Subversive ETFs listed S&P 500 and Nasdaq-100 funds that exclude Elon Musk's companies
Subversive ETFs listed S&P 500 and Nasdaq-100 funds on Friday, October 9, at a 0.30% net fee through at least January 28, 2028, leaving Tesla out of both and SpaceX out of the Nasdaq-100 fund.
Key takeaways
On Friday, October 9, Subversive ETFs listed two funds that buy the S&P 500 and the Nasdaq-100 and leave out companies founded, controlled or led by Elon Musk. The net fee is 0.30%.
The S&P 500 fund, XXSP, leaves out Tesla. The Nasdaq-100 fund, XXQQ, leaves out Tesla and Space Exploration Technologies, known as SpaceX. Both are actively managed, which means they do not promise to track the index. The adviser applies the exclusion, and will also drop any later company Musk founds, controls or leads if it joins either group.
SpaceX is already as large a Nasdaq-100 holding as Tesla
A waiver holds that fee at 0.30% through at least Friday, January 28, 2028. Without the waiver the fee is 0.55%.
The comparison uses the waived fee, not the 0.55%. The S&P 500 fund most people already hold, SPY, charges 0.09%. The Nasdaq-100 fund, QQQ, charges 0.18%. At 0.30%, the new funds cost 0.21 percentage points more than SPY and 0.12 percentage points more than QQQ.
What the fees say
A new fund has no record, so the fee is what a buyer can compare. Where a waiver is in place, the figure is what you pay now.
Synera's Japanese stock fund, SMTJ, shows 0.86% in the table only while the adviser covers part of the cost, through at least Friday, December 31, 2027. The gross fee is 2.01%. The iShares Japan stock fund, EWJ, charges 0.49%, so even the net fee is 0.37 percentage points higher.
Nomura's high-yield fund, HFIX, is actively managed and does not track an index. It charges 0.45% for company bonds rated below investment grade, 0.04 percentage points less than the large high-yield index fund, HYG, at 0.49%. It is the fee on the list that does not ask you to pay up for an active book.
Oakmark's concentrated U.S. stock fund, OAKL, is the value work the firm already does, in a portfolio of about 15 to 25 larger companies. The adviser is waiving 0.05 percentage points until Wednesday, January 27, 2027, so the fee is 0.59% now and 0.64% after that. The fund reported $283 million as of Thursday, October 8.
Tuttle listed OPTO on Friday on Cboe, a US exchange. It owns photonics stocks and uses a put spread, an options trade, to seek weekly payouts. Tuttle already runs a photonics fund, FOTO, at 0.75%. The income version costs 0.99%, which is 0.24 percentage points more.
WisdomTree's first Texas listings
WisdomTree listed two funds on Thursday on the Texas Stock Exchange, a US stock exchange. They are the firm's first listings there. WSLS is a long/short U.S. small-cap fund, meaning it can own stocks and bet against others. WTAL does the same kind of work across U.S. and international stocks.
Closing dates
On Friday, the board of Themes ETF Trust set 13 daily 2x funds to close. The funds trade under the Leverage Shares name. Each seeks twice a stock's move on one day.
"Due to their inability to attract sufficient investment assets," the board said.
The 13 are GLGG, BLSG, GEMG, NUG, NEMG, OPEG, PBRG, VALG, ALBG, UECG, FCXG, CRMU and HONG.
Trading stops at the regular-session close on Monday, October 19. Leverage Shares said that from then through Thursday, October 22, shareholders may be able to sell only to certain broker-dealers, and there is no assurance a market in the shares will be there. Cash is to be paid on or about that Thursday, to holders who have not already sold.
On Thursday, Simplify's board set five funds to liquidate. The last trading day is Friday, October 30, and shareholders who still hold shares are to be paid the cash value on or about Friday, November 6. The five are a tax-aware income fund, DINE, a tax-aware alternatives fund, LQ, an intangibles index fund, NXTI, a private-credit fund, PCR, and a Tesla-themed fund, TESL.
Simplify also listed a new fund on Monday, GMAC, that can go long or short across stocks, bonds, currencies and commodities, with no fixed mix.
What has not listed
RBB Fund, which houses funds for other managers, filed Thursday to register five Motley Fool funds tied to the Fool 100 Index, three of them for options income. Motley Fool files five Fool 100 ETFs, three for options income.
Yorkville filed Monday for a fund that would seek twice the daily move of a memory-chip fund it already runs, NRAM, and another that would seek twice the opposite move. On Wednesday, the Federal Register published an SEC order letting Cboe list six Volatility Shares funds that would seek three times the daily move in gold, silver, bitcoin, ether, crude oil and natural gas. Those shares are not trading.
Sequoia Fund, a mutual fund, expects to finish converting into an ETF, SEQ, after the close on Friday, October 16. Trading is set to start Monday, October 19.
Beside that paperwork, Oakmark and Tuttle each listed a strategy it already runs. The new listing was Subversive's screen: the S&P 500 without Tesla, and the Nasdaq-100 without Tesla and SpaceX, at 0.30% while the waiver holds.
ETFs in this story
Frequently asked questions
Which companies do the new Subversive funds leave out?
XXSP leaves Tesla out of the S&P 500, and XXQQ leaves Tesla and SpaceX out of the Nasdaq-100, along with any later company Elon Musk founds, controls or leads that joins either index.
How much do XXSP and XXQQ cost compared with SPY and QQQ?
Both charge a waived 0.30% through at least January 28, 2028, rising to 0.55% without the waiver, compared with 0.09% for SPY and 0.18% for QQQ.
Do the Subversive funds track their indexes?
No, both are actively managed and do not promise to track the index.
When do the Leverage Shares 2x funds stop trading?
Trading in the 13 funds stops at the regular-session close on Monday, October 19, and cash is to be paid on or about Thursday, October 22 to holders who have not already sold.
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