ERShares

SpaceX* went public. During the period shown, ERShares’ XOVR ETF outperformed its benchmark.

From the June 12 SpaceX IPO through September 4, 2026, the ERShares Private-Public Crossover ETF (NASDAQ: XOVR) delivered a 5.64%** cumulative NAV return, compared with:

XOVR: +5.64%
Russell 1000 Growth Index: +1.64%
Nasdaq-100 Index: +0.47%

XOVR is the first^ private-public crossover ETF and the first^ ETF to invest in private companies—bringing select private-company exposure and publicly traded growth companies together in one Nasdaq-listed ETF.

Private → public. One ETF.

Read the full XOVR performance announcement:

https://www.prnewswire.com/news-releases/xovr-outperforms-growth-benchmarks-since-spacex-ipo-302879127.html

Past performance does not guarantee future results. Performance shown reflects cumulative NAV return from June 12, 2026 through September 4, 2026. Exposure to private companies involves additional risks, including valuation, liquidity, and limited information risks

*SpaceX represents a 21.74% weight in the XOVR ETF as of 09/15/2026

**Please see the following link for standardized performance: https://entrepreneurshares.com/xovr-etf/

^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.

Record Q2 revenue and earnings growth continue to propel markets to new highs. Rising productivity and revenue per employee, increasingly supported by AI, are allowing companies to generate stronger growth with fewer resources. This video examines why that earnings story remains the dominant market driver, even against the backdrop of higher oil prices and concerns surrounding the Iran conflict.

https://youtu.be/3SyVG1TfO10

Disclosures: Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund.

Past performance is not a guarantee of future results. For the most recent performance and holdings as well as additional disclosures, visit www.ershares.com. The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and may be obtained by calling +1 (617) 279 0045 or by visiting our website www.ershares.com. Read it carefully before investing.

As of the date of this interview (08/10/2026), the ERShares Private-Public Crossover ETF ("XOVR") exposure to SpaceX was 16.69% of the Fund. The fund does not directly hold shares of SpaceX. Exposure to SpaceX is sought indirectly through investment in SPV Exposure to SpaceX LLC or other special purpose vehicles (“SPVs”), the objective(s) of which is to seek such exposure through investment in privately-offered securities including other private funds (“private securities”) that have exposure to direct interests in SpaceX. The fund may not be able to influence the SPV's management, and the SPV may hold material amounts of cash while seeking investments.

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 companies discussed are not a buy, sell or hold recommendations. The 4% to 5% increase reference at timestamp 1:40 was during pre-market on the day of the interview. The stock closed +4.23% on Monday, August 10, 2026 from the close on Friday, August 07, 2026 Please see the following link for standardized performance https://entrepreneurshares.com/xovr-etf/

Distributed by Foreside Financial Services, LLC.

Q2 Earnings and Productivity Continue to Drive Markets Higher Record Q2 revenue and earnings growth continue to propel markets to...

Prediction markets are moving further into the financial mainstream, and we believe the category is still in the early stages of its development.

In this discussion, we share our investment perspective on Kalshi, the growth of regulated prediction markets, and their potential role in information and price discovery.

We also discuss why XOVR ETF has increased its exposure to Kalshi and how the investment fits within our broader approach to identifying select private companies that we believe have the potential to become long-term category leaders.

As finance and technology continue to converge, we believe prediction markets represent an increasingly important area for investors to understand.

Learn more about XOVR ETF and its private-public crossover investment strategy at ERShares.com.

Investing involves risk, including possible loss of principal. Private-company investments involve additional risks, including limited liquidity and valuation uncertainty. Holdings are subject to change. References to specific companies are for informational purposes and should not be considered a recommendation to buy or sell any security.

https://youtu.be/LRRYzrlAjW0



The exposure to Kalshi has a 1.68% weight as of 07.28.26. Distributed by Foreside Fund Services, LLC

Any views regarding the future growth, profitability, adoption, or market position of Kalshi, prediction markets, or other private companies represent the opinions of the adviser as of the date presented and are subject to change. There can be no assurance that such expectations will be realized.

Kalshi & Prediction Markets: Why XOVR ETF Invested $30M in Kalshi. Prediction markets are moving further into the financial mainstream...

Why is SpaceX trading higher today (8/6) despite unlocking more than 900 million shares?

As discussed in the video, many short sellers had been hedging locked up shares and are now covering their short positions.

S3 partners estimates short interest has fallen from roughly $30b to $25b. The larger public float also allows index funds to increase their positions, creating additional demand.

Sometimes a major share unlock can be bullish rather than bearish.

Learn more about XOVR ETF and its private-public crossover investment strategy at ERShares.com.

Investing involves risk, including possible loss of principal. Private-company investments involve additional risks, including limited liquidity and valuation uncertainty. Holdings are subject to change. References to specific companies are for informational purposes and should not be considered a recommendation to buy or sell any security.

https://youtu.be/_P55PYQWEB4

Why is SpaceX trading higher today? Why is SpaceX trading higher today (8/6) despite unlocking more tha...

What’s behind the recent SpaceX selloff and could it create a long-term opportunity?

Joel Shulman, CIO of ERShares, discusses the outlook for SpaceX, Starship, Starlink and Elon Musk’s long-term strategy, including what investors should consider beyond short-term market volatility.

SpaceX Selloff: A Long-Term Opportunity? What’s behind the recent SpaceX selloff and could it create a long-...

XOVR’s SpaceX investment gained more than $183 million in unrealized appreciation between March 30 and June 15, 2026 — and much of that appreciation happened before SpaceX began publicly trading.

That is the point.

By the time a great private company reaches an IPO, a meaningful part of the value creation may already have happened. We believe investors should not necessarily have to wait until the public-market debut to participate in a company’s growth story.

In this Schwab Network interview, ERShares Founder and CIO Dr. Joel Shulman explains why we believe pre-IPO investing can matter, why SpaceX remains a high-conviction long-term holding after the IPO, and why XOVR was built to invest across the private-to-public transition — not simply trade the IPO moment.

From March 30 through June 15, 2026, XOVR appreciated approximately 30.71%, with SpaceX exposure contributing significantly to the Fund’s performance.

The bigger question for investors: How much value creation are you missing by only showing up after the IPO?

XOVR SpaceX Investment Gained $183M+ in Q2 The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) recorded m...

Joel Shulman joined CNBC on the day of the SpaceX IPO to discuss the IPO, the broader market reaction, and what public trading could mean for investors following SpaceX.

Important disclosures: https://entrepreneurshares.com/disclosures/

https://youtu.be/5Qby13x1uhE

Joel Shulman on CNBC on day of SpaceX IPO Joel Shulman joined CNBC on the day of the SpaceX IPO to discuss th...

Joel Shulman of ERShares joined FOX Business to discuss the current market environment, IPO activity, and the growing investor interest in private-market access through public vehicles.

In the segment, Joel shares his perspective on market leadership, innovation-driven growth, and why companies such as SpaceX continue to shape investor conversations around the next generation of public and private market opportunities.

Learn more about ERShares and its disclosures: ershares.com

https://youtu.be/J-LjU0RAjhM

Joel Shulman on Markets and IPOs Joel Shulman of ERShares joined FOX Business to discuss the current...