New ETFs Offer Investors a Way to Bet Against Elon Musk

The Nasdaq-100 Ex-Elon Enterprises ETF and the S&P 500 Ex-Elon Enterprises ETF, trading under the tickers QQNE and SPNE, aim to provide exposure to major U.S. equities while purging Musk-led companies from the portfolio. Currently, these funds explicitly target Tesla and Space Exploration Technologies Corp. for exclusion. The prospectus filed with the U.S. Securities and Exchange Commission leaves room to expand that blacklist to any future company primarily associated with the entrepreneur.

Avoiding Musk has become a logistical challenge for the average retail investor. With SpaceX recently added to the Nasdaq 100 and Tesla remaining a staple of large-cap growth funds, exposure to his empire is often baked into standard index-tracking products. Subversive Capital’s latest move taps into a growing market of investors who prefer to align their portfolios with their personal values—or, in some cases, their disdain for the world’s richest person. While the firm has a history of launching provocative products, such as funds that track the stock trades of U.S. politicians, these new offerings provide a tangible mechanism for those looking to distance their capital from Musk’s influence.