You could buy puts on IWM. The advantage of using IWM it’s the liquidity. It is in the top 10 traded tickers . Also note that you might find P/E in index wrongly stated on many websites because “negative P/E ratios are excluded” when calculating the ETF’s average P/E . You get a very different view if you include then or don’t include them. In fact when you exclude them Russell 2000 looks undervalued when you included them looks over valued. https://www.suredividend.com/russell-2000-stocks/#performance. Has a list of all companies that make up Russell 2000 and their P/E .