New 'Ex‑Elon' ETFs to Exclude Tesla and SpaceX from Nasdaq‑100 and S&P 500

A U.S. financial firm has filed with the SEC to launch two exchange‑traded funds that track the Nasdaq‑100 and the S&P 500 while omitting any companies founded, controlled, or led by Elon Musk. The proposed Subversive Nasdaq‑100 Ex‑Elon Enterprises ETF (QQNE) and Subversive S&P 500 Ex‑Elon Enterprises ETF (SPNE) will initially exclude Tesla Inc. and Space Exploration Technologies Corp. (SpaceX).

The products respond to SpaceX’s recent admission to the Nasdaq‑100, which has automatically increased passive‑fund exposure to Musk‑related firms. By removing those holdings, the ETFs will redistribute the excluded weight among the remaining index constituents. The fund sponsor cites corporate‑governance, political‑risk and volatility concerns as reasons investors may want to avoid Musk‑linked stocks. The filings indicate that the funds will use direct stock positions, other ETFs or derivatives to achieve the target exposure.