Subversive Capital files 'Ex-Elon' ETFs with the SEC that strip Tesla and SpaceX from the S&P 500 and Nasdaq-100
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Subversive Capital files 'Ex-Elon' ETFs with the SEC that strip Tesla and SpaceX from the S&P 500 and Nasdaq-100 Eric Esposito Fri, July 10, 2026 at 5:15 PM EDT 5 min read SPCX ^GSPC TSLA If you're sickened at the thought of making the world's first trillionaire richer, a pair of proposed anti-Elon ETFs may pique your interest. The firm Subversive Capital recently filed for two new actively-managed funds (1) with the SEC that kick Elon Musk's companies out of America's largest indices. As Subversive wrote in its SEC prospectus, it hopes to "provide capital appreciation" for ETF investors by buying "a broad universe of large-capitalization U.S. equity securities, while excluding the equity securities of companies that are founded, controlled, or led by Elon Musk, or with which Mr. Musk is otherwise primarily associated." Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going For more growth-oriented investors, there's the Nasdaq-100 Ex-Elon Enterprises ETF (QQNE) with every mega-cap tech company except Tesla and SpaceX. Subversive will also offer the S&P 500 Ex-Elon Enterprises ETF (SPNE), which tracks the 500 largest U.S.-based companies, excluding Tesla. According to data from Slickcharts, removing Tesla from the S&P 500 reduces (2) its total weight by about 2.2%. However, the impact to the Nasdaq-100 is more substantial, since Tesla and SpaceX now account for about 8.4% (3) of the index. News of Subversive's proposed ETF launch happened shortly after SpaceX joined the Nasdaq-100 index thanks to new "fast track" rules that helped it enter this elite group less than a month after its IPO. According to a Reuters report (4), JPMorgan estimated that this inclusion alone could be enough to attract $4.3 billion from fund managers forced to add it to their Nasdaq-related portfolios. As it becomes harder to avoid propping up Elon Musk's empire, Subversive's products aim to offer the same degree of diversification for those who don't like Elon Musk's personality or politics. According to Pew Research, 36% of Americans (5) are already in this camp. All of these respondents said they had a "very unfavorable opinion" of Mr. Musk. MoneyWise reached out to Subversive Capital, but we were told they couldn't comment since their SEC filing is still in the waiting period. While there are plenty of people who aren't Elon Musk fans, not everyone is convinced these ex-Elon ETFs are such a great idea. In fact, ETF.com's former managing director Dave Nadig told MarketWatch (6) flat out that he thinks they're "gimmicks" and he's "extraordinarily skeptical" they will succeed. To support his argument, Nadig discussed a similarly niche ETF (7) announced in February 2023 that offered a way to bet against popular "Mad Money" host Jim Cramer. After about a year, Tuttle Capital Management scrapped this offering because it simply didn't attract enough funds (8). But even if Subversive's ETFs last longer than the ill-fated Inverse Cramer Tracker ETF, there's still the question of whether investors will be happy with their portfolio's performance. After all, Tesla's stock soared roughly 87% over the past five years (9), contributing to the upward momentum of the S&P 500 and the Nasdaq. Although we don't have historical data for SpaceX, a flurry of Wall Street analysts ranging from Morgan Stanley (10) to JPMorgan (11) now claim it's poised for upside. There are no guarantees that Musk's companies will perform well in the long run, but investors interested in these kinds of products need to be comfortable with the risk of missing out on potential gains. For investors who want broad market diversification and an Elon Musk detox, the truth is that it's difficult to achieve today. While it's possible to mimic the S&P 500 or Nasdaq-100 by buying an equal-weighted percentage of shares in every company except SpaceX and Tesla, do you honestly want to spend all that time, and potentially higher brokerage fees, managing this account? For most people, it's probably more efficient just to look for ETFs or mutual funds that aren't so tech-heavy so you at least reduce the amount of Tesla or SpaceX you pick up. For instance, you'll be giving Musk far less money in an S&P 500 or Russell 3000 index versus one for the Nasdaq. You might also consider putting more funds in an ETF tracking the Dow Jones Industrial Average (12) because you won't find Tesla or SpaceX there. Just be forewarned that creating an ex-Elon portfolio is more about feelings than making the optimal financial decisions. That doesn't mean Musk's companies are destined to make more money. However, this "strategy" is only for those who'd feel okay losing out on some gains for the satisfaction of sticking to their personal beliefs. 'Gold still crashing!': Robert Kiyosaki admits he was wrong — but doubles down on his $35K prediction The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes Here's the average income of Americans by age in 2026. Are you keeping up or falling behind? When he dies, Warren Buffett said 90% of his wife's inheritance will go into a single investment. Here's why (and how you can do it too) We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines . U.S. Securities and Exchange Commission ( 1 ), ( 7 ); Slickcharts ( 2 ), ( 3 ); Reuters ( 4 ); Pew Research Center ( 5 ); MarketWatch ( 6 ); Bloomberg ( 8 ); Google ( 9 ); CNBC ( 10 ), ( 11 ), ( 12 ) This article originally appeared on Moneywise.com under the title: Subversive Capital files 'Ex-Elon' ETFs with the SEC that strip Tesla and SpaceX from the S&P 500 and Nasdaq-100 This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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