Two new exchange-traded funds, the Nasdaq-100 Ex-Elon Enterprises ETF and the S&P 500 Ex-Elon Enterprises ETF, were filed with the U.S. Securities and Exchange Commission to exclude equity securities of companies founded, controlled, or led by Elon Musk. The funds, registered by Tidal Trust I and linked to Subversive Markets Lab LLC, list Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX) as the excluded enterprises as of the prospectus date. Musk’s other ventures, including Neuralink and The Boring Company, are not publicly traded. The prospectus states the funds aim to provide capital appreciation through exposure to a broad universe of large‑capitalization U.S. equity securities while excluding the specified Musk‑related stocks. Prior Subversive Capital ETFs have attracted attention for holding securities linked to congressional members’ trades and for mirroring partisan investment patterns. The new funds, which carry the tickers QQNE and SPNE, are expected to begin trading later this year, but it is too early to assess investor interest or performance relative to broader market funds.