For investors who want the S&P 500 experience minus the Elon Musk drama, there’s now a product for that. Subversive filed post-effective amendments with the SEC on July 8 to launch two actively managed ETFs that systematically exclude companies associated with Musk from two of the most widely tracked indexes in the world.
The funds, the Nasdaq-100 Ex-Elon Enterprises ETF (ticker: QQNE) and the S&P 500 Ex-Elon Enterprises ETF (ticker: SPNE), are set to go live on September 21, 2026. Both will operate under the Tidal Trust I structure and aim to maintain at least 80% of their assets in index exposures, just without the Musk-linked names.
What exactly gets excluded
The initial “Excluded Enterprises” list targets two companies: Tesla (TSLA) and SpaceX (SPCX). Both are firms Musk founded or leads. The funds will use a market-cap weighted allocation strategy, redistributing the weight of excluded companies across the remaining index constituents.
The ETFs may gain their exposure through a mix of direct equity holdings, other ETFs, or derivatives. That flexibility gives Subversive room to manage costs and tracking while keeping the exclusion framework intact.
