The actively managed funds, set to launch on September 21, would redistribute index weight away from Elon Musk-linked companies while keeping at least 80% of assets in index exposure.
Subversive filed post-effective amendments with the SEC on July 8 to launch two actively managed ETFs designed to remove Elon Musk-linked companies from major U.S. equity benchmarks. The products are the Nasdaq-100 Ex-Elon Enterprises ETF, ticker QQNE, and the S&P 500 Ex-Elon Enterprises ETF, ticker SPNE, and they are scheduled to begin trading on September 21 under the Tidal Trust I structure. The funds aim to keep at least 80% of assets in their respective index exposures while excluding an initial list of companies consisting of Tesla (TSLA) and SpaceX (SPCX). Their weight would be redistributed across the remaining index constituents using a market-cap weighted approach. The filings align with Subversive’s broader strategy of offering culturally aligned and thematic ETF products. The launch follows SpaceX’s inclusion in the Nasdaq-100, which increased passive investors’ exposure to Musk-linked companies. The products would lag their parent indexes by design if Tesla and SpaceX outperform, while their active structure means investors will be watching fees, tracking differences and whether the funds can gather enough assets to remain viable.