XOVR Exceeds $200 Million in Private-Equity Exposure; Completes Transparency Reset

High-conviction, long-term SpaceX private-equity exposure, anchored within XOVR's private equity sleeve in a regulated, daily-liquid ETF structure. 

NEW YORK, Feb. 10, 2026 /PRNewswire/ -- ERShares today announced that the ERShares Private–Public Crossover ETF (XOVR) has surpassed $200 million in private-equity exposure, consisting almost entirely of SpaceX. The exposure represents a high-conviction, long-term investment thesis, and XOVR has completed a one-time reset of the fund's private-asset structure to improve transparency of forward-looking performance attribution for investors. 

The fund's private-equity exposure reflects a long-term ownership perspective implemented within a regulated ETF structure. 

XOVR was the first ETF to provide private-equity exposure within a compliant, daily-liquid ETF structure, and continues to scale that exposure within a transparent, investor-oriented framework. 

Portfolio Framework 

XOVR is anchored by the ER30TR Index, a proprietary, rules-based index of 30 U.S. large-cap public companies evaluated using a VC-style lens, with a long-running track record. The ER30TR Index is rebalanced quarterly and is designed to capture durable entrepreneurial leadership across market cycles, providing a transparent public-market foundation alongside the fund's complementary private-equity exposure. 

At least 85% of XOVR's assets are allocated to constituents of the ER30TR Index, providing a clear, rules-based foundation for portfolio construction within a single, daily-liquid ETF structure. 

Complementing this foundation, XOVR's private-equity exposure now exceeds $200 million in aggregate, reflecting a high-conviction, long-term investment thesis implemented through private-equity interests within a regulated ETF structure. 

Key Facts (as of the most recent reporting period) 

• SpaceX exposure: approximately $205 million
• Share of net asset value: approximately 12%, within the fund's disclosed allocation parameters
• Primary private holding: substantially all attributable to SpaceX
• Gross expense ratio: 0.75%

Based on publicly available disclosures, XOVR believes it represents the largest reported SpaceX exposure among U.S.-listed ETFs. 

Valuation Methodology 

Private holdings are valued using a "practical expedient" methodology under ASC 820, based on the most recent publicly disclosed tender-offer reference price of $526.59 per share, corresponding to an implied pre-merger company valuation of approximately $1 trillion. This methodology is designed for financial-reporting consistency and does not seek to incorporate secondary-market transactions that may occur at prices higher or lower than the reference level, where such transactions are not consistently observable, readily comparable across specific terms and conditions, or broadly disseminated on a uniform and verifiable basis. 

Executive Commentary 

Eva Ados, COO and Chief Investment Strategist of ERShares, said: 

"Our objective with XOVR has always been clarity and discipline. The ER30TR Index provides a rules-based framework with a proven track record of identifying companies with strong entrepreneurial leadership, while our private-equity exposure allows selective participation in what we believe are among the most consequential long-term companies, within a regulated ETF structure. With the transparency reset complete and the portfolio structure simplified, investors can evaluate performance attribution with greater clarity." 

Joel Shulman, Founder and Chief Investment Officer of ERShares, added: 

"Our private-equity allocation is focused on businesses we believe have the potential to become defining companies of the next generation of global markets and, over time, to stand alongside today's most enduring platform companies as legacy holdings. This exposure is implemented within a portfolio anchored in the ER30TR Index, which has demonstrated its ability to identify and capture value from entrepreneur-led companies across market cycles, allowing investors to calibrate overall market exposure while thoughtfully sizing private-equity exposure within a single ETF." 

Transparency Reset and Structural Update 

XOVR completed a one-time net asset value (NAV) adjustment associated with converting legacy private-asset arrangements into a simplified structure aligned on an effective "0/0" basis. The adjustment reflects accounting treatment related to prior structuring and is not indicative of current valuation changes or expectations for future portfolio activity.

With the conversion completed, ERShares expects future performance attribution related to the fund's private-equity exposure to more directly reflect observable company developments over time rather than legacy structural effects. 

About ERShares 

ERShares is an investment firm focused on U.S. large-cap public companies evaluated using a VC-style investment framework and created the first ETF to deliver private-equity exposure in a compliant, daily-liquid structure. XOVR combines this private-equity sleeve with the ER30TR Index, designed to support institutional-style portfolio construction at ETF cost and liquidity. 

Disclosures 

This communication is for informational and educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security, including shares of XOVR. It does not provide investment, legal, tax, or accounting advice, nor does it recommend any particular security, strategy, or product for any specific investor. 

References to SpaceX or any other company are illustrative only and do not constitute a recommendation to buy, sell, or hold those securities, whether directly or through a fund. Statements regarding potential valuations, tender offers, IPOs, timelines, or financial performance are based on third-party reports believed to be reliable as of the date of this release, but may change without notice. Actual outcomes may differ materially. 

Top 10 Holdings as of 02/9/2026: 

Investing in XOVR involves risk, including the possible loss of principal. The fund's exposure to private companies such as SpaceX introduces additional risks, including limited liquidity, valuation uncertainty and potentially greater volatility relative to traditional public-only portfolios. Before investing, you should carefully read the prospectus and consult with a qualified financial professional to determine whether XOVR is appropriate for your investment objectives, risk tolerance and financial situation.

The fund will continue to incur customary operating expenses, including audit, administration, fund accounting, and other normal operating costs, which may vary over time. The conversion of legacy private-asset structures removes ongoing management fee and performance carry dynamics at the private-asset level but does not eliminate all fund-level expenses. To the extent the fund acquires additional private-equity exposure in the future, ERShares will seek, where practicable, to structure such exposure on an effective "0/0" basis consistent with the fund's transparency objectives; however, there can be no assurance that future transactions will be available on identical terms. Additional Cash held within SPV is approximately $33 million, allocated for liquidity management and potential opportunistic investments. 

For additional disclosures, visit https://entrepreneurshares.com/disclosures/. The fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information and may be obtained by calling +1 (617) 279 0045 or by visiting www.ershares.com. Read it carefully before investing. 

Distributed by Foreside Financial Services, LLC

SOURCE ERShares