Fund provider Subversive Capital has registered two new exchange-traded funds explicitly designed to exclude companies associated with Elon Musk, tapping into negative sentiment towards the billionaire following his work with DOGE, his comments on X, and a gesture at Donald Trump's inauguration that many likened to a Nazi salute. The move matters because avoiding Musk-linked stocks is difficult for ordinary investors, whose money is typically held in mainstream index funds that increasingly include his companies, such as the recently listed SpaceX.

The two funds, named the Nasdaq-100 Ex-Elon Enterprises ETF (ticker QQNE) and the S&P 500 Ex-Elon Enterprises ETF (ticker SPNE), are registered by Tidal Trust I under the Subversive Markets Lab LLC brand and were first spotted by Bloomberg. As of the prospectus, they exclude Tesla (TSLA) and SpaceX (SPCX), with scope to drop other firms closely tied to Musk; his private ventures such as Neuralink and The Boring Company are not affected. The launch continues Subversive's tongue-in-cheek approach, following earlier ETFs that mirror stocks traded by Democratic and Republican members of Congress, though it remains too early to gauge investor interest or performance.