ERShares

$XOVR ETF - Retail investors will always come first. Disclosures:

[ERShares @ERShares]

Review important disclosures here: https://t.co/2pKgwE6P2d

[ERShares @ERShares]

This summer, $2 trillion was in the conversation for Anthropic. XOVR passed on investing in the company before its IPO.

Anthropic’s proposed IPO range of $70–$78 a share implies a fully diluted valuation of up to $1.4 trillion. For anyone who bought in the private market at a comparable $2 trillion valuation, that’s a roughly 30% markdown on paper, even at the top of the range.

In his latest Forbes piece, ERShares Founder and CIO @joel_shulman looks at whether Anthropic’s IPO could change how investors value AI companies.

Read the full article on Forbes: https://t.co/E3JS3FZPTb

[Eva Ados @eva_ados]

$XOVR can invest in OpenAI and Anthropic. Here’s why we’re looking elsewhere, from my conversation on CNBC’s Morning Call. @ERShares

[Eva Ados @eva_ados]

Strong earnings. Falling stocks. Here's what the market is reacting to this season, from my conversation on CNBC's Morning Call. $XOVR @ERShares

[ERShares @ERShares]

Kalshi’s valuation has nearly doubled since XOVR invested.

$XOVR invested $30 million in Kalshi at a $22.6 billion valuation; based on Kalshi’s announced $40 billion valuation, the investment is now valued at approximately $53.1 million.

Read the full press release: https://t.co/OFRbanQPYe

Disclosures: https://t.co/JbRtQR78Va

#XOVR #Kalshi #PrivateMarkets

[ERShares @ERShares]

Liking a company and liking its valuation are two different things.

At a potential $1.5 trillion valuation, ERShares Founder & CIO @joel_shulman has taken a pass on Anthropic. He points to heavy AI spending, uncertain returns on that investment and a growing field of low-cost AI competitors as pressures that could keep weighing on its valuation.

Joel shared his take with Barron’s in their latest look at the IPO boom: https://t.co/ubhhcrJMUd

#Anthropic #IPO #ERShares $XOVR

[Barron's @barronsonline]

The eye-popping amount of money that SpaceX and Anthropic are raising dwarfs what dot-coms raised during the internet IPO boom. https://t.co/gWVn5oKnVz

[Eva Ados @eva_ados]

Is the biggest risk in artificial intelligence no longer demand, but financing?

As AI infrastructure spending accelerates, companies like CoreWeave, OpenAI, and Anthropic face important questions around debt, cash burn, long-term spending commitments, revenue visibility, and private-market valuations.

For $XOVR, identifying transformative companies is only part of the equation. Valuation discipline, financial sustainability, and the ability to turn growth into cash flow matter.

Rather than investing simply because a company is part of the AI narrative, ERShares emphasizes selectivity and careful evaluation of the underlying business economics. The goal is to assess opportunity and risk, not chase momentum or assume every AI leader will deliver on its valuation.

The takeaway: AI may be a transformative technology, but not every AI investment represents an attractive opportunity at every price.

[Eva Ados @eva_ados]

Strong results aren’t enough this earnings season.

Joined @CNBCMorningCall to discuss Big Tech earnings, the Fed’s next move and where we see opportunity.

[Eva Ados @eva_ados]

OpenAI & Anthropic: Revolutionary AI, Bad Investments?

“Having revolutionary technology does not necessarily mean revolutionary returns.”

Can revolutionary AI technology deliver revolutionary investment returns?

A critical mismatch comes into focus: long-term commitments to AI infrastructure and compute versus much shorter-term customer commitments.

For $XOVR, investment discipline means questioning the price and the business behind the breakthrough. What you choose not to buy matters just as much as what you own.

[Eva Ados @eva_ados]

Here’s why we passed on private investments in Anthropic and OpenAI at $XOVR: breakthrough technology is only part of the investment case.

The price and the economics behind it matter.

