Take Elon out of
your index fund
Here, "taking Elon out" or "removing Elon" means taking out companies founded, controlled, or led by Elon Musk: currently Tesla and SpaceX in the Nasdaq-100, and Tesla in the S&P 500.
XXQQ and XXSP invest in the Nasdaq-100 and S&P 500 companies — but cut out the world's richest man. See how much Elon is in your portfolio, what redacting him removes, and what it costs.
XXQQ and XXSP are new, actively managed ETFs, not index funds. Investing involves risk, including loss of principal. See fees, risks, and the fund comparison below.
How to use
Pick your situation, enter your shares or dollars, and the scoreboard updates in real time. See Assumptions & Sources
Hypothetical example based on data as of 10/06/2026.
Exposure removed by company
| Company | Weight in SPY | Dollars | ≈ Shares |
|---|---|---|---|
| Tesla (TSLA) | 1.594% | $1,242 | 3.27 |
| Total exposure REDACTED | 1.594% | $1,242 |
The details
What the switch looks like, what you keep, what it costs, and how to switch.
Hypothetical example based on data as of 10/06/2026.
What happens
| Fund | Shares | Price | Value | |
|---|---|---|---|---|
| Sell | SPY | 100 | $779.23 | $77,923 |
| Buy | XXSP | 1,558.46 est. | $50.00 est. | $77,923 |
1,558 whole shares + $23.00 cash
1 SPY share ≈ 15.58 XXSP shares at today's prices
Estimate: XXSP is expected to begin trading October 9, 2026. Share count uses its $50.00 initial NAV and will update to the market price once it trades.
Shares aren't 1:1 — each fund trades at a different price, so the switch is converted through dollar value.
What you keep
You keep 98.4% of SPY — every holding except Tesla.
XXSP is designed to invest in the same companies minus Tesla, with their 1.59% weight reallocated across the rest. The XXSP column is an illustration: SPY's holdings reweighted without Tesla. XXSP's actual holdings and weights will differ.
Why no SpaceX? SpaceX isn't in the S&P 500, so SPY doesn't hold it and there's nothing to remove. If S&P adds it, XXSP will exclude it.
| Holding | In SPY | XXSP (illustrative) |
|---|---|---|
| NVIDIA CORP (NVDA) | 8.63% | 8.77% |
| APPLE INC (AAPL) | 7.25% | 7.37% |
| MICROSOFT CORP (MSFT) | 5.82% | 5.92% |
| AMAZON.COM INC (AMZN) | 3.68% | 3.74% |
| ALPHABET INC CL A (GOOGL) | 3.04% | 3.08% |
| BROADCOM INC (AVGO) | 2.58% | 2.62% |
| META PLATFORMS INC CLASS A (META) | 2.44% | 2.48% |
| ALPHABET INC CL C (GOOG) | 2.44% | 2.48% |
| MICRON TECHNOLOGY INC (MU) | 1.79% | 1.82% |
| TESLA INC (TSLA) | 1.59% | Removed |
| ADVANCED MICRO DEVICES (AMD) | 1.54% | 1.56% |
| BERKSHIRE HATHAWAY INC CL B (BRK.B) | 1.40% | 1.43% |
| ELI LILLY + CO (LLY) | 1.37% | 1.39% |
| JPMORGAN CHASE + CO (JPM) | 1.31% | 1.33% |
| EXXONMOBIL HOLDINGS CORP (XOM) | 1.01% | 1.02% |
Top holdings as of 2026-10-05. Source: https://www.ssga.com/us/en/intermediary/library-content/products/fund-data/etfs/us/holdings-daily-us-en-spy.xlsx.
Fee disclosure
XXSP's expense ratio is 0.55% gross and 0.30% net after a fee waiver through at least October 9, 2027; the waiver can be ended early only by the Board, and the ratio can be higher if the fund incurs excluded expenses. SPY's expense ratio is 0.0945%. For example, on this $77,923 position, XXSP would cost about $160 more than SPY in fund expenses in the first year. Brokerage commissions and bid-ask spreads are not included.
