XOVR's SpaceX exposure reflected more than $183 million of unrealized appreciation from March 30 through June 15, 2026. Over the same period, XOVR appreciated approximately 30.71%.

Key Highlights

• From March 30 through June 15, 2026, XOVR's SpaceX exposure reflected more than $183 million of unrealized appreciation, including appreciation associated with SpaceX's IPO and the commencement of public trading on the NASDAQ on June 12, 2026.
• Over the same period, XOVR appreciated approximately 30.71%, with its SpaceX exposure contributing significantly to ETF performance.
• XOVR was the first ETF* to provide private-to-public crossover exposure in initiated SpaceX position, by combining a public equity foundation with selective private equity exposure inside an ETF structure.
• In January 2026, ERShares proactively restructured XOVR's SpaceX investment into a 0/0 SPV with no management or performance fees at the SPV level. The conversion was part of ERShares' "Transparency Reset" initiative, reinforcing the firm's commitment to transparency, shareholder alignment, and continuous improvement.
• XOVR's Shareholder Protection Plan around the SpaceX IPO included Board-reviewed fair value updates through Q2 as market pricing dictated, limits on large short-term event-driven creations before the IPO, and redemption/transaction fee economics designed to benefit the ETF and remaining shareholders. The measures allowed the Fund to limit potentially disruptive Creation Unit activity before the IPO and assess redemption/transaction fees on qualifying redemptions, reducing the risk that short-term flows would dilute the value created for existing shareholders.
• In January, XOVR's assets increased from approximately $400 million to approximately $1.8 billion, and its SpaceX exposure was diluted from roughly 10% to less than 2%. Several months later, just prior to the SpaceX IPO, despite XOVR's assets increasing from approximately $400 million to approximately $2.4 billion, ERShares took steps designed to preserve meaningful SpaceX exposure, by preventing additional, potentially significant dilution, and actually increased its SpaceX exposure weight from approximately 13% to 14% weight going into the IPO.
• ERShares believes that it limited more than $1 billion of potential large, short-term event-driven creations before the IPO, in order to prioritize existing long-term, loyal shareholders over additional potential assets and management-fee revenue.
• ERShares applies a Venture Capital ("VC") Lens to public and private-market opportunities, evaluating companies across the full market lifecycle — before, during, and after a transition to public markets.

Past performance is not a guarantee of future returns. For standardized performance, please visit https://entrepreneurshares.com/xovr-etf/#fund-performance

NEW YORK , June 22, 2026 /PRNewswire/ -- Many category-leading companies are remaining private longer, often building significant value before becoming broadly available in public markets. ERShares built the ERShares Private-Public Crossover ETF (NASDAQ: XOVR) for this changing market environment — to apply a VC Lens across both public and private-market opportunities inside an ETF structure. The period surrounding SpaceX's IPO offered a real-time example of how this private-public crossover approach can operate during a major private-to-public market event.

For ERShares, the SpaceX IPO period was not only a performance event. It was also a real-time test of ETF innovation, shareholder-focused fund management, and the firm's ability to apply lessons from earlier market dynamics in service of long-term XOVR shareholders.

"The SpaceX IPO period created a real-time example of why private-public crossover investing matters. Many category-leading companies are creating significant value before they become broadly available in public markets. XOVR was built for that environment, applying a VC Lens across both public companies and selective private-market opportunities." — Joel Shulman, Founder and Chief Investment Officer, ERShares

A Shareholder-Focused Response to Event-Driven Flow Dynamics
XOVR's approach around the SpaceX IPO was shaped by lessons learned from earlier event-driven flow dynamics in January 2026. During that period, XOVR's assets increased from approximately $400 million to approximately $1.8 billion, while the Fund's SpaceX exposure was diluted from roughly 10% to less than 2% as substantial new assets entered the Fund. In response, ERShares implemented a Transparency Reset getting into a more efficient SPV in January and subsequently implemented a Shareholder Protection Plan that adopted measures designed to help preserve the benefits of future appreciation for long-term shareholders.

In January 2026, ERShares converted XOVR's SpaceX exposure into a 0/0 Special Purpose Vehicle ("SPV") structure, meaning no management or performance fee at the SPV level. ERShares implemented this conversion in order to improve the efficiency of XOVR's SpaceX exposure and help the ETF participate more effectively in the SpaceX IPO period.

In the days prior to the SpaceX IPO, even as XOVR's assets grew from approximately $400 million to approximately $2.4 billion, ERShares took steps designed to mitigate any potential negative impact to existing long-term, loyal shareholders and preserve meaningful SpaceX exposure going into the IPO, including an approximate 13% to 14% SpaceX weight. ERShares also limited in what they estimate, more than $1 billion of potential large, short-term event-driven inflows from investors using XOVR as a proxy for SpaceX shares, which would have diluted existing shareholders' exposure and returns.

"Earlier this year, XOVR experienced significant event-driven flow dynamics around its SpaceX exposure. In January, XOVR's assets increased from approximately $400 million to approximately $1.8 billion, and its SpaceX exposure was diluted from roughly 10% to less than 2%. We learned from that experience and we were not going to let that happen again," said Joel Shulman, Founder and Chief Investment Officer of ERShares. "Prior to the SpaceX IPO, even as XOVR's assets increased from approximately $400 million to approximately $2.4 billion, we took steps designed to help protect existing shareholders and maintain meaningful SpaceX exposure going into the IPO. In fact, we actually increased the SpaceX exposure in the weeks prior to the SpaceX IPO"

"ERShares was the first to bring private equity exposure into an ETF wrapper through XOVR, and we have continued to innovate as the structure evolved," Shulman added. "When XOVR exceeded its target private exposure limits, we worked on a first of its kind liquidity arrangement for an equity ETF, that allowed us to actually increase SpaceX exposure in a fund-compliant manner. Around the IPO, we also limited potentially massive, short-term event-driven creations that would have significantly diluted existing shareholders' returns. That meant we took meaningful steps to prioritize our existing shareholders returns rather than generate additional potential assets and management-fee revenue. At a time when other Funds would gladly accept fee revenue, we took the unusual step to turn it away. Our goal has been consistent: support long-term XOVR shareholders and make sure they are the investors positioned to benefit from value created in the strategy."

