The proposed investment products, identified as the Nasdaq-100 Ex-Elon Enterprises ETF and the S&P 500 Ex-Elon Enterprises ETF, were registered through Tidal Trust I under the Subversive Markets Lab LLC brand. Bloomberg first reported the regulatory filing.
Funds Designed Around Excluding Musk-Associated Companies
According to the filing, the funds seek to provide exposure to large-cap U.S. stocks while excluding companies founded, controlled, or led by Elon Musk or those primarily associated with him. As outlined in the prospectus, Tesla and Space Exploration Technologies Corp. (SpaceX) are currently listed among the excluded companies.
Because SpaceX has become part of major market indexes, including the Nasdaq-100, FTSE Russell, and MSCI, many index-tracking funds now hold shares in the company. Tesla has also remained a significant holding in many large-cap and growth-focused investment portfolios for years.
The filing also allows for the possibility that additional companies could be excluded if they become closely associated with Musk in the future. Musk's privately held businesses, including Neuralink and The Boring Company, are not included because they are not publicly traded.
Alternative Approach to Index Investing
The new products are being introduced by Subversive Markets Lab, a brand that has previously launched themed investment funds tied to political stock trading activity. Its earlier ETFs were designed to mirror stock purchases reported by Democratic and Republican members of Congress and their spouses.
The latest filings take a different approach by focusing on companies connected to a single business leader. Investors who prefer broad market exposure without holdings linked to Musk could use the proposed funds if they become available for trading.
Investor Interest Yet to Be Tested
The proposed ETFs will trade under the ticker symbols QQNE and SPNE if launched. It remains unclear how much demand they will attract or whether they will outperform traditional index funds that include Tesla and SpaceX.
The filings nevertheless reflect the growing range of specialised exchange-traded funds entering the market. Rather than tracking sectors or investment styles alone, fund providers are increasingly creating products based on specific investment preferences and public sentiment.
Bloomberg first reported the SEC filing for the two Ex-Elon ETFs. The funds have been legally registered but have not yet begun trading as of the filing.
