PSP vs XOVR

PSPCInvesco Global Listed Private Equity ETF

XOVRBERShares Private-Public Crossover ETF

In short

PSP Public stock in the private-equity business. PSP has tracked a global index of buyout firms, alternative asset managers and BDCs since 2006, at an all-in 1.75% that is mostly fees passed through from the vehicles it holds.

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

PSP The fund seeks exposure to listed private-equity companies through an index of publicly traded securities, ADRs and GDRs. Eligible companies invest in, lend to, or provide services to privately held businesses.

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

• PSP Listed since 2006, it is the long-standing option on the listed-private-markets shelf: roughly 70 global names, non-US firms included via ADRs and GDRs.
• Wide net by design. The index takes companies that invest in, lend to, or provide services to privately held businesses, so buyout shops, alt managers and BDCs ride in one ticker.sec.gov
• Most of the 1.75% headline is acquired fund fees, indirect costs passed through from the listed vehicles it holds, not Invesco's own advisory fee.sec.gov
• Income-heavy underlying holdings, and the fund distributes quarterly.

• 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

• PSP Headline cost runs above index-style peers such as GPZ (0.40%) and GTPE (0.50%), even though it sits below the category median, which some BDC funds drag higher.
• A smaller, thinly traded fund, so spreads can be wider than on a mainstream ETF and large orders need more care.
• Holdings are leveraged, cyclical financials whose shares can swing harder than broad global equity through credit and deal cycles.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 PSP profile⁠

Full XOVR profile⁠