Millions of investors own shares in Tesla without ever buying the stock directly. Others are set to gain exposure to SpaceX after its recent inclusion in major US market indices. Now, a pair of proposed exchange-traded funds, or ETFs, aims to give investors another option by excluding companies associated with Elon Musk while still tracking the broader market.
Subversive Markets Lab LLC has filed with the US Securities and Exchange Commission (SEC) to launch two actively managed funds: the Subversive Nasdaq-100 Ex-Elon Enterprises ETF (QQNE) and the Subversive S&P 500 Ex-Elon Enterprises ETF (SPNE). According to the SEC filing, the funds are designed to provide exposure to the Nasdaq-100 and S&P 500 while excluding companies founded, controlled or led by Elon Musk.
