Two proposed exchange-traded funds (ETFs) aim to give investors exposure to the Nasdaq-100 and S&P 500 while excluding companies founded, controlled or led by Elon Musk.
‘Ex-Elon’ ETFs Target Tesla, SpaceX
Subversive Markets Lab LLC filed with the SEC to launch the Subversive Nasdaq-100 Ex-Elon Enterprises ETF (QQNE) and the Subversive S&P 500 Ex-Elon Enterprises ETF (SPNE), which would track their respective benchmarks while excluding companies involving Musk.
The initial exclusion list includes Tesla Inc (NASDAQ:TSLA) and Space Exploration Technologies Corp. (NASDAQ:SPCX), with the funds redistributing their index weight across the remaining constituents.
According to the filing, the ETFs are intended for investors seeking broad U.S. equity exposure without companies associated with Musk, which it said may carry ‘corporate governance concerns, political risks, and heightened share-price volatility.’