Four Stages of XOVR Innovation

ERShares' innovation around XOVR evolved in four stages.

First, XOVR pioneered private equity exposure inside an ETF structure, creating a private-public crossover model designed to combine a public equity foundation with selective private-market exposure.

Second, as part of its Transparency Reset initiative, ERShares converted XOVR's SpaceX exposure into a 0/0 SPV structure in February 2026 with no management or performance fees at the SPV level. ERShares believes the change enhanced transparency, improved structural efficiency, and strengthened shareholder participation in the value created during the SpaceX IPO period.

Third, ERShares established a first-of-its-kind liquidity arrangement that enabled XOVR to increase its SpaceX exposure immediately prior to the IPO. Management believes this innovative structure positioned the Fund to increase its participation in the value created by the IPO while maintaining operational flexibility and alignment with the interests of long-term shareholders.

Fourth, around the SpaceX IPO, ERShares implemented XOVR's Shareholder Protection Plan to protect long-term shareholders from potentially significant dilution associated with extremely large, short-term event-driven flows. Management believes the Plan limited more than $1 billion of event-driven creations prior to the IPO, thus minimizing the dilution of the SpaceX position and help preserve shareholder value. The Plan also incorporated redemption and transaction fee economics designed to benefit the ETF and its remaining shareholders, together with a Board-reviewed valuation framework intended to reflect observable market pricing as appropriate. This was a first of it's kind Plan, that while limiting fee generating revenue to the firm, help maximize the returns to long-term, loyal shareholders.

XOVR pioneered a first-of-its-kind private-public crossover ETF structure, and we continued to refine and enhance that structure as the Fund evolved," said Eva Ados, Chief Investment Strategist and COO of ERShares. "In February, we implemented a Transparency Reset and converted our SpaceX exposure into a transparent and efficient 0/0 SPV structure. We subsequently established a first-of-its-kind liquidity arrangement that enabled XOVR to increase its SpaceX exposure immediately prior to the IPO. Around the IPO, we also implemented a Shareholder Protection Plan that management believes helped preserve the benefits of the IPO for long-term shareholders. We are proud of the innovations introduced during this period and remain committed to delivering creative solutions that align with shareholder interests."

SpaceX as a Case Study in Private-Public Crossover Investing
The SpaceX IPO period provided a real-time example of how XOVR's strategy can operate when private-market value creation intersects with public-market trading. XOVR's SpaceX exposure became a significant contributor during the period surrounding the IPO, while the ETF's broader strategy remained focused on public and private-market opportunities across multiple stages of the market lifecycle.

For investors reviewing XOVR's recent performance, this context matters. XOVR is not a traditional public equity ETF, but a private‑public crossover strategy applying a venture-style lens to public markets and select private investments that may drive differentiated performance.

"As pioneers in bringing private-public crossover investing into an ETF structure, we knew being first was only step one. At ERShares, we kept asking how to make XOVR stronger for long-term shareholders while also helping the market understand how this structure works. The $183 million-plus of unrealized appreciation reflected in XOVR's SpaceX exposure, that generated a 30.71% appreciation in XOVR from March 30 through June 15 was important, but the bigger lesson is that XOVR continued to evolve through this period. We learned from earlier market dynamics, improved the structure, and took steps designed to support long-term shareholders. We are proud of the progress so far — and even more focused on what XOVR can become next." — Eva Ados, Chief Investment Strategist and COO, ERShares

The Bigger Shift in Growth Investing
Many companies are now considering to remain private longer, often building significant value before entering public markets. For public-market investors, that can create a timing gap between where value is created and where access is available.

XOVR's private-public crossover structure was designed for this environment, combining public equity exposure with selective private equity exposure inside an ETF format. ERShares' VC Lens evaluates companies using factors often associated with private-market investing, including category leadership, innovation, scalability, market opportunity, growth potential, and the transition from private to public markets.

About ERShares

ERShares is an asset management firm focused on innovation, growth, and companies it believes demonstrate strong leadership, scalable business models, and long-term market opportunity. ERShares applies a VC Lens to public and private-market investing, seeking to identify companies positioned across major innovation and growth themes. The VC Lens reflects ERShares' investment approach and judgment and does not guarantee successful outcomes. There is no assurance that companies selected using these factors will achieve expected growth or performance.

About XOVR
The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) combines a public equity foundation with selective private equity exposure inside an ETF structure. XOVR applies ERShares' VC Lens to evaluate companies across the public and private-market lifecycle.

Important Information
Performance data quoted reflects the specific period from March 30, 2026 through June 15, 2026 and should not be viewed as indicative of future results. Appreciation in private-company exposure is unrealized unless and until realized by the ETF. ETF shares may trade at a premium or discount to net asset value. Private equity exposure involves additional risks, including valuation uncertainty, limited liquidity, limited transparency, and risks that may differ from publicly traded securities. XOVR is subject to market risk and may lose value.

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, please call +1 (617) 279-0045 or visit the Fund's website at https://entrepreneurshares.com/xovr-etf/. For standardized performance, please visit https://entrepreneurshares.com/xovr-etf/#fund-performance.

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 it 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.

*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.

Sources supporting broader private-market context: Morningstar, "Unicorns and the Growth of Private Markets"; SEC Private Markets Roundtable.

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SOURCE ERShares