XOVR Expands Private Market Strategy with $30 Million Investment in Kalshi

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 has established a number of industry firsts: the first to place private equity exposure inside an ETF; the first to increase private equity exposure beyond 15% supported by a liquidity arrangement; and the first to create a Shareholder Protection Plan to help prevent significant dilution prior to a significant repricing event.
• Kalshi operates a Commodity Futures Trading Commission ("CFTC") regulated prediction market exchange and has experienced rapid growth in trading activity, contract categories, and participation among individual and institutional market participants.
• The investment was identified through ERShares' proprietary VC Lens, which seeks to identify category-defining companies before they are widely reflected in traditional public equity benchmarks.
• ERShares first invested in NVIDIA in 2005 and has held the position for 21 years — the same early-identification discipline now applied to Kalshi.
• XOVR returned 27.45%*** in Q2 2026 and 5.30%*** in June 2026.
• Following XOVR's SpaceX investment, SpaceX contributed approximately $135 million in unrealized appreciation in Q2 20261 — including approximately $84 million in June, roughly 75% of XOVR's June return — after ERShares increased the position twice in the weeks preceding the IPO. The current SpaceX position is approximately $350 million.
• ERShares believes it turned away more than $1 billion of potential inflows¹ just prior to the SpaceX IPO in an effort to reduce dilution risk for existing shareholders, reinforcing its commitment to democratizing access to private equity while helping the long-term shareholders for whom XOVR's private-public crossover strategy was created.

NEW YORK, July 13, 2026 /PRNewswire/ -- ERShares, adviser to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), today announced that XOVR has invested $30 million in Kalshi, a federally regulated prediction market company, as part of the Fund's latest rebalance.

The Kalshi investment marks the next step for XOVR after a defining period for the Fund. XOVR's SpaceX exposure helped demonstrate the potential value of combining access to category-defining private companies with valuation discipline, position sizing, and a shareholder-focused ETF structure.

"SpaceX demonstrated the strategy. Kalshi is where our VC Lens is pointing next." said Joel Shulman, Ph.D., CFA, Founder and Chief Investment Officer of ERShares. "XOVR was created to do what traditional ETFs historically could not: provide access to private equity exposure alongside public innovation leaders in one transparent, Nasdaq-listed structure. We believe Kalshi is building one of the most important new layers of financial market infrastructure."

Kalshi operates a CFTC-regulated exchange where participants can trade event contracts tied to real-world outcomes, creating market-based probabilities around events in the economy, policy, weather, sports, culture, and other areas of uncertainty. Kalshi has grown rapidly, with expanding trading activity, a broadening range of contract categories, and increasing adoption among both individual and institutional participants, and recently completed a major financing round to support its continued growth.

"Kalshi seeks to turn uncertainty into a price." said Eva Ados, Chief Investment Strategist and Chief Operating Officer of ERShares. "That is why we believe prediction markets matter. They give investors, institutions, businesses, and individuals a real-time signal on future outcomes inside a regulated market structure."

XOVR, relaunched in August 2024 as the first ETF to provide access to private equity exposure through a private-public crossover structure, combines a public innovation equity foundation with a measured sleeve of select private-company exposure. The Fund incorporates the proprietary ER30TR Index² as its core public portfolio to guide its allocation — an index with a compelling, long-term track record, independently calculated by LSEG. That record includes NVIDIA, which ERShares first invested in back in 2005 and has held for 21 years — identifying a category-defining leader years before many in the market fully recognized it. Through its proprietary VC Lens, ERShares seeks to identify companies building new categories before they become widely accessible through traditional public-market portfolios.

XOVR has established a number of industry firsts: the first to place private equity exposure inside an ETF**; the first to increase private equity exposure beyond 15% supported by a liquidity arrangement; and the first to create a Shareholder Protection Plan designed to help prevent significant dilution prior to a significant repricing event.

"Markets eventually recognize category leaders. Our job is to recognize them first. That's what the VC Lens is designed to do. It guided our investment in SpaceX, and it's guiding our investment in Kalshi through the same principles of valuation discipline, position sizing, and long-term shareholder alignment." said Shulman. "That was our approach with SpaceX, and it is our approach with Kalshi: access, valuation discipline, position sizing, and long-term shareholder alignment."

The investment follows a significant period for XOVR. XOVR returned 27.45%* in Q2 2026 and 5.30%* in June 2026. SpaceX contributed approximately $135 million in unrealized appreciation in the second quarter of 2026, including approximately $84 million in June — accounting for approximately 75% of XOVR's June return. ERShares increased XOVR's SpaceX position twice in the weeks preceding the IPO to increase exposure ahead of the offering, and the current SpaceX position is approximately $350 million. ERShares believes that, just prior to the SpaceX IPO, the Fund turned away more than $1 billion of potential inflows¹ in an effort to reduce dilution risk for existing shareholders.

