At a glance
XOVR charges 0.83% a year, above the 0.48% average of the 3 funds most like it (the most expensive of 4). It has $2.19B in assets, the 2nd largest of that group. Over the past year it returned −2.8% with distributions reinvested, the weakest of those 4 funds. Its ten largest positions make up 63.1% of the fund, out of 32 in all.
The short version
ERShares Private-Public Crossover ETF (XOVR) is an actively managed fund of about 30 fast-growing US stocks, such as Nvidia and Astera Labs. It also holds a stake in privately owned SpaceX through a special investment vehicle. That private slice, 17.7% of assets as of June 30, 2026, sets it apart from growth funds like QGRW. So does its 0.83% expense ratio, the highest of the four similar funds compared.
Price history
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XOVR -2.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XOVR official prospectus, to Dec 31, 2025 | — | +11.39% | — | +3.93% | — | +10.93% |
| Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +18.56% | — | +15.32% | — | +18.22% |
| Entrepreneur Shares 30 Total Return Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +14.80% | — | +9.55% | — | +16.83% |
| XOVR price data to Oct 27, 2026 | +4.8% | -2.8% | — | — | — | +16.1% |
- Over the year to Oct 27, 2026, XOVR returned -2.8%, 4th of 4 among similar funds.
- Its worst full calendar year was 2025 (+11.8%); its best was 2025 (+11.8%).
- The deepest fall in its price history was 39.9% (Dec 6, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | +11.8% | +11.39% |
| 2024 | — | +33.33% |
| 2023 | — | +51.35% |
| 2022 | — | -40.53% |
| 2021 | — | -9.30% |
| 2020 | — | +50.36% |
| 2019 | — | +31.66% |
| 2018 | — | -4.65% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Aug 29, 2024 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Aug 29, 2024 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 32 securities; the ten largest made up 63.08% of assets.
| Holding | Weight | |
|---|---|---|
| N/A Other | 17.73% | |
| Nvidia Corp | 9.47% | |
| Astera Labs Inc | 7.74% | |
| Alphabet Inc | 6.52% | |
| Meta Platforms Inc | 4.47% | |
| Applovin Corp | 3.95% | |
| Natera Inc | 3.70% | |
| Robinhood Markets Inc | 3.55% | |
| Veeva Systems Inc | 3.16% | |
| Reddit Inc | 2.78% | |
| Affirm Holdings Inc | 2.64% | |
| Axon Enterprise Inc | 2.60% | |
| Rocket Lab Corp | 2.50% | |
| Arista Networks Inc | 2.31% | |
| Mongodb Inc | 2.29% |
By country
United States 99.94%By asset type
Stocks 82.02%Other 17.92%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.41B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.60%, +10.44%, +5.29%.
How it works
XOVR is actively managed by Capital Impact Advisors, so a manager, not an index, makes the final choices. Most picks come from the ERShares 30 Total Return Index. Affiliate EntrepreneurShares, LLC builds that index using its Entrepreneur Factor model. The model screens more than 55,000 public companies worldwide on traits such as management, growth, value, debt, size and momentum. The fund aims for companies in the top quarter. The manager adds top-down research into themes like artificial intelligence, cloud computing, biotech, fintech and space. Holdings are mostly US-listed companies worth more than $2.5 billion when bought.
The fund may also buy stakes in private companies. As of June 30, 2026, its largest position, 17.7% of assets, was a special purpose vehicle (SPV). An SPV is a separate entity set up to hold shares in SpaceX. Private stakes don't trade daily, so their value is estimated. The fund is non-diversified, meaning it can put more money into single companies. It held 32 positions, and the top 10 made up 63% of assets.
The manager sells when a stock's growth looks likely to slow or better ideas appear. Turnover was 143%, meaning yearly trading exceeded the portfolio's whole value. In weak markets it may hedge with options or short selling, and it may use futures and swaps. It reported no derivatives as of June 30, 2026.
What it really costs
- XOVR charges 0.83% a year, versus an average of 0.48% for the similar funds below (4th of 4, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $85 in the first year and $1,025 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XOVR | $85 | $265 | $460 | $1,025 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its concentrated growth stocks, large private SpaceX stake, 40.53% loss in 2022 and lack of income make it a small, higher-risk addition rather than a foundation.
XOVR launched in 2017, so it has no record from the 2008 crisis. Its prospectus shows a 50.36% gain in 2020 and a 40.53% loss in 2022, its worst calendar year. The second quarter of 2022 alone fell 24.48%. Price data starts in August 2024. In that data, its deepest drop was 39.9%, from December 6, 2024, to April 8, 2025, and it had not regained that peak as of October 27, 2026. A retiree who has to sell during a slump like that turns paper losses into real ones.
XOVR paid no distributions in the year to October 27, 2026, so it adds no income. Its 0.83% expense ratio is well above the 0.48% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want some exposure to privately owned SpaceX, which made up 17.7% of assets as of June 30, 2026, through an ordinary brokerage account.
- Growth investors comfortable with a concentrated 32-position portfolio in which the 10 largest holdings made up 63% of assets.
- People who can hold through deep swings, like the 40.53% loss in 2022, without needing to sell shares.
Look elsewhere if
- Income seekers: XOVR paid no distributions in the year to October 27, 2026.
- Cost-conscious investors: its 0.83% expense ratio compares with 0.28% for the WisdomTree U.S. Quality Growth Fund (QGRW).
- Those wanting broad growth-stock returns: it trailed the Russell 1000 Growth Index over five years, 3.93% versus 15.32% a year, through December 31, 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What is the SpaceX SPV in XOVR?
It is XOVR's largest position. It is a stake in a special purpose vehicle (SPV), a separate entity set up to hold shares of SpaceX, which is privately owned. It made up 17.7% of assets as of June 30, 2026, ahead of Nvidia at 9.5%. Private holdings like this don't trade on an exchange, so their value is usually estimated instead of set by daily trading. They can also be harder to sell quickly.
Does XOVR pay dividends?
No. XOVR paid no distributions in the 12 months to October 27, 2026, and its trailing yield was 0%. The fund's goal is long-term capital appreciation, meaning growth in share price. Most of its holdings are growth companies such as Nvidia, Astera Labs and Alphabet. Investors who want regular income would get it from other parts of a portfolio, not from XOVR.
XOVR vs QGRW: what's the difference?
The biggest differences are cost and approach. The WisdomTree U.S. Quality Growth Fund (QGRW) charges 0.28% a year, compared with 0.83% for XOVR. The two funds share about 24% of their holdings, based on the latest N-PORT reports. XOVR is actively managed and holds a large private SpaceX stake. Over the year to October 27, 2026, QGRW returned 12.3% while XOVR lost 2.8%. XOVR ranked last of the four similar funds on both cost and one-year return.
How has XOVR performed since it launched?
Its results have been uneven, with big swings. Through December 31, 2025, XOVR returned 10.93% a year since its 2017 launch, 3.93% a year over five years and 11.39% over one year. The Russell 1000 Growth Index returned 18.22%, 15.32% and 18.56% over the same periods. XOVR's calendar-year results ranged from a 51.35% gain in 2023 to a 40.53% loss in 2022.
What is XOVR's expense ratio?
XOVR's expense ratio is 0.83% a year, including a 0.75% management fee, according to its prospectus filed October 28, 2026. The SEC's standard example assumes $10,000 invested at a 5% yearly return. On that basis, costs would total about $85 after one year, $460 after five years and $1,025 after ten. That is well above the 0.48% average of the similar funds compared. A 143% turnover rate can also add trading costs that the expense ratio doesn't include.