See the fee table and Expense Example in the XXSP prospectus ↗
How a switch works
This is general information, not a recommendation to sell or buy any fund. Consider the higher fees, taxes, and your own circumstances, and read the prospectus.
XXSP is expected to begin trading on Cboe BZX under the ticker XXSP on October 9, 2026. It's expected to be available at brokers that offer U.S.-listed ETFs.
In an IRA, Roth IRA, or 401(k) with a brokerage window
- Sell your SPY shares (market or limit order).
- Once the sale settles into cash, buy XXSP with the proceeds.
- No tax is due inside a retirement account.
In a regular brokerage account
- Selling SPY at a gain may trigger capital gains tax. Talk to a tax professional before selling.
Where to buy XXSP
Choose a brokerage. For any other broker, search the ticker XXSP.
XXSP is expected to begin trading October 9, 2026. Broker links will appear here once it trades.
Important
These are estimates only and are not investment, tax, or legal advice. Selling shares in a taxable account can trigger capital gains taxes. XXQQ and XXSP are new funds, expected to begin trading October 9, 2026, and have no operating or performance history. Read the prospectus before investing.
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the Funds; read it carefully before investing. Prospectuses are available at subversiveetfs.com.
Investing involves risk, including possible loss of principal. The Funds are new, actively managed, and non-diversified, and have no operating history. Because they exclude companies associated with Elon Musk, the Funds may underperform the broader market, their reference index, or funds that do not exclude those companies. The Funds may use derivatives and other ETFs, which carry additional risks. As new funds, they may have limited trading volume and wider bid-ask spreads and may not grow to an economically viable size. Use of derivatives or cash redemptions may produce more ordinary income or capital gains distributions than index ETFs, which may reduce after-tax returns. See the prospectus for all principal risks.
Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemed from the Funds. Brokerage commissions will reduce returns.
Tidal Investments LLC serves as investment adviser to the Funds. The Funds are distributed by Foreside Fund Services, LLC, which is not affiliated with Tidal or Subversive ETFs.
Nasdaq-100® is a registered trademark of Nasdaq, Inc. S&P 500® is a registered trademark of Standard & Poor's Financial Services LLC. The Funds are not sponsored, endorsed, sold, or promoted by Nasdaq, Inc., S&P Dow Jones Indices, or their affiliates, which make no representation regarding the advisability of investing in the Funds. It is not possible to invest directly in an index. QQQ, SPY, and VOO are offered by Invesco, State Street, and Vanguard, respectively; neither these funds, their sponsors, nor their index providers are affiliated with or endorse XXQQ or XXSP. All trademarks belong to their respective owners.
Assumptions & Sources
Data as of 2026-10-06
- Position value = shares × previous-close price. Shares don't convert 1:1 between funds; every conversion goes through dollar value.
- Exposure removed = position value × the stock's weight in the fund you're leaving (from that fund's latest published holdings file).
- Approximate stock shares = exposure removed ÷ the stock's previous close.
- XXQQ and XXSP are actively managed ETFs, not index funds. They exclude Tesla and SpaceX and reallocate those weights across the remaining holdings, so your exposure to the other companies rises slightly.
- Per the prospectus, XXQQ excludes Tesla and SpaceX and XXSP excludes Tesla; a Musk-associated company that later joins the index (such as SpaceX joining the S&P 500) would also be excluded. The Funds may hold stocks directly and may also use other ETFs, options, and swaps.
- Fees: the first-year example is the expense ratio × position value (no growth). XXQQ/XXSP: 0.30% net after a 0.25% fee waiver (0.55% gross) through at least October 9, 2027, then 0.55% if the waiver ends. The ratio can be higher if the fund incurs excluded expenses. See the prospectus fee table and Expense Example.
- Estimates only. Holdings change daily. XXQQ and XXSP are expected to begin trading October 9, 2026; until then their share counts use the initial NAV (XXQQ $25, XXSP $50).
