Two New ETFs Allow Investors to Avoid Elon Musk's Companies
Two newly registered exchange-traded funds explicitly exclude Elon Musk's enterprises, giving investors a way to avoid exposure to the controversial billionaire.
Subversive Capital has created two new exchange-traded funds (ETFs) that exclude companies founded, controlled, or led by Elon Musk. The funds, named Nasdaq-100 Ex-Elon Enterprises ETF and S&P 500 Ex-Elon Enterprises ETF, will trade under tickers QQNE and SPNE.
According to the prospectus filed with the U.S. Securities and Exchange Commission, the excluded enterprises as of the date are Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX). Musk's other privately held companies, such as Neuralink and The Boring Company, are not publicly traded. The funds aim to provide capital appreciation through exposure to large-cap U.S. equities while excluding those closely associated with Musk.
The move is driven by negative sentiment following Musk's involvement with DOGE, his controversial comments on X, and the gesture at Donald Trump's inauguration that resembled a Nazi salute. Subversive Capital, known for its "invest like the oligarchy" ETFs, previously launched funds that mirror stock trades of U.S. Congress members.
It remains unclear whether investors will flock to these anti-Musk ETFs, but they reflect a growing demand for ways to avoid Musk, potentially even irritating him given his hostility toward Tesla short-sellers.
