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Why not just buy a put on TSLA of the right size? It's probably cheaper to Vanguard + a put than to buy a more expensive specialized ETF

Honestly? Effort.

I think that's the point of the suggestion, this approach is less effort/cost.

Rather than have a custom ETF you can get one that includes it then individually short Tesla to counteract your identified risk.

This would be cheaper and if your theory is correct, you'd outperform the S&P500.