(https://www.marketwatch.com/story/new-ex-elon-etfs-let-you-avoid-spacex-and-tesla-but-are-they-just-a-gimmick-e872d762?mod=mw_rss_topstories) are getting mocked as gimmicks, but the market's response tells you something the bull case isn't saying: investors are uncomfortable with concentration risk in founder-led mega-caps. That's not sentiment — that's portfolio construction anxiety.

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