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An investment company has launched two new Exchange-Traded funds (ETFs) designed to exclude companies run by Elon Musk.
As TechCrunch reports, these investment funds will offer investors exposure to a range of US equity securities, but not to Tesla, SpaceX, or any companies associated with them in the future.
Most investors seeking long-term returns on the money they put down invest in index funds tied to indices like the S&P 500 and Nasdaq-100. But with companies like Tesla and the newly publicly traded SpaceX representing such enormous portions of those indices, it's hard not to invest in Musk's companies as well.
For some investors, that's unattractive because these companies aren't wise long-term investments. Tesla has been considered overinflated for many years, while SpaceX's connectivity business, primarily driven by Starlink, accounted for 60% of its total $18.7 billion in revenue in 2025. And it's not profitable. It's also been saddled with the dual albatrosses of Twitter/X and xAI; the latter is reportedly burning through money.
Avoiding Musk's companies might also be attractive on moral grounds for those who object to the CEO dumping millions into President Trump's 2024 re-election campaign, his slash-and-burn approach while working for DOGE, his Nazi-like salute, support for Germany's far-right AfD party, and steady stream of hard-right talking points on his X feed.
The new funds, called Nasdaq-100 Ex-Elon Enterprises ETF and S&P 500 Ex-Elon Enterprises ETF, were founded by Tidal Investments LLC, a company with over a decade of fund management under its belt. The funds are set to be managed by portfolio managers Stephen Foy and Christopher P. Mullen.
This is all sponsored by Subversive Markets Lab, which has a history of tongue-in-cheek investment platforms. Before its recent anti-Musk efforts, Subversive ran ETFs that claimed to let participants "invest like the oligarchy," TechCrunch notes. One of those funds was designed to follow the stock trades of US members of Congress and their family, the implication being that they take advantage of insider knowledge.
It may be that these new ETFs from Subversive are more joke than genuine investment platform, but they are legitimate funds that people will be able to invest in if they want. If that happens at any kind of scale, it could be something other fund managers consider in the future. There's certainly a lot of anti-Musk sentiment to go around.
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Jon Martindale is a tech journalist from the UK, with 20 years of experience covering all manner of PC components and associated gadgets. He's written for a range of publications, including ExtremeTech, Digital Trends, Forbes, U.S. News & World Report, and Lifewire, among others. When not writing, he's a big board gamer and reader, with a particular habit of speed-reading through long manga sagas.Â
Jon covers the latest PC components, as well as how-to guides on everything from how to take a screenshot to how to set up your cryptocurrency wallet. He particularly enjoys the battles between the top tech giants in CPUs and GPUs, and tries his best not to take sides.
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