US ETF issuer Subversive has filed with the U.S. Securities and Exchange Commission (SEC) to launch two “ex-Musk ETFs,” with tickers QQNE and SPNE, scheduled to be listed on September 21. The two funds are designed to exclude companies that are “founded, led, controlled, or otherwise primarily affiliated” with Musk. The current exclusion list includes Tesla (TSLA) and SpaceX (SPCX).
QQNE and SPNE Two Ex-Elon ETF Key Specifications
Based on the filing documents and TechCrunch coverage, the main specifications for the two funds are as follows:
QQNE (Nasdaq 100 Ex-Elon Companies ETF): Tracks the Nasdaq 100 index, excluding Musk-related companies
SPNE (S&P 500 Ex-Elon Companies ETF): Tracks the S&P 500 index, excluding Musk-related companies
Exclusion criteria: Companies founded by Musk, controlled and led by Musk, or otherwise primarily affiliated with Musk. Currently excludes Tesla (TSLA) and SpaceX (SPCX)
Weight rebalancing: Index weight from removed companies is redistributed by market capitalization to the remaining constituents
Management style: Actively managed; at least 80% of assets will be allocated to corresponding index exposure
Fee rate: The specific fee rate has not been disclosed yet
Planned listing date: September 21, 2026
After SpaceX Joins the Nasdaq 100, Passive Investors Have Indirectly Bought In
According to reports, SpaceX completed a historic IPO in June 2026 and this week joined the Nasdaq 100 index. That means that millions of passive investors who invest through index funds now indirectly hold shares of SpaceX. Combined with the fact that Tesla has long been a major holding of mutual funds, it has become quite difficult for typical index investors to completely avoid Musk-related companies—driving market demand for Ex-Elon ETFs.
Subversive’s NANC Cumulative Gain Is 83.48%
According to reports, Subversive is known for its topical products. It has previously launched an actively managed ETF that tracks trades by Democratic lawmakers (ticker NANC, named after Nancy Pelosi) and an ETF that tracks trades by Republican lawmakers (ticker KRUZ). Since its launch, NANC has posted a cumulative gain of 83.48%, at one point outperforming the broader market; however, driven by the 2026 AI wave, NANC’s year-to-date gain is only 10.65%, significantly lagging the Nasdaq 100 index’s 16.4% rise.
As for whether QQNE and SPNE can attract large inflows and whether their performance can beat funds that include Musk-related companies, it remains unclear for now.
FAQ
What are the tickers for Subversive’s two “ex-Musk ETFs,” and when are they expected to be listed?
Based on the filing documents and TechCrunch coverage, the two ETF tickers are QQNE (Nasdaq 100 Ex-Elon Companies ETF) and SPNE (S&P 500 Ex-Elon Companies ETF), scheduled to be listed on U.S. stock markets on September 21, 2026.
Which companies’ stocks have been added to the exclusion list?
Based on the filing documents, the current exclusion list includes Tesla (TSLA) and SpaceX (SPCX). The exclusion criteria are “companies founded by Musk, controlled and led by Musk, or otherwise primarily affiliated.” Going forward, if any company becomes controlled or led by Musk, it will also be added to the exclusion list.
What are the potential risks of buying QQNE or SPNE?
According to reports, if Tesla and SpaceX later outperform the broader market, the performance of these two ETFs would trail their benchmark index. Investors who buy this kind of product may miss out on potential upside from Musk-related companies. In addition, both funds are actively managed, which typically means higher expense ratios, but the specific fee rate has not been disclosed yet.
