Wall Street is developing exchange-traded funds (ETFs) designed to offer investors exposure to companies that are *not* led by Elon Musk. This move comes as some investors seek to diversify away from concentrated exposure to the billionaire entrepreneur, whose influence spans multiple high-profile companies like Tesla and SpaceX.

The new ETFs will likely focus on sectors or companies that are considered alternatives to Musk's current ventures. This could include companies in the electric vehicle space that compete with Tesla, or businesses in aerospace and technology that offer different approaches to innovation and market strategy. The financial industry is responding to a perceived demand for investment vehicles that provide a clear hedge against the volatility or specific market positions associated with Musk's leadership.

For investors, these products offer a new avenue to manage risk and tailor portfolios according to their specific views on market leadership and innovation. The development signals a growing trend in thematic investing, where ETFs are increasingly tailored to niche investor preferences, moving beyond broad market or sector exposures to focus on specific executive influence or strategic direction.