EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF

XOVR

Market cap $1.91B

Investors chasing pre-IPO SpaceX exposure through an ETF wrapper usually narrow the field to two names: ERShares Private-Public Crossover ETF (NASDAQ:XOVR) and the ARK Innovation ETF (NYSEARCA:ARKK).

XOVR, the first ETF** to provide access to private equity exposure through a private-public crossover structure, adds Kalshi through its proprietary VC Lens after SpaceX exposure helped drive Q2 performance Key Highlights XOVR invested $30 million in Kalshi*, making it one of the Fund's largest private-company investments and adding exposure to a leading company in regulated prediction markets. XOVR, relaunched in August 2024, was the first ETF to provide access to private equity exposure through a private-public crossover structure, combining select private-company exposure with publicly traded innovation leaders using its proprietary ER30TR Index, all inside a single Nasdaq-listed ETF.

XOVR returned 27.45%* in Q2 2026 and 5.30%* in June; SpaceX contributed approximately $84 million in unrealized appreciation and about 75% of XOVR's June return, while the Fund reported approximately $387 million in SpaceX exposure and turned away an estimated $1 billion of potential inflows just prior to the SpaceX IPO in an effort to reduce dilution risk for existing shareholders. Key Highlights XOVR held approximately $387 million of SpaceX exposure at quarter end, representing approximately 18% of the Fund's approximately $2.2 billion in assets under management.

The sponsor of the ERShares Private-Public Crossover ETF (NASDAQ:XOVR) on Monday outlined how the fund navigated the highly hyped IPO of Space Exploration Technologies Corp (NASDAQ:SPCX), or SpaceX, positioning the event as a case study for its private-public crossover investing strategy.

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 approximately 30.71%.

SpaceX's upcoming initial public offering has been a major boon for exchange-traded funds touting pre-IPO exposure to SpaceX. But soon those funds will be left to entice investors in a period when access to SpaceX isn't so tough to get.

New York, USA, June 08, 2026 (GLOBE NEWSWIRE) -- Key Highlights XOVR long-term shareholders have already benefited from approximately $50 million in unrealized appreciation reflected in the Fund's net asset value from SpaceX exposure. ERShares is implementing a shareholder protection plan ahead of the SpaceX IPO to help reduce potentially disruptive short-term trading activity.

SpaceX has filed its paperwork to go public, with an offering likely valuing the Elon Musk-founded space company at $1.75 trillion or more. Investors looking to get access to SpaceX stock ahead of the IPO have several options from public companies, mutual funds and ETFs.

ERShares Private-Public Crossover ETF (XOVR) offers retail investors liquid, pre-IPO exposure to SpaceX, which constitutes 22% of the fund. XOVR uses a mark-to-market valuation for private holdings like SpaceX, minimizing the chance for 'cheap' pre-IPO entry but capturing upside if SpaceX rallies post-IPO. The ETF is highly concentrated, with over 60% in its top 10 holdings and significant sector exposure to Industrials and Technology.

The pitch for ERShares Private-Public Crossover ETF (NYSEARCA:XOVR) is simple.