XOVR Outperforms Growth Benchmarks Since SpaceX IPO

The first private-public crossover ETF and the first ETF to invest in private companies returned 5.64% from the June 12 IPO through September 4

Past performance does not guarantee future results. Performance shown reflects cumulative return from June 12, 2026 through September 4, 2026.

NEW YORK, Sept. 15, 2026 /PRNewswire/ -- ERShares today announced that the ERShares Private-Public Crossover ETF (NASDAQ: XOVR) returned a cumulative NAV return of 5.64% from the June 12, 2026 SpaceX IPO through September 4, 2026, outperforming several major growth benchmarks over the same period.

XOVR's ER30TR Index returned 3.83% over the period. The Russell 1000 Growth Index returned 1.64%, and the Nasdaq 100 Index returned 0.47%.

XOVR Performance Since August 2024 Relaunch

Since its August 29, 2024 relaunch through September 4, 2026, XOVR generated a cumulative NAVreturn of 40.42%. XOVR outperformed the Russell 1000 Growth Index  (RLG), which returned 38.18%, by 2.24 percentage points, and the Dow Jones Industrial Average, which returned 33.72%, by 6.70 percentage points.

Over the same period, XOVR delivered performance closely in line with its corresponding ER30TR Index, trailing the Index's 40.86% return by just 0.44 percentage points (44 basis points), according to Bloomberg data analytics.

XOVR held SpaceX while it was privately held and continued to hold the company after it entered the public markets. The position provides a current example of XOVR's strategy: identifying select, high-growth companies in the private markets and seeking to maintain exposure as they transition into the public markets.

ERShares estimates that redemption fees paid directly to the Fund added approximately $15.5 million to Fund assets during the post-IPO period, representing an estimated 0.90% contribution to Fund NAV performance. These fees were primarily associated with institutional and short-term redemption activity and benefited long-term shareholders who remained invested in the Fund. Estimate based on Fund accounting records and internal calculations as of September 4, 2026.

"The period since the SpaceX IPO is a clear illustration of the private-public crossover opportunity. A public listing is an important milestone, but it is not the end of a company's growth story. XOVR was designed to give investors a single, publicly traded fund that can follow select companies across that transition through our Venture Capital ("VC") Lens."

Eva Ados, COO & Chief Investment Strategist, ERShares

"Performance since the SpaceX IPO is not a forecast. It does, however, demonstrate how retail investors may benefit from private-to-public equity exposure through key points in a company's lifecycle. During this period, XOVR also outperformed its corresponding ER30TR Index, illustrating how private-company exposure may differentiate the Fund's performance from its public-equity benchmark. Our recent $30 million investment in private company Kalshi reflects that same approach. We use our VC Lens across private and public markets to assess growth, innovation, competitive positioning, and business quality."

Joel Shulman, CEO & CIO, ERShares

A Private-Public ETF for Advisors, RIAs, and Individual Investors

XOVR is the first* private-public crossover ETF and the first ETF to invest in private companies. The fund combines exposure** to select private-company investments with a portfolio of publicly traded growth companies evaluated through ERShares' proprietary VC Lens.

Private-company investing has historically been accessed through separate private funds and specialized structures. XOVR gives financial advisors, RIAs, and individual investors a publicly traded ETF structure they can evaluate and purchase through a brokerage account, with the public shares trading throughout the day on NASDAQ, while maintaining a position of select privately held investments in a separate sleeve. .

About ERShares

ERShares is an asset management firm focused on identifying innovative, high-growth companies across private and public markets through its proprietary VC Lens.

Important Information

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

Distributed by Foreside Financial Services, LLC.

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.

Important Information:

*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.

**XOVR combines exposure to publicly traded growth companies and select private companies by using a venture-capital-style approach to identify businesses with characteristics that may indicate exceptional, long-term growth potential, giving investors access to promising companies across both the private and public markets through a single ETF.

The Fund's investment performance may be significantly affected by changes in the value of one or more large portfolio positions, which may increase the Fund's volatility and risk.

The Fund does not directly hold SpaceX or Kalshi shares. Exposure is obtained indirectly through SPVs that invest in private securities with exposure to SpaceX. Such investments involve risks, including limited liquidity, valuation uncertainty, lack of certain regulatory protections, additional fees and expenses, and no assurance that the SPV will achieve its investment objective.

The Fund's exposure to privately held shares of SpaceX and Kalshi represents approximately 21.49% and 1.92% of the portfolio as of 09/04/2026, therefore subject investors to heightened concentration risk, as the Fund's performance may be significantly affected by developments impacting either company. Any shares acquired in connection with an IPO may be subject to lock-up periods and other restrictions that limit the ability to sell the shares. An investment in the Fund involves risk, including the possible loss of principal.

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 SpaceX or Kalshi, or that Kalshi will complete an initial public offering or other liquidity event, or that any private holding will appreciate in value.

The XOVR VC (Venture Capital) Lens is ERShares' proprietary investment framework for evaluating public and private companies, including select pre-IPO private companies such as SpaceX. The framework incorporates the Entrepreneur Factor®, which evaluates 18 qualitative and quantitative attributes related to leadership, governance, innovation, competitive positioning, growth, financial characteristics, valuation, and risk. The XOVR VC Lens is used to support investment research and security selection across public and private markets through a research approach informed by long-term venture capital investing.

Index performance does not represent the fund's performance. It is not possible to invest directly in an index. Due to the nature of the private and public holdings of XOVR, the ER30TR, S&P 500, Nasdaq-100 and Russell 1000 Growth Indices are unmanaged and are provided solely for informational and comparative purposes . The S&P 500 is an index of 500 leading large-cap U.S. companies that serves as a broad benchmark for the overall U.S. stock market, the NASDAQ-100 tracks the 100 largest non-financial companies listed on the Nasdaq Stock Market with a strong emphasis on technology and growth companies, and the Russell 1000 Index measures the performance of the 1,000 largest publicly traded U.S. companies by market capitalization, representing most of the U.S. equity market.

SOURCE ERShares