In the lead-up to the SpaceX IPO, there were dozens of stories about early employees and investors who could make millions of dollars betting on or working for Elon Musk.

But thanks to Musk’s work with DOGE, his public comments about X, and the infamous gesture he made at Donald Trump’s inauguration that looked a lot like a Nazi salute, someone realized there was money to be made avoiding it.

An ETF creator appropriately named Subversive Capital has found a way to tap into that negative sentiment with two new anti-Elon ETFs.

ETFs, which are similar to mutual funds except they trade like regular stocks, are legally registered by Tidal Trust I and linked to a brand called Subversive Markets Lab LLC. (Bloomberg was the first to spot the presentation.)

Avoiding the world’s richest person can be tricky for the average investor, who likely invests their money in mutual funds linked to indices like the S&P 500 and Nasdaq 100. SpaceX, which is in the FTSE Russell and MSCI indices, was recently added to the Nasdaq 100. That means it’s included in funds that track those indices. Musk’s other publicly traded company, Tesla, has long been a favorite of mutual funds, especially the large-cap and growth varieties.

The two newly registered ETFs, called Nasdaq-100 Ex-Elon Enterprises ETF and S&P 500 Ex-Elon Enterprises ETF, are designed to block these companies. As of the date of the prospectus, the excluded companies are Tesla (TSLA) and Space Exploration Technologies Corp. (SPCX), according to the document. Musk’s other companies, including Neuralink and The Boring Company, are not publicly traded.

The Ex-Elon funds may also exclude other companies that are closely associated with the near-billionaire. The Ex-Elon funds seek to “provide capital appreciation through exposure to a broad universe of large-cap U.S. equity securities, while excluding equity securities of companies founded, controlled or directed by Elon Musk, or with which Mr. Musk is otherwise primarily associated,” the filing with the U.S. Securities and Exchange Commission says.

While these are legitimate funds that investors will soon be able to trade, there is also more than a little irony. Before the Ex-Elon funds, Subversive garnered headlines for its other ETFs that promise to let everyday people “invest like the oligarchy.” One of those funds holds stocks known to be traded by Democratic members of Congress and their spouses, and the other reflects those on the Republican side of the aisle.

It’s too early to say whether investors will pile into these Ex-Elon ETFs, which have the tickers QQNE and SPNE, or whether they will perform better than funds that include Musk’s companies. But they do reflect a growing appetite to find ways to get around Musk, and given his famous hostility toward traders who shorted Tesla, they might even annoy him a little.