XOVR ETF Offers Pre-IPO SpaceX Exposure

With SpaceX reportedly evaluating a confidential IPO at a valuation approaching $1.75 trillion, ERShares highlights XOVR's role as a regulated, listed vehicle for accessing late-stage private markets

NEW YORK, March 30, 2026 /PRNewswire/ -- Recent reports indicate that SpaceX may be evaluating a confidential IPO filing, with widely discussed valuations approaching $1.75 trillion — a figure that would rank it among the largest public offerings in history. The XOVR ETF (ERShares Private-Public Crossover ETF) provides investors with SpaceX exposure and access to other select late-stage private companies, within a listed fund structure that requires no accredited-investor status. As demand for late-stage private market access continues to accelerate, XOVR offers a differentiated framework for investors seeking exposure, though any SpaceX IPO plans remain subject to change and are out of the control of ERShares.

I. XOVR: Structure, Exposure, and Access

For decades, access to transformative private companies, including SpaceX, has been largely limited to sovereign wealth funds, large institutions, and ultra-high-net-worth investors. XOVR was developed to provide a more accessible framework within a regulated ETF structure.

Public equity foundation: Core allocation to the ER30TR Index, a proprietary basket of 30 U.S. large-cap, venture-capital-informed companies selected for innovation and long-term growth

Private market exposure: Approximately $205 million in SpaceX exposure as of March 25, 2026, held through a structured Special Purpose Vehicle ("SPV") designed without ongoing management fee or carried interest, alongside selective exposure to other late-stage private companies including Anduril. Exposure levels may change.

Exchange Listing: Nasdaq listing

Access: No minimums and no accredited-investor requirement

ERShares has built a high-conviction position in SpaceX exposure as part of its broader strategy to capture value creation in late-stage private markets prior to potential public listings.

II. Verified Operational Record

The following reflects information drawn from publicly filed SEC documents, official ERShares materials, and regulatory disclosures:

Fee disclosure: All fund expenses, including those associated with the private market sleeve, have been disclosed in accordance with applicable SEC requirements and made publicly available through formal filings

Holdings transparency: XOVR holdings are disclosed on a regular basis consistent with regulatory requirements. Following a routine administrator transition on January 19, 2026, holdings data remains accessible to market participants and data providers

NAV calculation: The fund calculates and publishes net asset value daily, consistent with standard ETF practices and regulatory guidelines

Private market valuation: Differences between external private market indications reported in the press and XOVR reported portfolio valuations reflect structural considerations, timing, portfolio weighting, transaction costs, and valuation methodology

Regulatory filings: All required disclosures are filed with the SEC and available through standard public channels

Investors should evaluate the fund through official SEC filings, portfolio disclosures, and fund materials available at ershares.com.

III. Market Context and Research Standards

ERShares welcomes rigorous, independent evaluation of complex investment products. Investors, however, should evaluate XOVR through official SEC filings, portfolio disclosures, and fund materials rather than incomplete or misleading third-party characterizations.

Over a twelve-month period, one analyst published more than 120 posts, articles, and podcast appearances targeting XOVR, a significant number of which ERShares believes materially misstate the fund's disclosures, structure, or operations. To protect investors and the integrity of the public record, ERShares has taken formal action to address statements it believes materially misstate the fund's disclosures, structure, or operations. Professor Joel Shulman, Ph.D., CFA, has filed a formal complaint with the CFA Institute Professional Conduct Division, and ERShares has retained Meier Watkins Phillips Pusch, a Washington, D.C. defamation law firm, which has transmitted formal correspondence to Morningstar, Inc. and the relevant analyst. ERShares will act where necessary to ensure that commentary relied upon by investors is measured against the public record.

ABOUT ERSHARES

ERShares LLC is an investment adviser and sub-adviser to the XOVR ETF (ERShares Private-Public Crossover ETF), a strategy designed to provide exposure to both public equities and select late-stage private companies within an exchange-traded framework. XOVR is managed through Capital Impact Advisors, LLC and distributed through Foreside. Joel Shulman, Ph.D., CFA, is Founder and Chief Investment Officer of ERShares and Portfolio Manager of XOVR. He is a Professor of Entrepreneurship at Babson College, where he has taught for more than 30 years, and has previously trained more than 12,000 CFA candidates globally through his Shulman Review program.

This release is for informational purposes only and reflects ERShares' views regarding publicly available disclosures and investor materials. It does not constitute an offer to sell or a solicitation of an offer to buy any security. All allegations contained herein are those of ERShares LLC and are subject to applicable legal processes. Investors should review the fund's prospectus and disclosures carefully before investing. Past performance does not guarantee future results.

DISCLOSURES

ETFs may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

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 our website www.ershares.com. Read it carefully before investing.

Fund specific risk information along with the disclosures "The fund does not directly hold shares of SpaceX. Exposure to SpaceX is sought indirectly through investment in SPV Exposure to SpaceX LLC or other special purpose vehicles ("SPVs") the objective(s) of which is to seek such exposure through investment in privately-offered securities including other private funds ("private securities") that have exposure to direct interests in SpaceX. The fund may not be able to influence the SPV's management, and the SPV may hold material amounts of cash while seeking investments. There cannot be any guarantee the SPV will be successful.

Fund Risks can include and are not limited to: Absence of Prior Active Market Risk, Management Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk, Private Equity Investment Risk, Illiquidity Risk, Valuation Risk, Exit Strategy Risk.

Top 10 XOVR ETF Holdings as of 03.25.2026

1. SPV Exposure to SpaceX LLC
2. NVIDIA Corp.
3. Meta Platforms Inc.
4. Ubiquiti Inc.
5. Arista Networks Inc.
6. Palantir Technologies Inc.
7. Interactive Brokers Group Inc.
8. Tesla Inc.
9. Alphabet Inc.
10. AppLovin Corp.

Current holdings are subject to change.

Distributed by Foreside Financial Services, LLC.

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SOURCE ERShares