ERShares

Recently on Mornings with @MariaBartiromo, we discussed how investors should be paying close attention to a major shift in markets: capital is moving into ETFs that provide exposure to private companies, particularly leaders like SpaceX. With companies staying private longer, the traditional IPO is no longer the first opportunity for participation, and certain crossover ETF structures are emerging to bridge private and public markets within a liquid vehicle. We discussed the IPO of SpaceX as well as our participation in the Pre IPO opportunity. The takeaway: the line between public and private markets is blurring, and investors should be focused on structures that provide access to both. Important Disclosures: Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. entrepreneurshares.com/disclosures/

$SpaceX IPO reports: How to invest in SpaceX before IPO. @eva_ados discusses $XOVR ETF’s reported SpaceX exposure on @FoxBusiness Disclosures: entrepreneurshares.com/disclosures/

$SpaceX IPO reports are getting attention for a reason: when competitors rely on your infrastructure, the moat is real. The XOVR ETF holds approximately $205 million in SpaceX exposure (as of April 6, 2026). The position is carried at a reference price of $526.59/share, based on the most recently publicly disclosed tender offer price. ERShares believes $XOVR represents the largest reported SpaceX exposure among U.S.-listed ETFs based on publicly available information. Current holdings subject to change. Full disclosures: #SpaceX" target="_blank" rel="nofollow noopener">entrepreneurshares.com/disclosures/#S…

$XOVR ETF: Setting the Record Straight In response to commentary from a Morningstar analyst, @ERShares has published information regarding the fund’s disclosures and operations. FEES: “All fund expenses have been disclosed in accordance with applicable SEC requirements.” HOLDINGS: “XOVR holdings are disclosed on a regular basis consistent with regulatory requirements.” NAV: “Net asset value published daily, consistent with standard ETF practices and regulatory guidelines.” CONTEXT: “One Morningstar analyst published more than 120 posts regarding XOVR, a significant number of which ERShares believes materially misstate the fund’s disclosures, structure or operations.” ERShares has retained defamation counsel and filed a formal complaint with the CFA Institute. prnewswire.com/news-releases/…

The higher-than-expected PPI last week led to the anticipated near-term market pullback, as inflation concerns delayed expectations for Fed rate cuts. Investors should focus on what is unfolding now: markets are already rebounding as signs emerge that the Iran conflict may be approaching a near-term resolution, easing pressure on oil prices. #stockmarket #xovretf #investing #ratecuts Past performance does not guarantee future results.For more information, a prospectus, and recent holdings, visit entrepreneurshares.com/disclosures

One of the more important developments in markets today is that a growing share of value creation is occurring before companies reach the public markets, while investors increasingly seek thoughtful ways to access that segment of the market. That shift is part of the reason $XOVR has drawn attention recently across Bloomberg, The Wall Street Journal, Morningstar commentary, and the broader ETF analyst community. On @Bloomberg this week, @joel_shulman discussed XOVR’s multi-period performance, its ER30TR-based core allocation, and its current $SpaceX exposure, approximately $205M at the last tender-offer valuation, held through an effective "0/0" SPV structure. The discussion increasingly highlights a broader point: hybrid public-private portfolios often require a more precise analytical framework than conventional fully liquid portfolios. Past performance does not guarantee future results. For more information, a prospectus, and recent holdings, please visit entrepreneurshares.com/xovr-etf/

Is the Magnificent 7 about to become 8? The question sounds like speculation. We think it’s a structural diagnosis. The original seven earned their designation not just through scale, but through category leadership, each becoming the unavoidable layer in its domain. Search. Social. Cloud. E-commerce. The common thread wasn’t simply revenue size. It was structural irreplaceability. By that definition, one company that is rarely evaluated in the same framework is $SpaceX. Its moat reflects infrastructure and physical constraints rather than software economics, launch cadence, manufacturing scale, orbital networks, and increasing sovereign demand. The Magnificent 7 became the unavoidable layer in digital life. SpaceX may increasingly represent an unavoidable layer in physical infrastructure. General market commentary for informational purposes only. Not investment advice. Disclosure: ERShares is the issuer of $XOVR

A clarification on $XOVR’s fee structure, since not everyone is reporting it accurately… The 1.06% AFFE figure cited in recent coverage relates to non-recurring acquisition costs, not an ongoing annual fee. As we stated in our press release provided to the Journal before publication: “The Fund has already incurred the acquisition-related expenses… The Fund does not expect to bear further fees related to such exposure.” And further: “The Fund will not incur ongoing management fees or percentage of returns to its existing SpaceX SPV known as a performance fee or carried interest.” We communicated this clearly to the @WSJ multiple times in writing, before publication and after. They had the correct information. It did not make it into the article. Following publication, we submitted multiple formal correction requests. @WSJ declined to make any changes. @Bloomberg and @Ignites got this right. Our investors deserve accurate information and we will keep setting the record straight.

