XOVR Expands Private Market Strategy with $30 Million Investment in Kalshi

XOVR, the first ETF to provide access to private equity exposure through a private-public crossover structure, adds Kalshi through its proprietary VC Lens after SpaceX exposure helped drive Q2 performance Key Highlights XOVR invested $30 million in Kalshi, making it one of the Fund's largest private-company investments and adding exposure to a leading company in regulated prediction markets. XOVR, relaunched in August 2024, was the first ETF to provide access to private equity exposure through a private-public crossover structure, combining select private-company exposure with publicly traded innovation leaders using its proprietary ER30TR Index, all inside a single Nasdaq-listed ETF. XOVR has established a number of industry firsts: the first to place private equity exposure inside an ETF; the first to increase private equity exposure beyond 15% supported by a liquidity arrangement; and the first to create a Shareholder Protection Plan to help prevent significant dilution prior to a significant repricing event. Kalshi operates a Commodity Futures Trading Commission (CFTC) regulated prediction market exchange and has experienced rapid growth in trading activity, contract categories, and participation among individual and institutional market participants. The investment was identified through ERShares' proprietary VC Lens, which seeks to identify category-defining companies before they are widely reflected in traditional public equity benchmarks. ERShares first invested in NVIDIA in 2005 and has held the position for 21 years — the same early-identification discipline now applied to Kalshi. XOVR returned 27.45% in Q2 2026 and 5.30% in June 2026. Following XOVR's SpaceX investment, SpaceX contributed approximately $135 million in unrealized appreciation in Q2 20261 — including approximately $84 million in June, roughly 75% of XOVR's June return — after ERShares increased the position twice in the weeks preceding the IPO. The current SpaceX position is appr...