XOVR’s SpaceX Exposure Reflected More Than $183 Million of Unrealized Appreciation Since Q1 2026

By Joel Shulman

Private markets are playing a larger role in growth investing as many category-leading companies remain private longer.* As a result, a meaningful portion of value creation can occur before companies become broadly available through public markets.

XOVR, the ERShares Private-Public Crossover ETF, was designed for this changing market environment.

The ETF applies a Venture Capital (“VC”) Lens to public and private-market opportunities, combining a public equity foundation with selective private equity exposure inside an ETF structure. XOVR’s private-public crossover approach is designed to evaluate companies across the full market lifecycle, including businesses that may create value before, during, and after a transition to public markets.

A recent example is XOVR’s SpaceX exposure.

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 on June 12, 2026. Over the same period, XOVR appreciated by approximately 30.71%, with appreciation in its SpaceX exposure contributing significantly to the ETF’s performance.

Past performance is not a guarantee of future returns. For standardized performance click https://entrepreneurshares.com/xovr-etf/#fund-performance

Why XOVR’s SpaceX Exposure Matters

XOVR’s SpaceX exposure is important because it illustrates how private-market exposure can affect an ETF when a major private holding experiences a significant valuation event.

Historically, many investors have had limited access to private equity exposure. Private-market opportunities have often been available primarily through institutional relationships, accredited-investor vehicles, private funds, or investment structures with limited liquidity.

XOVR was built to address part of that gap through a private-public crossover ETF model. The ETF maintains a public equity foundation while also seeking selective private equity exposure when opportunities meet its investment framework.

Applying a VC Lens Inside an ETF

XOVR’s strategy is based on what ERShares describes as a VC Lens.

That framework evaluates companies using factors often associated with private-market investing, including category leadership, innovation, scalability, market opportunity, growth potential, and the transition from private to public markets.

This approach reflects a broader market reality: public and private markets are increasingly connected.** Many companies now build significant value while private and may enter public markets at a later stage of maturity. For public-market investors, that can create a timing gap.

XOVR’s private-public crossover structure is designed to help address that gap by combining public equity exposure with selective private equity exposure inside an ETF format.

SpaceX as a Case Study in Private-Public Crossover Investing

The SpaceX IPO period provided a real-time example of how XOVR’s strategy can operate when private-market value creation intersects with public-market trading.

From March 30, 2026 through June 15, 2026, XOVR’s SpaceX exposure reflected more than $183 million of unrealized appreciation. This included appreciation associated with SpaceX’s IPO and the beginning of public trading on the NASDAQ on June 12, 2026.

During the same period, XOVR appreciated by approximately 30.71%, with SpaceX exposure contributing significantly to ETF performance.

For investors reviewing XOVR’s recent performance, this context matters. XOVR is not simply a traditional public equity ETF. It is a private-public crossover ETF that applies a VC Lens to both public companies and selective private-market opportunities.

Understanding XOVR’s Current Strategy

Investors evaluating XOVR should consider the ETF’s current strategy and structure.

XOVR combines a public equity foundation with selective private equity exposure. The ETF’s SpaceX exposure became a significant contributor during the period surrounding SpaceX’s IPO, but the broader strategy is not limited to one company or one event.

The goal of the private-public crossover approach is to identify companies and themes that may create value across multiple stages of the market lifecycle.

That distinction is important when reviewing XOVR’s recent performance, long-term price charts, or historical returns. The ETF’s current strategy, including its private-public crossover exposure and VC Lens, should be considered when evaluating performance data.

The Bigger Shift in Growth Investing

The SpaceX example highlights a larger shift in the market.

Many of the most important growth companies are no longer reaching public markets early in their development. Instead, they often remain private through significant stages of growth, financing, and value creation.

That has changed how investors need to think about access.

Public markets remain essential, but private markets are increasingly where major companies build value before listing publicly. XOVR was designed for this environment by applying a VC Lens inside an ETF structure and seeking exposure across both public and private markets.

Key Takeaway

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. Over the same period, XOVR appreciated by approximately 30.71%, with appreciation in SpaceX exposure contributing significantly to ETF performance.

For XOVR, the SpaceX IPO period became a real-time case study in private-public crossover investing.

As companies remain private longer, strategies that combine public equity exposure with selective private equity exposure may become increasingly relevant for investors seeking to understand where growth is being created before, during, and after the transition to public markets.

Important Information

Performance data quoted reflects the specific period from March 30, 2026 through June 15, 2026 and should not be viewed as indicative of future results. Appreciation in private-company exposure is unrealized unless and until realized by the ETF. ETF shares may trade at a premium or discount to net asset value. Private equity exposure involves additional risks, including valuation uncertainty, limited liquidity, limited transparency, and risks that may differ from publicly traded securities. XOVR is subject to market risk and may lose value.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call +1 (617) 279 0045 or visit the Fund’s website at https://entrepreneurshares.com/xovr-etf/

*Source: Morningstar: Unicorns and the Growth of Private Markets

**Source: SEC: Private Markets Roundtable. SEC Chair Paul Atkins’ 2026 private-markets roundtable remarks specifically referenced “private-market strategies” moving into “public and hybrid investment products,” and focused on valuation practices as these structures evolve. That directly supports the idea that the boundary between public and private markets is becoming less separate.

Joel M. Shulman, PhD, CFA, is CEO and CIO of ERShares and the architect of the Entrepreneur Factor® and ERShares’ VC lens investment framework, which applies venture-style research principles to public-market investing.