LBO vs XOVR

LBODWHITEWOLF Publicly Listed Private Equity ETF

XOVRBERShares Private-Public Crossover ETF

In short

LBO LBO plays both sides of the buyout trade: the sponsors doing the deals and the BDCs financing them. Its 6.53% headline cost is mostly the pass-through fees of those BDCs, not the adviser's own.

XOVR A regular brokerage account, a slice of SpaceX. XOVR wraps about 30 public growth names around select late-stage private stakes held through special-purpose vehicles, with no accredited-investor hoops. Fee: 1.81%, no waiver.

Stated mandate

LBO The actively managed fund seeks long-term capital appreciation and current income. It normally invests at least 80% of net assets in U.S.-listed private-equity companies, including leverage-finance providers and buyout, sponsor, and asset-management firms.

XOVR The fund seeks long-term capital appreciation through a broader crossover strategy combining public equities with select private-company exposure.

Why people hold it

• LBO Owns the whole buyout chain: listed buyout firms, sponsors and asset managers plus the leverage providers, with at least 80% of net assets in US-listed private equity companies.sec.gov
• Income is half the mandate. The fund seeks long-term capital appreciation and current income, and it pays quarterly.
• Peers pick a lane: GPZ at 0.40% buys alternative asset managers, BIZD at 9.69% buys BDCs. LBO takes both ends of the deal in one actively managed ticker.
• Runs unlevered at the fund level and rebalances and reconstitutes at least quarterly, with a live track record since 2023.alphaarchitect.com

• XOVR Roughly 30 listed growth names plus stakes in late-stage private companies like SpaceX, held through special-purpose vehicles inside a 1940 Act ETF.prnewswire.com
• No accredited-investor status, capital calls or lockups. Private-market access arrives in a brokerage account, which is the structure's whole reason to exist.prnewswire.com
• 1.81%, no waiver. Steep next to index funds, yet below the median for listed private-markets funds, a category where BIZD's 9.69% marks the high end.
• A billion-dollar-plus fund that trades actively, unusual for a niche thematic strategy, and listed since 2017.

Worth knowing

• LBO Expensive on paper: 6.53% total, above the category median, no fee waiver. Most of it is acquired fund fees from the BDCs it holds, a cost you also bear owning them directly.sec.gov
• A small fund that trades lightly, so spreads can be wider and limit orders carry more weight than with a mega-fund.
• Non-diversified and entirely financials: a handful of large positions set the tone, and the lending side tracks the credit cycle.sec.gov

• XOVR Private stakes have no closing price. They are marked by the fund's valuation process and can reprice on a funding round or an IPO rather than day to day.
• About 30 holdings, with the private sleeve concentrated in a single name, so one company's mark can move the fund more than a broad equity ETF would.prnewswire.com
• Cheaper shelf-mates exist, GPZ at 0.40% and GTPE at 0.50%, but neither is built around direct late-stage private stakes.

Full LBO profile⁠

Full XOVR profile⁠