Disclosure: I hold XOVR.
Seen a few people repeat the 1.81% number but that’s missing an important distinction.
The 1.81% number is combining two things that shouldn’t be described the same way.
XOVR’s ongoing net expense ratio is 0.75%.
The extra 1.06% people point to was reported under AFFE for that period. That wasn’t the fund’s normal ongoing fee. Per ERShares (March 2, 2026 press release: [https://www.prnewswire.com/news-releases/ershares-pioneers-private-access-etf-structure-clarifies-xovr-framework-liquidity-and-fee-treatment-302700447.html](https://www.prnewswire.com/news-releases/ershares-pioneers-private-access-etf-structure-clarifies-xovr-framework-liquidity-and-fee-treatment-302700447.html) ) , it was related to one-time costs from setting up and restructuring their SPV structure used for the fund’s private exposure.
So the breakdown is:
0.75% = ongoing net expense ratio
1.06% = prior-period AFFE, one-time / non-recurring
1.81% = not the ongoing recurring fee
The 0.75% figure is the ongoing fee. The 1.81% figure is not.
