5 ms·

Serious question: Is there some ETF that is "Index of S&P500 minus anything that smells like Musk"?

delecti 7mo ago
Yes, kinda. Goldman Sachs launched that under the symbol SPXXAI last month. I'm not totally sure how to actually invest in it yet though. https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-index https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-ind...
- robocat 7mo ago
  SPXXAI, which lets you invest in the S&P 500 benchmark index minus all things AI That isn't non-Musk. I also wonder where Google and Microsoft and Facebook fit in to the index (each isn't AI but have AI correlated exposure?)
CactusBlue 7mo ago
If you have a big enough portfolio, direct indexing (using something like Frec or Wealthfront) could be an interesting option, and weighting the companies that you don't want at 0.
- cj 7mo ago
  Wealthfront offers the ability to blacklist stocks in your account (the feature is meant for people legally prohibited from investing in certain tickers). It won’t exclude from regular indexes, but it will exclude from the direct indexing. I’ve been using it to exclude NVDA ever since it peaked (or at least reached the peak valuation I’m comfortable with) Wealthfront’s portfolio minimum used to be $100k, but I think they have a new direct indexing product with a $5k minimum.
Spooky23 7mo ago
If you have $100k, you can do it with direct indexing at Schwab. The management fee is 0.40%. I looked into it, but there are gotchas with wash sale rules and taxes. You really need $500k-$1M to avoid tracking errors. End of the day, the overhead seemed more problematic than the problem, so I ended up increasing my global allocation instead.
- golem14 7mo ago
  Could you emulate this by instead shorting thr stock in question? I suppose it would be hard to limit the risk of a short squeeze?
  - Spooky23 7mo ago
    Not for this kind of investment. If I was going to actively manage, I’d tilt the portfolio differently than S&P500.
dahinds 7mo ago
The cheapest option might be to buy the index and sell short the appropriate amount of Musk companies.
sethops1 7mo ago
There is XMAG, but beware the expense ratio is much higher than the mainstream indices.
paxys 7mo ago
Direct indexing is pretty easy these days.

Yes, kinda. Goldman Sachs launched that under the symbol SPXXAI last month. I'm not totally sure how to actually invest in it yet though. https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-index https://www.axios.com/2026/02/20/ai-goldman-sachs-stocks-ind...

robocat 7mo ago
SPXXAI, which lets you invest in the S&P 500 benchmark index minus all things AI That isn't non-Musk. I also wonder where Google and Microsoft and Facebook fit in to the index (each isn't AI but have AI correlated exposure?)

CactusBlue 7mo ago

If you have a big enough portfolio, direct indexing (using something like Frec or Wealthfront) could be an interesting option, and weighting the companies that you don't want at 0.

cj 7mo ago
Wealthfront offers the ability to blacklist stocks in your account (the feature is meant for people legally prohibited from investing in certain tickers). It won’t exclude from regular indexes, but it will exclude from the direct indexing. I’ve been using it to exclude NVDA ever since it peaked (or at least reached the peak valuation I’m comfortable with) Wealthfront’s portfolio minimum used to be $100k, but I think they have a new direct indexing product with a $5k minimum.

Spooky23 7mo ago

If you have $100k, you can do it with direct indexing at Schwab. The management fee is 0.40%. I looked into it, but there are gotchas with wash sale rules and taxes. You really need $500k-$1M to avoid tracking errors. End of the day, the overhead seemed more problematic than the problem, so I ended up increasing my global allocation instead.

golem14 7mo ago
Could you emulate this by instead shorting thr stock in question? I suppose it would be hard to limit the risk of a short squeeze?
- Spooky23 7mo ago
  Not for this kind of investment. If I was going to actively manage, I’d tilt the portfolio differently than S&P500.

dahinds 7mo ago

The cheapest option might be to buy the index and sell short the appropriate amount of Musk companies.

sethops1 7mo ago

There is XMAG, but beware the expense ratio is much higher than the mainstream indices.

paxys 7mo ago

Direct indexing is pretty easy these days.