Our concern? Long-term commitments to compute and infrastructure versus much shorter-term commitments from customers.
We look beyond the hype. What we choose not to buy matters just as much as what we own.

[ERShares @ERShares]

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 https://t.co/KWkS3JiA9s.

Distributed by Foreside Fund Services, LLC.
https://t.co/Jx6jPWX1S0

[WOLF @WOLF_Financial]

"Elon Musk is like the Carnegie or Rockefeller of our era. They combined all the companies, they created a supply chain, they own the whole supply chain."

Eva Ados from our partners over at ERShares thinks Tesla and SpaceX will end up merging at some point in the future

[ERShares @ERShares]

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://t.co/wq3kjW4bdJ

Learn more about Kalshi exposure in XOVR, including risks and important information: https://t.co/hDvcE3GTaR

View XOVR's Top 10 holdings: https://t.co/SFgNr8CLwN...

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.

https://t.co/wq3kjW4bdJ

[Eva Ados @eva_ados]

Could Tesla and SpaceX eventually merge? Following SpaceX’s IPO, speculation around a potential Tesla-SpaceX combination has drawn growing attention from investors.

In this @IBDinvestors (IBD) interview, I discuss the Tesla-SpaceX merger rumors, the strategic relationship between the two companies, and how investors should think about SpaceX as it evolves from a private company into a major public-market opportunity.

The discussion explores the potential synergies between $SPCX, $TSLA, Starlink, AI, robotics, energy, communications and infrastructure, as well as what a closer relationship between Elon Musk’s companies could mean for shareholders and the broader investment landscape.
@ERShares has followed SpaceX through the lens of long-term entrepreneurial investing, including through $XOVR, the Private-Public Crossover ETF.

IMPORTANT DISCLOSURES:
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 [phone] or by visiting https://t.co/eu01U2Jpqt. Please read the prospectus carefully before investing.

[ERShares @ERShares]

Dr. @joel_shulman, CIO of ERShares, speaks with CNBC’s @AnanyaBChetia about the disconnect between DraftKings’ push into prediction markets and how investors are reacting to the company’s moves in the space.

While DraftKings has embraced prediction markets, its stock has rallied following regulatory setbacks for the industry, as investors remain focused on the company’s core sportsbook business.

Dr. Shulman explains: “The markets are being completely rational. Investors are responding to the current business [DraftKings] is in, not the one they’re moving into.”

Read the full piece here: https://t.co/uJ7YnGL62T

[ERShares @ERShares]

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://t.co/HAxOHrGBEf

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://t.co/SFgNr8CLwN

^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.

#XOVR #PrivateMarkets #ETF

[Eva Ados @eva_ados]

Could $SPCX build an AI moat that goes beyond the model?

In this video, I explain how $SPCX is building more than an AI model. Its potential advantage comes from a vertically integrated ecosystem spanning artificial intelligence, Starlink satellite connectivity, reusable rockets, launch infrastructure and the future possibility of orbital computing.
Its potential moat extends beyond the model to physical infrastructure that is difficult and costly to replicate.

This convergence of AI, connectivity and space infrastructure reflects the type of
transformative innovation XOVR’s VC Lens is designed to identify.

Investing involves risk, including possible loss of principal. Holdings are subject to change. For a prospectus and other important information, visit https://t.co/9DZckQ9vyN

[ERShares @ERShares]

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.

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 https://t.co/tyRinY7pi3. 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 [phone] or by visiting our website https://t.co/tyRinY7pi3. 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://t.co/SFgNr8CLwN

Distributed by Foreside Financial Services, LLC.

[ERShares @ERShares]

ETFTrends reporter DJ Shaw covers AdvizorPro's Q2 2026 RIA ETF Trends report, which cites @ERShares as having the fastest advisor growth among ETF issuers with 50+ advisors, driven by growing adoption of $XOVR

Read here for more on the full report and advisor ETF trends: https://t.co/SMPRWo2aqC