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The ERShares Private-Public Crossover ETF (NASDAQ: XOVR) recorded more than $183 million in unrealized appreciation from its SpaceX exposure between March 30 and June 15, 2026 — and much of that appreciation occurred before SpaceX began publicly trading. That is exactly why ERShares believes access to high-growth companies before an IPO can matter. By the time a company reaches the public market, a meaningful part of its value creation may already have happened. In this Schwab Network interview, ERShares Founder and CIO Dr. Joel Shulman explains why SpaceX remains a high-conviction long-term holding for XOVR after the IPO, and why the Fund is designed to invest across the private-to-public transition rather than treat an IPO as the finish line. The discussion covers: • How XOVR participated in SpaceX appreciation before and through the IPO • Why ERShares believes pre-IPO access can be an important part of long-term investing • Why ERShares views SpaceX as a potential 20-year holding • The investment case for Starlink, launch services, AI infrastructure, energy optimization and data centers in space • How XOVR’s private-public crossover strategy differs from a short-term IPO trade From March 30 through June 15, 2026, XOVR appreciated approximately 30.71%, with SpaceX exposure contributing significantly to the Fund’s performance. For investors researching how to invest in SpaceX, SpaceX stock, SpaceX ETF exposure, or XOVR, this interview explores why ERShares believes some of the most important value creation can happen before a company ever reaches the public market. Learn more about XOVR: https://entrepreneurshares.com/xovr-etf/ Performance data represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate. Holdings are subject to change. Please review the Fund’s prospectus and complete disclosures before investing. https://entrepreneurshares.com/disclosures/ The information contained in the video is not guaranteed as to its accuracy or completeness. The information and opinions were current as of the date of the interview and are subject to change. The information provided does not provide information reasonably sufficient upon which to base an investment decision and are not and should not be considered a recommendation to purchase, sell or hold any particular security. The opinions of Dr. Shulman regarding the future of all companies discussed, both privately held and publicly traded, are his own and do not reflect those of ERShares or Capital Impact Advisors, LLC. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Please refer to the following link for the current schedule of holdings for the XOVR Fund: https://entrepreneurshares.com/xovr-etf/#fund-top-10-holdings . See the Products section of our website for current product holdings. Past performance does not guarantee future results. Investing in equity stocks is risky and subject to the volatility of the markets. The performance of any single portfolio holding is no indication of the performance of other portfolio holdings. Investments in private securities present additional risks such as lack of information, illiquidity, pricing difficulties or inconsistencies, and other key factors that may put your investing capital at greater risk. Shares may never be publicly traded and may result in additional risks as outlined in the most recent prospectus. Distributed by Foreside Financial Services, LLC. #XOVR #SpaceX #SpaceXStock #SpaceXETF #ERShares #JoelShulman #ETFInvesting #PrivateEquity #IPO #Starlink

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