ERShares

Business Model and Investment Philosophy

ERShares differentiates itself through its “VC Lens” investment framework, which uses multi-factor quantitative screens and fundamental research to identify publicly traded companies with entrepreneurial characteristics, such as founder leadership, high insider ownership, and innovation-driven R&D. This approach is codified in the Entrepreneur 30 Total Return Index, a rules-based index that serves as the equity component of the firm’s flagship ETF, XOVR. Launched in its current form on Nasdaq on August 29, 2024, XOVR combines that index with a measured sleeve of private-company exposure obtained through Special Purpose Vehicles (SPVs). The firm was an early mover in structuring such exposure within an ETF wrapper, navigating regulatory and operational complexity to allow NAV-based pricing and daily liquidity.

Products and Platforms

XOVR ETF is the firm’s flagship product, applying a VC-style research process to a portfolio of publicly traded entrepreneurial companies and adding a measured sleeve of private-company exposure (e.g., SpaceX, Kalshi, Anduril) obtained through an SPV structure. It offers daily liquidity, NAV-based pricing, and standard 1099 tax reporting. The ENTIX Global Entrepreneurs Fund is an actively managed global equity mutual fund that invests in entrepreneurial companies worldwide using the Entrepreneur Factor methodology. The Entrepreneur 30 Total Return Index is a proprietary, rules-based index that selects 30 publicly traded companies based on the Entrepreneur Factor, underlying the public equity portion of XOVR and serving as a benchmark. ERShares also offers Custom Direct Investment Programs for accredited investors, providing direct access to private-company opportunities with reduced fees.

Leadership and Team

The firm’s research is anchored by Dr. Joel Shulman, who serves as CEO, CIO, and founder, bringing decades of academic work on entrepreneurial firms. Eva Ados is Chief Investment Strategist and COO, contributing to the firm’s strategic direction and operational oversight. The broader team spans private equity, compliance, quantitative analysis, and data science. Key senior roles include Director of Private Equity Kevin Cramton, Senior Vice President of Operations and Compliance Mihai R. Prisacariu, and Vice President of AI & Data Research David Zamarin. The firm is registered as a Registered Investment Adviser and partners with Nasdaq for listing and various financial platforms for distribution.

Market Position and Recent Developments

In 2026, XOVR gained significant attention for its exposure to SpaceX, which delivered substantial unrealized appreciation following SpaceX’s IPO, and the firm introduced a “Shareholder Protection Plan” to prioritize long-term investors during such events. ERShares issued a detailed clarification of its fee structure for private-company exposure in March 2026, emphasizing that acquisition costs are pre-incurred and no separate performance or carried interest fees apply. The firm continues to refine its SPV framework to improve efficiency and transparency, maintaining its position as a pioneer in providing retail investors with liquid access to private markets.