Turning Down $1 Billion in Flows to Protect Retail Investors | Eva Ados, ERShares

Eva Ados is Partner, COO, and Chief Investment Strategist at ERShares — a firm built on decades of academic research by founder Dr. Joel Schulman into what makes entrepreneurial companies successful and how the best VCs identify category leaders before the market catches on. Schulman famously identified Nvidia at $5 in 2005 and got into most of the Magnificent Seven early. That framework — the entrepreneur factor, or the VC lens applied to public markets — is now built into XOVR, the first ETF ever to combine public equity exposure with a genuine sleeve of private company holdings.In this episode, Eva walks through what XOVR actually owns beyond the SpaceX position that has dominated the media narrative — an 85% public equity portfolio built on the ER30 index and a 15% private sleeve currently holding SpaceX and Rocket Lab with more to come. She covers the four structural innovations that make the fund work: the crossover structure itself, the zero-zero SPV, the board-approved liquidity arrangement that allowed SpaceX to exceed the 15% illiquid cap, and the shareholder protection plan the firm built specifically to prevent arbitrage flows from diluting long-term retail investors. That last one is worth the price of admission on its own — Eva walks through how the firm turned away more than a billion dollars in creation flows the week before an IPO event, applied a 2% redemption fee on institutional creation orders, and repriced the SpaceX position multiple times through Q2 — all deliberate choices to prioritize retail investors over asset management revenue.Eva also gets into how ERShares uses revenue per employee as a screen for identifying which companies are actually monetizing AI, why Astera Labs and AppLovin were both picked up before they became household names, and what the fund is looking for next.