XOVR Lifts SpaceX Exposure to ~23% of Fund with ~ $35M Buy

ERShares Adds Approximately $35 Million to the SpaceX exposure stake in XOVR, Its Private-Public Crossover ETF; Total SpaceX Exposure Now Approximately $281 Million Ahead of What Could Be a Blockbuster SpaceX IPO

Key Highlights

• XOVR has added approximately $35 million to its SpaceX position.
• Total SpaceX exposure: approximately $281 million, about 23% of Fund assets, based on recent AUM.
• The Fund's SpaceX position has generated approximately $41 million in appreciation over the past month, creating accretive value for XOVR shareholders.
• XOVR is the first crossover ETF to provide private-equity access.
• SpaceX exposure is obtained through an effective 0/0 SPV (zero management fee, zero performance fee) inside a registered ETF wrapper.
• Before adding to its SpaceX SPV exposure, the fund put in place a liquidity arrangement that meets regulatory requirements.

NEW YORK, May 21, 2026 /PRNewswire/ -- ERShares today announced that its Private-Public Crossover ETF (NASDAQ: XOVR) has added approximately $35 million in additional exposure to its SpaceX position. With the new purchase, XOVR's total SpaceX exposure is approximately $281 million, about 23% of Fund assets as of 5/20/2026.

Importantly, the Fund's existing SpaceX position has already generated approximately $41 million in appreciation over the past month for the benefit of XOVR shareholders, reflecting the accretive impact of the position on Fund performance during the period.

The position is held through an effective 0/0 SPV (zero management fee, zero performance fee at the SPV level) inside XOVR's registered ETF structure. XOVR was the first ETF* to add private-equity exposure. The increase comes as investor interest builds around what is anticipated to be the premier IPO of this generation, and likely the largest IPO ever.

"We set out to create a novel structure that creates value for retail investors," said Joel Shulman, Ph.D., CFA, CIO of ERShares and Portfolio Manager of XOVR. "Until XOVR, exposure to companies like SpaceX was structurally out of reach for the everyday investor. We changed that."

The VC Lens Behind XOVR's SpaceX Position

ERShares' proprietary Venture Capital ("VC") lens, refined over more than 20 years, screens public and private companies for category-defining characteristics. The framework was born in the private market by studying how venture-capital investors invest, then applying the same criteria to public equities. ERShares invests like a VC with a long horizon, so adding private-equity exposure to XOVR was a natural extension of the framework. SpaceX exposure is XOVR's first private company position, and ERShares intends to hold for the long term.

The same framework, anchored on the public side by the ERShares 30 Total Return Index (ER30TR), also identified the majority of the "Magnificent 7" well before they earned the label: Nvidia and Amazon in 2005, and Google, Tesla, and Meta as they became public. (Past performance is not indicative of future results, and there is no assurance that SpaceX will deliver comparable outcomes.) While the Fund is not an index ETF, the Fund generally invests in the companies that are in the ER30TR or seeks exposure to them.

The Three-Engine Empire: Why ERShares Chose SpaceX as XOVR's First Private Position and Largest Weight

ERShares views SpaceX as one of the few companies on the planet with a durable, structural moat, the kind ERShares' proprietary VC lens screened for. SpaceX clears that bar across what the firm describes as a "Three-Engine Empire":

• Launch and Space Transportation: SpaceX's foundational franchise.
• Starlink: SpaceX's global satellite broadband network.
• AI-Related Infrastructure: the data transmission and connectivity layers the firm believes are emerging across SpaceX's platform.

"We don't chase hype. Conviction comes from our proprietary research, not consensus. It's no longer just a rocket company; it's a three-engine empire, and each engine has its own moat," said Eva Ados, COO and Chief Investment Strategist of ERShares, echoing comments she recently made on CNBC. "Launch is the foundation, Starlink is the global connectivity layer, and the AI-related infrastructure built on top is the next leg of compounding. That combination is what, in our view, makes SpaceX likely the most consequential IPO the public markets have ever seen."

About XOVR and ERShares
The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) is an actively managed ETF advised by Capital Impact Advisors, LLC, an affiliate of ERShares. XOVR seeks long-term capital appreciation by investing in public and private companies identified through ERShares' proprietary VC lens model.

IMPORTANT DISCLOSURES

Investors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing; this and other information is contained in the prospectus. For more information, please refer to https://entrepreneurshares.com/disclosures/.

*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.

The ERShares Private-Public Crossover ETF is distributed by Foreside Fund Services, LLC, which is not affiliated with the Fund, its investment adviser or any of their affiliates.

SOURCE ERShares