ERShares

10/01/2026

SpaceX Strength, Market Resilience and the Next Private Investment

ERShares Founder and CIO Joel Shulman recently joined Fox Business to discuss market conditions, private markets, and innovation-driven growth opportunities. From July 31 through September 17, XOVR appreciated approximately 13.5%, compared with approximately 4.21% for QQQ, 3.56% for the Russell 1000 Growth Index, 1.98% for the S&P 500 Index, and -1.35% for the Dow Jones Industrial Average during the same period.

Past performance does not guarantee future results. References to specific securities are for illustrative purposes only and are subject to change. Investing involves risk, including possible loss of principal. For standardized performance, current performance, fund risks, expenses, and prospectus information, visit Ershares.com.

Distributed by Foreside Fund Services, LLC.

https://youtu.be/hxVt_RVsXvs

09/28/2026

Dr. Joel Shulman, Founder and CIO of ERShares, is featured in a recent Barron's article discussing the growing interest in prediction markets and ETFs with exposure to companies in the space. The article highlights the ERShares Private-Public Crossover ETF (XOVR) and its exposure to Kalshi through a Special Purpose Vehicle (SPV).

As quoted in the article, Dr. Shulman stated:

"Valuations are not simply pricing sports businesses. They reflect expectations that prediction markets could become a permanent financial-market category extending into economics, commodities, corporate events and eventually institutional hedging."

Read the article:

https://www.barrons.com/articles/kalshi-polymarket-pre-ipo-etfs-prediction-markets-4806892d

Learn more about Kalshi exposure in XOVR, including risks and important information: https://entrepreneurshares.com/kalshi-in-xovr/

View XOVR's Top 10 holdings: https://entrepreneurshares.com/xovr-etf/ -top-10-holdings

Important Risks: Investments in private companies and SPVs involve substantial risks, including valuation uncertainty, limited liquidity, and the risk of loss. There is no assurance that any private company will complete an IPO or achieve anticipated valuations. Prediction-market companies are subject to legal and regulatory risks that may adversely affect future operations, growth prospects, and valuations. Views expressed in the article are those of the author and quoted sources and do not necessarily reflect the views of ERShares.

A handful of ETFs have pre-IPO exposure to Kalshi and Polymarket. Investors need to tread cautiously.

09/17/2026

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.

09/11/2026

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.

Record Q2 revenue and earnings growth continue to propel markets to...

08/10/2026

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.

Prediction markets are moving further into the financial mainstream...

08/07/2026

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 (8/6) despite unlocking more tha...

07/28/2026

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.

What’s behind the recent SpaceX selloff and could it create a long-...

07/22/2026

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?

The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) recorded m...

07/16/2026

Joel Shulman Ph.D., CFA recently joined Bloomberg Television to discuss XOVR, SpaceX, SpaceX’s inclusion in the Nasdaq-100, and ERShares’ public-private crossover investment strategy.

Key highlights:

• XOVR returned 27.45% in Q2 2026 and *5.30% in June.
• SpaceX contributed approximately $84 million in June unrealized appreciation, representing approximately 75% of the Fund’s monthly return.
• XOVR reported approximately $387 million in SpaceX exposure at quarter end.

ERShares pioneered the category by launching the first ETF with exposure to SpaceX and the first ETF designed to provide private equity exposure within an ETF structure.

Past performance is no guarantee of future results. Disclosures: https://entrepreneurshares.com/disclosures/