Musk, who for most of this year has had a favorable impact on several ETFs, is predictably defending his company. [November Rain for Musk ETFs]

In an interview with the Associated Press last week, Musk said the fires in Tesla cars are extreme cases and that he does not expect a government recall.

Vindication for Tesla could be good news for LIT, which could use some. The ETF resides 2% below its 200-day moving average and 4.6% below its 50-day line.

Global X Lithium ETF