Investors can now bet on the stock market’s biggest indexes while explicitly excluding Elon Musk’s companies. Two new exchange-traded funds (ETFs) from Subversive Capital—Nasdaq-100 Ex-Elon Enterprises ETF (QQNE) and S&P 500 Ex-Elon Enterprises ETF (SPNE)—filter out Tesla, SpaceX, and any other firms tied to the billionaire.
How the Ex-Elon ETFs Work
Like traditional ETFs, these funds track major indexes but with a twist: they remove Musk-affiliated stocks. Think of them as a "no-Musk" version of the S&P 500 or Nasdaq-100. Currently, the excluded companies are:
- Tesla (TSLA)
- Space Exploration Technologies Corp. (SPCX)
The funds aim to “provide capital appreciation through exposure to large-cap U.S. equities while excluding companies founded, controlled, or led by Elon Musk,” per SEC filings. Future additions may block other Musk-linked firms if they go public.
Why This Matters for Investors
Most index funds include Musk’s companies by default—Tesla is a staple in growth funds, and SpaceX recently joined the Nasdaq-100. For investors wary of Musk’s controversies (from DOGE tweets to political gestures), these ETFs offer a way to divest without abandoning broad market exposure.
Subversive Capital, known for quirky funds like those mirroring congressional stock trades, leans into the novelty. But the Ex-Elon ETFs are legally registered with Tidal Trust I, making them a real (and tradeable) option.
Will They Succeed?
It’s unclear if QQNE and SPNE will outperform traditional funds—or even attract enough investors. Yet they tap into a niche demand: a Musk-free portfolio. Given his history of clashing with short sellers, the irony isn’t lost on the funds’ creators.
