self-made. He started his career in disruptive technology when he created dispatching software for taxis and emergency vehicles. In 2006, he cofounded Twitter and served as CEO until 2008 and then again from 2015 to the present. Dorsey co-founded Square with Jim McKelvey in 2010 and served as CEO from 2012 to the present. Interestingly enough, between 2008 and 2015 Dorsey was engaged with the US State Department as part of several delegations to Iraq, Iran, and Russia.
The Square reader is a technological innovation pioneered by Dorsey, which allowed connecting physical smart devices to digital financial systems and the Internet. It empowered anyone with a cellphone and the reader to function as a small business capable of processing credit card payments. Before the reader, payment capabilities were fixed to a specific location, but Square made it possible to have mobile payment processing devices. This benefitted taxi drivers, food delivery drivers, babysitters, home cleaning services, or any other small business that was traveling from customer to customer. It has most definitely changed the lives of business owners and consumers.
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.