XOVR's Early Kalshi Investment Has Increased in Estimated Value by More Than $23 Million

Kalshi's announced $40 billion valuation reinforces XOVR's private-public crossover strategy and its mission to broaden access to private equity through an ETF

KEY HIGHLIGHTS

• 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.
• The investment represents an unrealized gain of approximately $23.1 million, or nearly 77%, before transaction costs and subject to the Fund's customary valuation procedures.
• XOVR increasingly seeks to invest earlier in a company's growth cycle so shareholders can participate in more of the value creation that may occur before a public listing.

NEW YORK, Nov. 3, 2026 — ERShares, adviser to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), today announced that its investment in Kalshi, the leading regulated prediction markets exchange, has appreciated substantially following Kalshi's announcement of its latest financing round. The round values the company at approximately $40 billion – nearly double the $22.6 billion valuation at which XOVR invested $30 million.

Based on Kalshi's announced $40 billion valuation, the investment is now valued at approximately $53.1 million, representing an unrealized gain of approximately $23.1 million, or nearly 77%, before transaction costs and subject to the Fund's customary valuation procedures.

The milestone represents a significant private-company valuation increase associated with XOVR's private investment strategy since the Fund became the first ETF* to provide private-company exposure through a private-public crossover structure on August 29, 2024.

The Kalshi investment also reflects an evolution in XOVR's private-market strategy. Rather than concentrating primarily on companies approaching an initial public offering, the Fund increasingly seeks to invest earlier in a company's growth cycle, allowing shareholders to participate in a greater portion of the wealth creation that has historically accrued to venture capital and private equity investors before companies become publicly traded.

"Kalshi reinforces our conviction that wealth creation often occurs while companies remain private," said Eva Ados, Chief Operating Officer and Chief Investment Strategist at ERShares. "For decades, many substantial gains in many of the world's most transformational companies accrued before they reached the public markets. XOVR was created to bridge that gap by giving retail investors access to carefully selected private companies alongside a portfolio of innovative public businesses."

Dr. Joel Shulman, Founder and Chief Investment Officer of ERShares, added: "When we launched XOVR, our vision was to fundamentally change who could participate in private equity investing. Historically, many of the most attractive investment opportunities have been reserved for institutions and ultra-high-net-worth investors. We believed retail investors deserved access as well." Shulman continued:

"The success of our investments in SpaceX and now Kalshi supports our belief in our strategy of identifying companies that we believe are exceptional earlier in their development. We believe the future of innovation investing is not simply participating in IPOs, but owning potentially extraordinary businesses years before they become household names. Our objective is to enable everyday investors to participate in the value creation that has historically taken place before companies enter the public markets."

Since introducing private equity investments into XOVR in 2024, ERShares has continued to build a differentiated portfolio combining innovative public companies with select private businesses that management believes possess exceptional long-term growth potential.

The Fund's investment process utilizes ERShares' proprietary VC Lens® framework to identify companies exhibiting founder leadership, disruptive business models, durable competitive advantages, strong innovation cultures, and significant long-term wealth creation potential.

As companies continue to remain private longer and create an increasing share of shareholder value before an IPO, ERShares believes that providing retail investors with thoughtfully selected private market exposure represents one of the most important innovations in ETF investing.

SOURCE ERShares