TLDR
- Subversive ETFs filed with the SEC to launch two “Ex-Elon” funds, QQNE and SPNE
- The funds would exclude companies founded, controlled, or led by Elon Musk
- Tesla and SpaceX are the only two companies on the exclusion list so far
- SPNE tracks the S&P 500 minus Tesla; QQNE tracks the Nasdaq-100 minus Tesla and SpaceX
- One ETF expert called the funds a “gimmick” and doubts they will attract large assets
Subversive ETFs, a New York-based fund issuer, filed paperwork with the Securities and Exchange Commission this week to launch two new actively managed exchange-traded funds designed to exclude companies linked to Elon Musk.
The funds are called the Nasdaq-100 Ex-Elon Enterprises ETF and the S&P 500 Ex-Elon Enterprises ETF. They will trade under the tickers QQNE and SPNE.
The two companies currently on the exclusion list are Tesla and SpaceX. Fund managers can add other Musk ventures if they go public, including Neuralink or The Boring Company.
Space Exploration Technologies Corp., SPCX
Each fund will exclude companies that managers determine were “founded, controlled or led by” Musk, or with which he is “primarily associated.”
The funds will keep at least 80% of assets in their respective index exposures. The weight of excluded companies will be spread across the remaining stocks by market cap.
SpaceX joined the Nasdaq-100 this week under new Nasdaq rules that allowed it to enter without removing another stock. Tesla has been in the S&P 500 since 2013.
Because of S&P 500 eligibility rules, SpaceX is not expected to join that index for at least a year. That means SPNE will essentially track the full S&P 500 minus just one stock: Tesla.
Why Some Investors Want Out
There are a few reasons investors may want to avoid Musk-linked companies. Some object to his political involvement, including his role in the now-closed Department of Government Efficiency. Others are skeptical of SpaceX’s roughly $2 trillion valuation.
Emily Green, who oversees wealth management at Ellevest, said there are “a lot of people who just don’t want to be aligned with” Tesla and Musk. She also pointed to concerns about Musk’s “basically unchecked power” over SpaceX.
Tesla’s stock briefly rose after Donald Trump won the 2024 presidential election, but car sales dropped in both Europe and the US through much of 2025.
Expert Doubts and Alternatives
Not everyone thinks these funds will succeed. Dave Nadig, president and director of research at ETF.com, called the products a “gimmick” and said he is “extraordinarily skeptical.”
He compared them to the Inverse Jim Cramer ETF, which shut down less than a year after launch due to low interest.
Nadig also pointed to Subversive’s existing congressional trading funds — NANC and GOP — as examples of similarly niche products.
Finance professor Jia Hao at Babson College noted that removing these companies “may create tracking error and could cause investors to miss upside if those companies outperform.”
Analysts tracked by FactSet currently have an average price target for SpaceX sitting 58% above current levels. Tesla trades roughly in line with its average target, though the most bullish analyst sees nearly 50% upside.
Subversive plans to launch both funds on September 21. Details including fees are still subject to change.
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