XOVL
Leveraged Long
Defiance Daily Target 2X Long XOVR ETF
XOVL: 2X Leveraged Pre-IPO & Crossover ETF — Diversified Exposure to SpaceX, Anduril & Innovation Leaders
XOVL is a 2X leveraged pre-IPO and crossover ETF that provides diversified, indirect exposure to SpaceX (SPCX) and other innovators through the XOVR portfolio. For direct, single-stock 2X SpaceX exposure, see SPCU, the Defiance Daily Target 2X Long SpaceX ETF.
Overview
The Defiance Daily Target 2X Long XOVR ETF (XOVL) provides investors with amplified long exposure to the ERShares Private-Public Crossover ETF (NASDAQ: XOVR), an exchange-traded fund that blends a concentrated portfolio of entrepreneurial U.S. public companies with a measured allocation to select late-stage private companies. XOVR is built around ERShares’ proprietary Entrepreneur Factor® framework and ER30TR Index, and offers daily-liquidity ETF access to pre-IPO names — which have at times included a diversified allocation to SpaceX and Anduril — alongside public innovators across technology, communications, and other growth-oriented sectors.
Because XOVL’s SpaceX exposure is indirect and represents only a portion of the XOVR portfolio, we believe it is best suited to traders who want broad pre-IPO and crossover innovation exposure that includes SpaceX. Traders seeking direct, dedicated 2X exposure to SpaceX alone should consider SPCU, the Defiance Daily Target 2X Long SpaceX ETF.
XOVL seeks to deliver 200% of the daily performance of XOVR, offering active traders a tactical way to express short-term bullish views on entrepreneurial U.S. growth companies, the pre-IPO and venture-backed economy, public-private crossover investing, and broader innovation and technology themes — without the need for a margin account.
Investment Objective
The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the ERShares Private-Public Crossover ETF (NASDAQ: XOVR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.
An investment in XOVL is not a direct investment in the ERShares Private-Public Crossover ETF.
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from 200% of the return of XOVR over the same period. It is possible that investors could lose their entire principal within a single trading day.
XOVL vs. SPCU
XOVL (this fund) gives 2X leveraged exposure to a diversified crossover portfolio (XOVR) that has included SpaceX among other pre-IPO and public innovators — choose XOVL for broad, innovation-wide exposure that captures SpaceX as part of a basket. SPCU (the Defiance Daily Target 2X Long SpaceX ETF) is a dedicated single-stock fund that seeks 200% of SpaceX’s daily performance — choose SPCU for direct, pure 2X SpaceX exposure.
Although SPCU has an effective registration statement with the SEC, SPCU will not be available for trading until 6/15/26, at the earliest.
XOVLMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 18.67% | -10.25% | xx.xx% | 3.36% |
| Market Price (%) | xx.xx% | 17.98% | -10.82% | xx.xx% | 3.00% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 1.08% | xx.xx% | xx.xx% | 16.40% |
| Market Price (%) | xx.xx% | 0.30% | xx.xx% | xx.xx% | 15.85% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Total Return (NAV) (%) | — | — | — | — | — | — | — |
| Market Price (%) | — | — | — | — | — | — | — |
| 1 Year | Since Inception | |
|---|---|---|
| Total Return (NAV) (%) | — | — |
| Market Price (%) | — | — |
Fund Details
XOVL provides indirect, diversified SpaceX exposure through the XOVR crossover portfolio, where SpaceX is one of several pre-IPO holdings. It is not a dedicated SpaceX fund. For a direct 2X SpaceX ETF, Defiance offers SPCU, the Defiance Daily Target 2X Long SpaceX ETF.
XOVL is the Defiance Daily Target 2X Long XOVR ETF — 2X leveraged exposure to a diversified pre-IPO and public crossover portfolio that has included SpaceX. SPCU is the Defiance Daily Target 2X Long SpaceX ETF — dedicated single-stock 2X exposure to SpaceX (SPCX) alone. Choose XOVL for diversified innovation exposure; choose SPCU for direct SpaceX leverage.
XOVL provides 2X leveraged exposure to the XOVR portfolio, which has at times included an allocation to SpaceX alongside other pre-IPO and public companies. The SpaceX weight varies and is not the fund’s sole focus. For dedicated SpaceX exposure, see SPCU.
For direct, dedicated 2X leveraged SpaceX exposure, Defiance offers SPCU (the Defiance Daily Target 2X Long SpaceX ETF). For diversified pre-IPO and crossover exposure that includes SpaceX among other innovators, XOVL (the Defiance Daily Target 2X Long XOVR ETF) is an option.
Top Holdings
| Name | Symbol | Stock Price | % Net Assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Entrepreneurshares Series Trust-swap-mrex-l | 293828877-TRS-05/05/33-L-XOVL | $21.05 | 42.49 | 89,859 | $1,891,532 |
| Entrepreneurshares Series Trust-swap-nmra-l | 293828877-TRS-03/31/33-L-XOVL | $21.05 | 40.65 | 85,971 | $1,809,690 |
| Entrepreneurshares Series Trust-swap-cant-l | 293828877-TRS-12/01/28-L-XOVL | $21.05 | 40.60 | 85,867 | $1,807,500 |
| Entrepreneurshares Series Trust-swap-clst-l | 293828877-TRS-07/18/28-L-XOVL | $21.05 | 38.79 | 82,033 | $1,726,795 |
| Entrepreneurshares Series Trust-swap-nbcb-l | 293828877-TRS-01/31/33-L-XOVL | $21.05 | 37.38 | 79,066 | $1,664,339 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 11.50 | 512,181 | $512,181 |
| United States Treasury Bill 11/19/2026 | 912797UZ8 | $99.25 | 8.92 | 400,000 | $397,012 |
| Cash & Other | Cash&Other | $1.00 | -120.44 | -5,361,724 | $-5,361,724 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |