## [# 5 Oddball ETFs for an Even Stranger Market Landscape](/sections/features/5-oddball-etfs-even-stranger-market-landscape)
# 5 Oddball ETFs for an Even Stranger Market Landscape
### From WILD to ELON, we look at odd ETFs that are more than up to meeting the head-scratching times in which we live and invest.
[](/contributors/ron-day)
[By Ron Day](/contributors/ron-day)
Aug 05, 2025
Edited by: David Tony
[ + Follow ](/etf/login)
Share Email LinkedIn Facebook X (Twitter)
googletag.cmd.push(function() {
googletag.display('js-dfp-tag-article_page_302x26');
});
Loading
Image
Image
Image
Image
Image
Image
Next
Back
## ETFs Can Be Weird
From the biblical inspiration of the [**Inspire International ETF (WWJD)**](/WWJD) to the cats and dogs of the [**ProShares Pet Care ETF (PAWZ)**](/PAWZ), the exchange-traded fund industry is often a canvas for the creative wellsprings of its participants.
While tickers like SPAM, the [**Themes ETF Trust - Themes Cybersecurity ETF**](/SPAM), and PUNK, the [**Subversive Metaverse ETF**](/PUNK), may be fun and potentially offer exposures to unlit and profitable corners of the market, one might tease out a downside to the creativity.
Whereas exchange-traded funds when they began 32 years ago leaned toward the conservative—basically mutual funds dressed up like stocks—the boundaries have opened wide. As is typical with evolution, generalization (think the [**Vanguard S&P 500 ETF (VOO)**](/VOO)) fragments and specialization (like the [**Amplify Video Game Tech ETF (GAMR)**](/GAMR)) takes hold.
One result of specialization is added risk (and higher management fees). Poster child for high-risk are the leveraged and single-stock leveraged ETF categories, which, from the tone of some market experts, should come with red, all-caps warning notices telling investors to use extreme caution.
Leveraged exchange-traded funds are soaring in popularity, constituting 23% of the approximately 450 year-to-date launches, the highest proportion since 2010, Bloomberg Intelligence ETF Analyst Athanasios Psarofagis wrote in a July 25 note titled “Markets Getting Frothy Again.”
For the "lols" or for serious consideration, what follows is a brief list of curious funds chosen by a handful of industry analysts.
## VistaShares Animal Spirits Daily 2X Strategy ETF (WILD)
WILD's ticker is fitting, said Bloomberg Intelligence ETF Research Associate Andre Yapp. Launched in June, Yapp said the $1.3 million [**VistaShares Animal Spirits Daily 2X Strategy ETF (WILD)**](/wild) is a leveraged ETF with a twist.
"Instead of the typical formula of leveraged ETFs that we've grown accustomed to, that tracks either a single ticker or an established index, WILD is the next step in the evolution of leveraged funds. It seeks to apply leverage to a portfolio of five securities of the portfolio manager's choosing with an aim of generating up to 2X the daily return of the securities."
WILD has gained 9.5% over the past month, compared with a nearly 1% decline in the S&P 500 as measured by VOO. That big gain more than makes up for the 1.3% management fee.
## Battleshares TSLA vs F ETF (ELON)
The $1 million [**Battleshares TSLA vs F ETF (ELON)**](/elon) might get a red flag, not a checkered one, from investors, with its 1.3% management fee and 2.3% decline over the past month. Bloomberg's Psarofagis wrote in an email that he's "not a fan of the Battleshares products (like ELON)."
The fund takes long positions in [Tesla Inc. (TSLA)](/tsla) and short ones in [Ford Motor Co. (F)](/f) "to effectively navigate the rapidly changing automotive landscape," according to etf.com's fund description page.
"The long/short structure design doesn’t seem to resonate in this industry. Investors typically want something with more juice, especially with stocks (bullish or bearish)," he wrote. "I don’t see a compelling reason to pin stocks against each other in this format."
## YieldMax TSLA Option Income Strategy ETF (TSLY)
Morningstar Senior Manager Research Analyst Daniel Sotiroff is no fan of the $1.1 billion [**YieldMax TSLA Option Income Strategy ETF (TSLY)**](/tsly). The fund has pulled in $1 billion, nearly all of its assets, over the past year, while gaining 24%.
"The most questionable ETFs are probably the single-stock ETFs with nosebleed-level trailing yields (typically around 100% if not higher)," he wrote in an email. "They write/sell call options to generate income, but they'll also return capital to investors to juice the distributions and make the yield appear higher than it really is."
The fund charges a 1.04% management fee. It also makes us wonder why Elon Musk and his affiliated companies show up more than once in this list of odd funds.
Sotiroff chooses another leveraged fund on the next page.
## YieldMax Ultra Option Income Strategy ETF (ULTY)
Sotiroff also responded with the $2.6 billion [**YieldMax Ultra Option Income Strategy ETF (ULTY)**](/ulty) when queried for his strange ETF candidates, for the same reason he criticized TSLY. ULTY leads the bunch in expenses with its 1.3% management fee.
It's gained 35% over the past year, covering that steep fee and then some. It's pulled in $2.5 billion, nearly all of its AUM, over the past 12 months, having launched in late February of 2024.
While some may not be fans, investors apparently can't get enough of YieldMax's leveraged funds, as per this recent etf.com article: [Investors Shovel Money Into YieldMax Income ETFs](/sections/data-dive/investors-shovel-money-yieldmax-income-etfs).
## ERShares Private-Public Crossover ETF (XOVR)
Reading the first few words of the description of the $478.2 million [**ERShares Private-Public Crossover ETF (XOVR)**](/XOVR) might be enough to frighten off, or fascinate, investors.
"XOVR is interesting," it starts. And it continues in a rather non-traditional fashion: "XOVR places a cap on the AUM for the fund, thus when reached, the fund will trade more like a closed-end fund. Investors should monitor AUM levels. The fund is actively managed but uses roughly 85% of the assets to track an index."
The fund, with an 0.75% management fee, puzzles Todd Sohn, senior ETF strategist at New York-based Strategas. "Honestly, XOVR is the one that stands out because of the private asset exposure that hasn’t been updated in some six months now," he said. "What’s the holdings worth? Anyone’s guess!"
The fund has gained 34% over the past year. Year to date, etf.com data show no inflows.
## Runners Up
And no list would be complete without runners up. Ours come from etf.com Research Lead Kent Thune, CFP, who mentioned the [**Unusual Whales Subversive Democratic Trading ETF (NANC)**](/NANC) and the [**God Bless America ETF (YALL)**](/YALL).
[ + Follow ](/etf/login)
[ Ron Day Contributing Editor ](/contributors/ron-day)
Ron Day is Contributing Editor at etf.com. He joined the company in October 2022 and has served as Managing Editor, deputy managing editor and… [View Bio](/contributors/ron-day)
Related Topics [Autos](http://www.etf.com/topics/autos)
[Private Equity](http://www.etf.com/topics/private-equity)
[YieldMax](http://www.etf.com/topics/yieldmax)