GTS Securities Slashes Its XOVR Stake -- Selling $354 Million Worth of Shares

What happened

According to a recent SEC filing, GTS Securities sold 19,462,657 shares of the ERShares Private-Public Crossover ETF (NASDAQ:XOVR) during the first quarter. The estimated transaction value was approximately $354.2 million, calculated using the quarter’s average closing price. The fund's quarter-end position value in XOVR declined by $392.2 million, reflecting both the share sale and price movement over the period.

What else to know

• GTS Securities' XOVR stake now represents just 0.03% of its 13F-reportable AUM, down from 13.4% in the previous quarter.
• After the sale, GTS Securities' top five reported holdings were:
  • NASDAQ: QQQ: $140.4 million (5.0% of AUM)
  • NYSE: IVV: $132.5 million (4.7% of AUM)
  • NYSE: SPY: $90.3 million (3.2% of AUM)
  • NASDAQ: NVDA: $80.4 million (2.8% of AUM)
  • NASDAQ: MSFT: $69.5 million (2.5% of AUM)
• As of May 25, 2026, XOVR shares were trading at $19.53, up about 10.5% over the past year, trailing the S&P 500 by roughly 17.5 percentage points, and underperforming its Large Growth category benchmark by roughly 18.6 percentage points over the same period.

ETF overview

ETF snapshot

The ERShares Private-Public Crossover ETF (XOVR) is designed to give everyday investors access to both publicly traded growth companies and a curated sleeve of private company holdings -- all within a single fund.

• The fund blends exposure to public innovators with a measured allocation to private companies, aiming to bridge the gap between public and private markets in a transparent, accessible format.
• Structured as an ETF for daily liquidity.

What this transaction means for investors

At first glance, a single institution offloading $354 million worth of an ETF sounds alarming -- but context is always important. GTS Securities is a high-frequency trading and market-making firm, not a traditional asset manager. Firms like GTS routinely carry large ETF positions as part of their liquidity-provision and arbitrage operations, and those positions can shift dramatically from one quarter to the next for reasons unrelated to the ETF's fundamental merits.

That said, XOVR's relative performance is worth noting. The ETF's roughly 10.5% gain over the past year looks modest compared with the broader market -- a nearly 18-percentage-point gap vs. the S&P 500. And investors aren't receiving any income while they wait for the growth thesis to play out: XOVR pays no dividend, and its 0.75% annual expense ratio isn’t exactly cheap.

The core concept here is genuinely interesting -- XOVR attempts to give everyday investors a slice of private-market growth that would otherwise be inaccessible, wrapped in an ETF. It's also worth noting that SpaceX (private) is a dominant piece of XOVR’s portfolio at approximately 23% of the fund -- a meaningful draw for anyone looking for exposure to one of the most closely watched private companies in the world. For investors specifically seeking this type of private-market exposure, XOVR could make sense as a small satellite position. But for a typical buy-and-hold investor focused on long-term, diversified growth, the combination of lagging returns, a relatively high expense ratio, and zero income makes the case harder to justify as a core holding.

For most retail investors, the GTS sale is unlikely to signal a fundamental problem with XOVR. It's more of a reminder that institutional 13F filings can look dramatic in size while reflecting routine trading activity rather than a change in conviction. Investors curious about private-public crossover strategies may want to evaluate XOVR's holdings, fee structure, and longer-term track record before drawing any conclusions from this filing alone.

Andy Gould has positions in Nvidia and has the following options: long January 2027 $125 calls on Nvidia and short January 2027 $125 puts on Nvidia. The Motley Fool has positions in and recommends Microsoft and Nvidia. The Motley Fool has a disclosure policy.