Key Takeaways Subversive ETFs submitted SEC filings for QQNE and SPNE, two new ‘Ex-Elon’ investment funds Both funds will systematically remove companies founded or controlled by Elon Musk Te
A New York investment firm, Subversive ETFs, has submitted regulatory documents to the Securities and Exchange Commission outlining plans for two actively managed exchange-traded funds that systematically eliminate exposure to Elon Musk’s business empire.
These products will operate as the S&P 500 Ex-Elon Enterprises ETF and the Nasdaq-100 Ex-Elon Enterprises ETF, trading under SPNE and QQNE respectively.
Currently, Tesla and SpaceX comprise the exclusion roster. However, portfolio managers retain authority to add future Musk ventures should they become publicly traded, such as Neuralink or The Boring Company.
Space Exploration Technologies Corp., SPCX
Both investment vehicles will screen out any organization that fund administrators classify as “founded, controlled or led by” Musk, or where he maintains primary business association.
Managers will maintain a minimum 80% allocation to their corresponding benchmark index positions. The portfolio weight previously allocated to excluded firms will redistribute proportionally among remaining constituents based on market capitalization.
SpaceX became a Nasdaq-100 component recently following revised listing standards that permitted its inclusion without displacing an existing member. Tesla has maintained S&P 500 membership since 2013.
Given S&P 500 qualification criteria, SpaceX won’t be eligible for that benchmark for approximately another twelve months. Consequently, SPNE will effectively replicate the complete S&P 500 portfolio with a single omission: Tesla.
Multiple factors drive investor interest in Musk-free investment options. Some investors oppose his political engagement, particularly his involvement with the recently disbanded Department of Government Efficiency. Additional skepticism surrounds SpaceX’s approximate $2 trillion market valuation.
Emily Green, wealth management director at Ellevest, observed substantial demand from individuals who prefer avoiding association with Tesla and Musk. She emphasized concerns regarding Musk’s “basically unchecked power” at SpaceX.
Tesla shares experienced temporary appreciation following Donald Trump’s 2024 election victory, though vehicle sales declined across European and American markets throughout much of 2025.
Market observers remain divided on these funds’ potential success. Dave Nadig, research director and president at ETF.com, characterized the offerings as a “gimmick” and expressed “extraordinarily skeptical” views about their prospects.
He drew parallels to the Inverse Jim Cramer ETF, which ceased operations within twelve months due to insufficient investor demand.
Nadig referenced Subversive’s current congressional trading products — NANC and GOP — as comparable specialized offerings.
Babson College finance professor Jia Hao cautioned that excluding these corporations “may create tracking error and could cause investors to miss upside if those companies outperform.”
FactSet’s consensus analyst projections place SpaceX’s fair value approximately 58% above present trading levels. Tesla currently trades near its average analyst target, though the most optimistic forecast suggests nearly 50% appreciation potential.
Subversive has scheduled September 21 as the target launch date for both products. Expense ratios and additional specifications remain provisional pending final approval.
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