Spicy. Look, I think you're missing my point a little bit. Let's simplify it to risk, since that's what kicked off this conversation. Your pension or whatever

Spicy. Look, I think you're missing my point a little bit. Let's simplify it to risk, since that's what kicked off this conversation. Your pension or whatever holds an ETF that (soon) contains some SpaceX shares. You buy a put option on SpaceX direct. What's the absolute worst thing that could happen? Your pension or whatever holds an ETF that (soon) contains some SpaceX shares. You short sell a SpaceX share. What's the absolute worst thing that could happen?