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…