PEX vs XOVR

PEXDProShares Global Listed Private Equity ETF

XOVRBERShares Private-Public Crossover ETF

In short

PEX PEX owns the deal-doers, not the fee-collectors: about 30 listed companies that hold private businesses on their own balance sheets. The fee is 2.75% net of a waiver through September 30, 2027, and most of that sits inside the holdings.

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

PEX The Fund seeks to track, before fees and expenses, the performance of the LPX Direct Listed Private Equity Index.

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

• PEX The index only admits companies where direct private equity stakes, cash and post-IPO holdings top 80% of assets: owners of private businesses, not managers taking fees.sec.govlpx-group.com
• Listed since 2013, one of the longer-running ways to hold global listed private equity in a single ticker, with about 30 names and quarterly distributions.
• Much of the headline cost comes from expenses inside the holdings, not advisory fees; the fund's own operating costs run under a waiver through September 30, 2027.sec.gov

• 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

• PEX 2.75% net of a waiver through September 30, 2027 (3.98% gross) is above the category median; peers take cheaper routes, with GPZ at 0.40% and BUYO at 0.89%.
• A small fund that trades thinly, so spreads tend to be wider and the share price can wander from the value of the basket more than in a mainstream index ETF.
• Concentrated by design at about 30 names, and because the roster is global, currency moves in the foreign listings ride along with the returns.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 PEX profile⁠

Full XOVR profile⁠