Sources
- QQQ (Invesco QQQ Trust) — expense ratio 0.1800% (Invesco QQQ page: "Invesco QQQ's total expense ratio is 0.18%" (https://www.invesco.com/qqq-etf/en/home.html)); holdings as of 2026-10-05: TSLA 2.949%, SPCX 3.003% — https://www.invesco.com/qqq-etf/en/about.html
- SPY (State Street SPDR S&P 500 ETF Trust) — expense ratio 0.0945% (State Street SPY page: 0.0945% (https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy)); holdings as of 2026-10-05: TSLA 1.594%, SPCX 0.000% — https://www.ssga.com/us/en/intermediary/library-content/products/fund-data/etfs/us/holdings-daily-us-en-spy.xlsx
- VOO (Vanguard S&P 500 ETF) — expense ratio 0.0300% (Vanguard VOO profile data: expenseRatio 0.0300% as of 2026-04-28 (https://investor.vanguard.com/investment-products/etfs/profile/voo)); holdings as of 2026-08-31: TSLA 1.570%, SPCX 0.000% — https://investor.vanguard.com/vmf/api/VOO/portfolio-holding/stock
- XXQQ (Subversive Growth 100 Redacted ETF) — expense ratio 0.3000% (XXQQ prospectus (Tidal Trust I): 0.55% unitary management fee less a 0.25% fee waiver = 0.30% net); holdings as of n/a: TSLA 0.000%, SPCX 0.000% — XXQQ prospectus (Tidal Trust I): excludes Musk-associated companies (Tesla and SpaceX). Daily holdings will be posted at subversiveetfs.com after launch
- XXSP (Subversive S&P 500 Redacted ETF) — expense ratio 0.3000% (XXSP prospectus (Tidal Trust I): 0.55% unitary management fee less a 0.25% fee waiver = 0.30% net); holdings as of n/a: TSLA 0.000%, SPCX 0.000% — XXSP prospectus (Tidal Trust I): excludes Musk-associated companies (Tesla). Daily holdings will be posted at subversiveetfs.com after launch
- Prices: live quotes during market hours via the configured market-data provider, refreshed every 60 seconds; otherwise the most recent close in the data file.
Fund comparison
This page compares XXQQ with QQQ, and XXSP with SPY and VOO. The funds differ in objective, strategy, management style, fees, and risks, summarized below. See each fund's prospectus for complete information.
| Fund | Objective | Strategy | Reason for comparison | Management style | Gross expense ratio | Net assets as of 09/29/26 | Fund risks | Link for current performance & prospectus |
|---|---|---|---|---|---|---|---|---|
| XXQQ Subversive Growth 100 Redacted ETF | Seeks capital appreciation. | Actively managed. Invests at least 80% of net assets in companies included in the Nasdaq-100 Index, excluding companies founded, controlled, or led by, or primarily associated with, Elon Musk (currently Tesla and SpaceX). Holdings are generally market-cap weighted, with the excluded companies' weights reallocated across the rest. May also invest in ETFs and derivatives (options and swaps). Non-diversified. | The fund being offered. Compared with QQQ because both invest in Nasdaq-100 companies; XXQQ excludes Musk-associated companies. | Active | 0.55% (0.30% net after fee waiver¹) | N/A (expected to begin trading 10/9/26) | Referenced Index, Equity Market, Growth Investing, Large-Capitalization Investing, Exclusionary Investing, Foreign Securities, Derivatives (Options, Swap Agreements), Other Investment Companies, ETF Risks (incl. Authorized Participant Concentration, Cash Redemption, Costs of Buying or Selling Shares, Premium/Discount to NAV, Trading), Market, Management, New Fund, Non-Diversification, Concentration, Operational, Recent Market Events. | Fund website (no performance yet) Prospectus |
