Frequently Asked Questions
Frequently asked questions regarding ERShares' funds.
XOVR Private-Public Crossover ETF
Key Facts (as of 04/20/2026)
– SpaceX exposure: approximately $230 Million
– Portfolio framework: predominantly public equities anchored in ER30TR (typically 85%+ of assets)
– Management Fee: 0.75%
– SpaceX SPV structure: no management fee, no carried interest
– Current SpaceX exposure acquisition fee: already incurred (one-time, does not recur)
– No lockups. No minimums. No accredited-investor requirement
ERShares believes SpaceX has the characteristics to become the Magnificent 8th: the next company to join the small group of businesses that define an era of the market. SpaceX is currently valued at approximately $1.4 trillion on secondary markets and, based on publicly reported market estimates, could go public at $1.75 trillion or higher. XOVR holds approximately $230 million in SpaceX exposure, the largest such position of any ETF, through a SpaceX SPV with no management fee and no carried interest. For investors who want access to SpaceX before a potential IPO, XOVR is the most accessible way to get involved.
XOVR combines public equities selected through the ER30TR Index, a 20-year framework that outperformed every major benchmark including the Nasdaq-100, with selective private-market exposure. The fund currently holds approximately $230 million in SpaceX through a SpaceX SPV with no management fee and no carried interest. One ticker. Daily liquidity. No lockups. No minimums.
XOVR charges a management fee of 0.75%. The SpaceX position is held through a SpaceX SPV, no management fee, no carried interest. By comparison, traditional private equity funds typically charge 2% management fees and 20% carried interest with multi-year lockups and high minimums. XOVR has no lockups, no minimums, and no accredited-investor requirement. One ticker, available through any brokerage account.
The ER30TR Index, the public equity backbone of XOVR, has a 20-year, Bloomberg-verified track record: +1,955% since inception (June 2005). Nasdaq-100: +1,807%. S&P 500: +740%. DJIA: +656%. The methodology identified and invested in the Magnificent Seven from early stages. XOVR extends that same framework into private markets. The ER30TR Index is unmanaged and investors cannot invest directly in an index. XOVR’s performance may differ. Past performance is not indicative of future results.
XOVR’s private sleeve operates within a regulated ETF structure supported by formal valuation governance, independent administration, and auditor oversight. SpaceX is currently valued at approximately $1.4 trillion on secondary markets.
Should SpaceX pursue a public listing, XOVR shareholders would hold a position established at pre-IPO pricing through a SpaceX SPV with no management fee and no carried interest. After a standard post-IPO lock-up period, any investor could buy SpaceX directly, but XOVR shareholders would already be in. Future outcomes remain uncertain.
ERShares has high conviction in XOVR’s positioning. The fund’s public equity backbone is anchored to the ER30TR Index, which has a 20-year track record of outperformance. Further, the SpaceX position is held at pre-IPO pricing through a SpaceX SPV with no management fee and no carried interest. Based on publicly reported market estimates, SpaceX could go public at $1.75 trillion or higher. Future outcomes remain uncertain, but XOVR shareholders are already positioned.
No. No action is required on your part. Your investment in XOVR remains in place, and the Fund’s portfolio management team handles the transition of SpaceX from a private to a public holding within the portfolio.
No. As a shareholder of XOVR, you own shares of the Fund, not the underlying portfolio securities. No SpaceX shares will be distributed to XOVR shareholders at any time, including in connection with a SpaceX IPO.
No. There is no lockup on your shares of XOVR. Any lockup applies to the Fund’s underlying SpaceX holdings, not to XOVR shareholders.
The SpaceX IPO itself is not expected to create a taxable event for XOVR shareholders. As with any ETF, buying or selling your own XOVR shares may result in a capital gain or loss. Please consult your tax advisor regarding your specific situation.
On February 2, 2026, SpaceX announced an all-stock acquisition of xAI. Public reporting described the transaction as a share exchange in which each xAI share converted into SpaceX shares. The combined company was reported at an aggregate valuation of approximately $1.25 trillion.
Public reporting described the approximately $1.25 trillion figure as a combined-entity value, consisting of approximately $1.0 trillion for SpaceX and approximately $250 billion for xAI. It was not reported as a standalone SpaceX valuation.
Key Takeaway: XOVR is the first ETF built to combine pre-IPO private-company exposure with a daily-liquid public equity portfolio. The fund’s public sleeve is anchored to the ER30TR Index, a 20-year track record that has outperformed every major benchmark. The SpaceX position is held through a SpaceX SPV with no management fee and no carried interest, designed so that any future appreciation flows to shareholders, not the manager. As of 04.22.2026, XOVR holds approximately $230 million in SpaceX exposure through a SpaceX SPV with no management fee and no carried interest, alongside exposure to Anduril.
XOVR’s private sleeve operates within a regulated ETF structure supported by formal valuation governance, independent administration, and auditor oversight. Differences between private market references and reported Fund outcomes are primarily explained by structure, timing, portfolio weighting, transaction costs, and valuation methodology, not by undisclosed changes to exposure.