Don’t Want to Invest in Elon Musk? Two New ETFs Explicitly Exclude Him

In the months leading up to the highly anticipated initial public offering of SpaceX, headlines were filled with stories of early employees, venture capitalists, and long‑term investors poised to earn millions or even billions from their faith in Elon Musk’s vision. But as the billionaire’s public profile and influence have grown, so too has a very different kind of interest: the desire not to invest in him.

Driven by a mix of political disagreements, ethical concerns, and personal reactions to his behavior, a segment of investors is now looking for ways to keep their portfolios entirely separate from Musk’s business empire. And one firm has spotted a clear market opportunity in that sentiment.

Launching the “Ex‑Elon” ETFs

Subversive Capital, an asset manager known for its unconventional and often provocative investment products, has registered two new exchange‑traded funds (ETFs) designed specifically to exclude all companies linked to Elon Musk. The filings, first reported by Bloomberg, were submitted to the U.S. Securities and Exchange Commission under Tidal Trust I and branded through Subversive Markets Lab LLC.

ETFs function similarly to mutual funds but trade on public exchanges just like individual stocks, giving investors easy access to diversified portfolios. The two new offerings are named the Nasdaq‑100 Ex‑Elon Enterprises ETF and the S&P 500 Ex‑Elon Enterprises ETF, with ticker symbols QQNE and SPNE, respectively.

Why It’s Hard to Avoid Musk

For many everyday investors, staying away from Musk has become increasingly difficult. Most standard index funds and broad‑market ETFs automatically include major companies based on their size and market weight.

• Tesla has long been a core holding in large‑cap, growth, and tech‑focused funds, and remains a fixture in both the S&P 500 and Nasdaq 100.

• SpaceX, which went public in early 2026, has quickly been added to major benchmarks, including FTSE Russell, MSCI, and, most recently, the Nasdaq 100, meaning it now appears in thousands of passive investment vehicles.

Musk’s other ventures, such as Neuralink and The Boring Company, are still privately held, so they do not yet appear in mainstream public funds. But with Tesla and SpaceX now widely held, avoiding his influence requires a more tailored approach.

How the Ex‑Elon Strategy Works

According to the official prospectus, the funds will “provide capital appreciation through exposure to a broad universe of large‑capitalization U.S. equity securities, while excluding the equity securities of companies that are founded, controlled, or led by Elon Musk, or with which Mr. Musk is otherwise primarily associated.”

As of the filing date, the only companies explicitly excluded are Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX). However, the rules leave room to expand the list in the future, should any other publicly traded firms emerge under Musk’s leadership or significant influence.

More Than Just Investing: A Statement

The launch of these funds comes at a time when Musk’s public actions and affiliations have drawn sharp criticism from many quarters. His role in the Department of Government Efficiency (DOGE), his often‑controversial posts on X (formerly Twitter), and a widely condemned gesture during Donald Trump’s 2025 inauguration that many interpreted as resembling a Nazi salute have deepened divisions over his public image.

For Subversive Capital, the move also fits a pattern of creating funds that blend finance with commentary. The firm previously gained attention for its “Invest Like the Oligarchy” series of two ETFs that tracked the stock holdings of Democratic and Republican members of Congress and their families, framing them as a way for ordinary investors to follow the trades of those in power.

Uncertainty Over Performance and Demand

It remains too early to tell whether these Ex‑Elon funds will attract significant assets or deliver better returns than their benchmark indexes. Over time, their performance will depend on how Tesla and SpaceX fare relative to the rest of the market. If the two companies outperform, the funds will lag; if they struggle, the Ex‑Elon versions could pull ahead.

Beyond financial results, the products highlight a growing trend in investing: values‑based portfolio construction. For some buyers, the appeal may be less about maximizing returns and more about aligning their investments with their personal beliefs. And given Musk’s well‑documented frustration with investors who bet against his companies, the very existence of these funds may serve as an added point of satisfaction for those who choose to stay away.