By Eva Ados

XOVR’s Shareholder Protection Plan was designed around a simple principle: long-term shareholders should come first, including the retail investors XOVR was built to serve.

In my June 12, 2026 FOX interview, I discussed how the Plan was created around the SpaceX IPO event to help protect existing shareholders and reinforce XOVR’s broader private-public crossover ETF framework.

XOVR was built to broaden access to investment opportunities and structures that have historically been more accessible to institutions, insiders, and the wealthiest investors. The Fund reflects a long-term belief that retail investors deserve access, alignment, and protection in a disciplined ETF framework.

XOVR’s SpaceX Exposure During the SpaceX IPO Period

During the SpaceX IPO period, XOVR’s SpaceX exposure reflected more than $183 million of unrealized appreciation from March 30 through June 15, 2026. Over the same period, XOVR appreciated 30.71%***, with SpaceX exposure contributing significantly to ETF performance.

These figures reflect an important moment for the Fund, but they are not the full story. The larger story is the framework behind XOVR and the long-term shareholders who believed in that framework before the broader market was paying attention.

What Was the XOVR Shareholder Protection Plan?

The XOVR Shareholder Protection Plan was designed around the SpaceX IPO event and focused on helping protect existing long-term shareholders.

The three-step Plan was designed to help protect existing shareholders by:

  • Updating the valuation of XOVR’s SpaceX exposure under the Fund’s Board-reviewed valuation framework
  • Limiting certain large, short-term event-driven creations ahead of the IPO
  • Applying exit economics intended to help protect existing shareholders

The Plan was not created for short-term attention. It was created because shareholder alignment matters to us.

“XOVR was not built for short-term traders chasing a headline. It was built for shareholders who believe retail investors deserve a stronger seat at the table.”

A Private-Public Crossover ETF Framework Built for Long-Term Shareholders

XOVR was the first* to create the private-public crossover ETF structure, even when many in the industry questioned whether the model could succeed.

That matters because innovation in ETF structure is not just about creating something new. It is about creating something useful, disciplined, and aligned with shareholder expectations.

The private-public crossover ETF structure, the 0/0 SPV structure**, the liquidity arrangement, and the Shareholder Protection Plan all reflect the same long-term philosophy: XOVR is designed to broaden access while keeping long-term shareholder alignment at the center of the Fund.

Why Retail Investors Matter to XOVR

Retail investors are not simply participants in the market. They are often the shareholders with the strongest conviction, the longest time horizon, and the deepest belief in the future of innovation.

That is why XOVR was built with retail shareholders in mind.

Retail investors should not be last in line when new investment frameworks are created. They should not be left behind while institutions and insiders receive early access to the most compelling opportunities. They deserve thoughtful structures, disciplined access, and long-term alignment.

“Every major step we have taken has been guided by the same commitment: long-term shareholders come first, including the retail investors XOVR was built to serve.”

XOVR’s Long-Term Mission

The SpaceX IPO event was an important moment, but XOVR’s mission is bigger than any single event.

XOVR is designed to be a private-public crossover ETF framework for long-term shareholders who want access to innovation, disciplined exposure, and a structure built around alignment.

We believe many shareholders view XOVR as more than a trade. They view it as participation in the development of a new ETF category and a long-term effort to expand access to innovation.

That is the kind of shareholder base we want to build.

A shareholder base grounded in conviction.

A shareholder base that understands the long-term purpose of the Fund.

A shareholder base that believes retail investors deserve a stronger seat at the table.

XOVR was built around that belief. And as the market evolves, we will continue to innovate around that same principle.

For more information, please visit:

entrepreneurshares.com/updates/

Disclosures:

Information as of June 15, 2026. For informational purposes only. Holdings and exposures are subject to change. Past performance does not guarantee future results. Please review the Fund’s prospectus and website disclosures before investing.

* Basis of “first” 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.

** A 0/0 SPV (Special Purpose Vehicle) is an investment structure that charges 0% management fees and 0% performance (carry) fees, allowing investors to participate without the typical fund fee structure.

*** Please refer to the following page for standardized performance information and holdings: https://entrepreneurshares.com/xovr-etf/

Eva Ados is Chief Investment Strategist and Chief Operating Officer at ERShares, where she helps shape the firm’s macro views, thematic research priorities, and operations.