| XXSP Subversive S&P 500 Redacted ETF | Seeks capital appreciation. | Actively managed. Invests at least 80% of net assets in companies included in the S&P 500 Index, excluding companies founded, controlled, or led by, or primarily associated with, Elon Musk (currently Tesla). Holdings are generally market-cap weighted, with the excluded companies' weights reallocated across the rest. May also invest in ETFs and derivatives (options and swaps). Non-diversified. | The fund being offered. Compared with SPY and VOO because all three invest in S&P 500 companies; XXSP excludes Musk-associated companies. | Active | 0.55% (0.30% net after fee waiver¹) | N/A (expected to begin trading 10/9/26) | Referenced Index, Equity Market, Large-Capitalization Investing, Exclusionary Investing, Derivatives (Options, Swap Agreements), Other Investment Companies, ETF Risks (incl. Authorized Participant Concentration, Cash Redemption, Costs of Buying or Selling Shares, Premium/Discount to NAV, Trading), Market, Management, New Fund, Non-Diversification, Concentration, Operational, Recent Market Events. | Fund website (no performance yet) Prospectus |
| QQQ Invesco QQQ Trust, Series 1 | Seeks to track the investment results, before fees and expenses, of the Nasdaq-100 Index®. | Index fund. Invests substantially all of its assets in the securities of the Nasdaq-100 Index using full replication. Not actively managed. Non-diversified. | A widely held Nasdaq-100 ETF. XXQQ invests in the same index's companies except the excluded companies. | Passive | 0.18% | $498,608.65 M | Market, Index, Equity, Large Capitalization, Industry Concentration, Information Technology Sector, Non-Diversified Fund, ADR, Issuer-Specific Changes, Non-Correlation, Authorized Participant Concentration, Market Trading, Operational, Shares May Trade at Prices Different than NAV. | Performance Summary Prospectus |
| SPY State Street SPDR S&P 500 ETF Trust | Seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. | Unit investment trust. Holds the common stocks of the S&P 500 Index in substantially the same weights as the index. Not actively managed. | A widely held S&P 500 ETF. XXSP invests in the same index's companies except the excluded companies. | Passive | 0.0945% | $811,183.22 M | Passive Strategy/Index, Index Tracking, Equity Investing and Market, Concentration, Information Technology Sector. | Performance Statutory Prospectus |
| VOO Vanguard S&P 500 ETF | Seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. | Index fund (ETF share class of Vanguard 500 Index Fund). Tracks the S&P 500 Index by attempting to replicate it, holding each stock in approximately its index weight. Not actively managed. | A widely held S&P 500 ETF. XXSP invests in the same index's companies except the excluded companies. | Passive | 0.03% | $1.0 T² (ETF share class) | General Market, Investing in Equity Markets, Market Capitalization, Index Investing, Nondiversification, Concentration, Information Technology Sector, ETF Share Trading, Authorized Participants. | Performance Summary Prospectus |
Key differences: XXQQ and XXSP are actively managed and non-diversified, while QQQ, SPY, and VOO are index funds. XXQQ and XXSP have higher expense ratios (0.55% gross / 0.30% net vs. 0.03%–0.18%), are new with no operating, performance, or trading history, may use other ETFs and derivatives, may have wider bid-ask spreads and less trading volume, and may be less tax-efficient. Their holdings and returns will differ from QQQ, SPY, and VOO.
¹ Tidal Investments LLC, the adviser, has agreed to reduce its unitary management fee to 0.30% through at least October 9, 2027; the agreement may be terminated only by, or with the consent of, the Board of Trustees. The fee is 0.55% if the waiver ends. The expense ratio can be higher if the fund incurs excluded expenses.
² Vanguard publishes VOO's net assets rounded and as of month-end; figure is for the ETF share class as of 08/31/26.
XXQQ and XXSP are new and have no performance history. Net assets for QQQ and SPY are from the issuers as of 09/29/26. Expense ratios are from each fund's current prospectus. QQQ, SPY, and VOO are not affiliated with Subversive ETFs or Tidal.