"XOVR's goal is access before consensus." said Ados. "By the time many innovation leaders enter traditional public benchmarks, much of the early value creation may already have occurred. XOVR was designed to help close that access gap through a transparent, Nasdaq-listed ETF."

XOVR, with approximately $2.1 billion in assets under management as of July 9, 2026, provides public-market investors exposure to select private companies alongside publicly traded innovation leaders. The Fund's private-company exposure has included SpaceX, which completed its initial public offering in June 2026.

"From SpaceX to Kalshi, the strategy is consistent: identify category leaders early through VC Lens, apply valuation discipline, and seek to preserve value for long-term shareholders." said Shulman. "The companies changing the future often emerge before public benchmarks recognize them. XOVR was built for that gap."

ERShares believes the addition of Kalshi strengthens XOVR's position as a differentiated ETF for investors seeking exposure to private-market innovation, regulated prediction markets, financial technology, market infrastructure, and private-public crossover investing.

About XOVR

The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) is a Nasdaq-listed ETF and, following its August 2024 relaunch, was the first ETF to provide access to private equity exposure through a private-public crossover structure, providing exposure to public innovation companies and select late-stage private companies through a single daily-liquidity ETF. XOVR incorporates the ER30TR Index² as its core public portfolio to guide its allocation, an index with a compelling long-term track record independently calculated by LSEG since 2017. XOVR applies ERShares' proprietary VC Lens to identify companies with strong leadership, innovation-driven growth, category-creation potential, and the ability to become long-term market leaders.

About ERShares

ERShares is an asset management firm focused on innovation, leadership, and long-term growth companies. ERShares is the adviser to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR). The firm's proprietary VC Lens strategy is designed to identify category-defining companies across the private-to-public lifecycle.

Performance and Holdings Notes

*Performance data reflects Fund returns for the stated periods and should be reviewed together with the Fund's standardized performance. The SpaceX contribution figures, SpaceX exposure, and estimated potential inflows referenced above are based on ERShares' internal analysis and Fund records. The NVIDIA holding period referenced reflects a position first established in ERShares' investment strategy in 2005 and held continuously across the strategy and its related vehicles, including the ER30TR Index. Holdings are subject to change at any time.

Important Disclosures

* Please use the following link to view the top 10 holdings of the XOVR ETF: https://entrepreneurshares.com/xovr-etf/#fund-top-10-holdings . Holdings are subject to change.

** 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.

*** 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, current holdings and other important information please call +1 (617) 279 0045 or visit our website www.ershares.com.

¹Please see more supporting details in the following press releases: https://www.prnewswire.com/news-releases/xovr-etf-reports-27-45-q2-return-as-spacex-strategy-delivers-302818393.html?tc=eml_cleartime

² It is not possible to invest directly in the Index

Investing involves risk, including the possible loss of principal. There is no guarantee that the Fund will achieve its investment objective, generate profits, or avoid losses. Past performance is no guarantee of future results.

ETF Risk Disclosure: Investments in ETFs involve risk, including the possible loss of principal. ETF values fluctuate with market conditions, and there is no guarantee an ETF will achieve its investment objective. Past performance does not guarantee future results.

Investments in private, non-traded securities involve significant risks, including illiquidity, limited transparency, valuation uncertainty, limited operating history, regulatory risk, and the potential for substantial dilution or loss. The value assigned to private holdings is determined in good faith pursuant to the Fund's valuation procedures and may differ materially from the value ultimately realized.

Kalshi is a privately held company. References to Kalshi's business, financing, valuation, investors, trading volume, institutional adoption, market position, and regulatory status are based on publicly reported information and company disclosures and have not been independently verified by ERShares. Such information is subject to change.

Prediction markets and event contracts are subject to regulatory, legal, market, operational, and adoption risks. Regulatory developments may affect Kalshi's business, market structure, contract availability, trading volumes, and future growth.

Holdings are subject to change at any time and should not be considered investment advice or a recommendation to buy or sell any security. There is no assurance that the Fund will increase its position in Kalshi, that Kalshi will complete an initial public offering or other liquidity event, or that any private holding will appreciate in value.

This press release contains forward-looking statements, including statements regarding the growth of prediction markets, institutional adoption, potential future opportunities, and the Fund's investment strategy. Actual results may differ materially from those expressed or implied.

Before investing, carefully consider the Fund's investment objectives, risks, charges, and expenses. This and other information can be found in the Fund's prospectus and summary prospectus available at ERShares.com. Read the prospectus carefully before investing.

Distributed by Foreside Financial Services, LLC. Foreside is not affiliated with ERShares or Capital Impact Advisors, LLC.

SOURCE ERShares