Forget the chip wars. The AI buildout doesn’t run without infrastructure. Networking. Power. Cooling. Data centers. That’s where earnings acceleration is showing up, often without the same valuation premium.

The Fastest Path to Greenland Runs Through Novo Nordisk Greenland is not a military problem. It is an economic exposure problem. Denmark’s exposure runs through Novo Nordisk. My latest Forbes article explains why economic leverage can move faster and more efficiently than military pressure when national security interests are at stake. forbes.com/sites/joelshul…

Venezuela’s Oil = The Mag 7. At today’s prices, Venezuela oil reserves carry a ~$20T notional value (same as Mag), with ripple effects across inflation, Fed policy, discount rates, and equities just as AI-driven energy demand surges.  Markets are only beginning to price it in. forbes.com/sites/joelshul… #Oil #Macro #Markets #AI #Energy #Inflation #FederalReserve #Equities #Venezuela #Maduro

2026 is coming into focus. AI is driving historic productivity gains, while private equity IPOs, prediction markets, and tokenization accelerate. These trends are converging fast, and will define the year ahead. Past performance is not indicative of future results. Disclosures: entrepreneurshares.com/disclosures/ #ERShares #crypto #signalmarkets #predictivemarkets #stockmarket #foxbusiness

Elon Musk isn’t just building companies, he’s building infrastructure. My latest Forbes article looks at how speed, scale, and Starlink’s global network reveal a very different entrepreneurial playbook, one that history tends to reward. forbes.com/sites/joelshul… #elonmusk #spacex #stocks #investing

Yesterday on @MariaBartiromo, we discussed the new partnership between @SignalMkts, @cryptocom, and @ERShares to deliver a differentiated approach to predictive markets. By combining institutional research, regulated investment structures, and global distribution, we believe predictive markets, alongside tokenization, are poised to become a multi-trillion-dollar category. Past performance is not indicative of future results. Disclosures: entrepreneurshares.com/disclosures/ #ERShares #crypto #crypto.com #signalmarkets #labormarket #layoffs #foxbusiness #xovr $xovr

Crypto.com Announces Strategic Collaboration with @ERShares and @SignalMkts to Launch Global Prediction Market-Intelligence Platform. Read more here: crypto.com/en/company-new…

@carrymonkey Net expense ratio is 0.75%. Full details in the prospectus on our website.

@ERShares what are your fees?

You don’t have to wait for Anduril to go public. Our public-to-private crossover structure, XOVR provides access to frontier technology exposure Representative exposure includes Anduril Industries. Holdings subject to change. Investing involves risk. See our disclosures.

$SpaceX reportedly exploring a secondary share sale at an ~$800B valuation. Private market valuations are increasingly shaping the future leaders of public markets especially in defense, space and AI. $XOVR #SpaceX wsj.com/business/space…

Inflation is increasingly moving into the rear-view mirror, supported by more than 1.1 million layoffs year-to-date and clear signs of softness in shelter, the largest component of CPI. Combined with the unusually wide 2% gap between ECB and Fed policy rates, the overall picture points toward the need for a December rate cut—and what looked unlikely just days ago now appears far more plausible Past performance is not indicative of future results. Disclosures: entrepreneurshares.com/disclosures/ #ERShares #Innovation #DigitalFinance #inflation #labormarket #layoffs #foxbusiness

AI is getting its first real stress test, and the rotation already started. Valuation fatigue + softer labor data + policy uncertainty are shaking out the extremes. But the fundamentals haven’t weakened: AI revenues are accelerating, broadening, and becoming structurally embedded. We’re shifting from AI concentration → AI diffusion. Historically, this is where the most attractive opportunities emerge. This isn’t breakdown, it’s re-architecture. Volatility is the noise. Structural change is the signal.