Newly proposed exchange-traded funds would let investors track major U.S. stock indexes while excluding companies associated with Elon Musk. Multiple reports say Subversive ETFs, a New York-based ETF firm, has filed with the U.S. Securities and Exchange Commission for two “Ex-Elon” funds. One fund would track the Nasdaq-100, and the other would track the S&P 500. Both funds use an exclusion rule that removes companies that are founded, controlled, or led by Musk. As a result, companies such as Tesla and SpaceX are expected to be excluded. The funds are designed to offer exposure to broad, index-based performance while avoiding Musk-linked holdings. The filings signal an approach in which index methodologies can be modified to meet specific investor preferences, including excluding a particular business figure’s companies.