We have been witnessing a slowdown in global economic growth. We may or may not be headed into a recession here in the U.S. We don’t know what lies ahead, but we certainly know markets are jittery. Downside risk—or better yet, managing downside risk—is rightfully on everyone’s minds.

There are many ways to do that, chief among them the first rule of a good asset allocation plan: diversification. What’s nice today, however, is that the smart beta ETF universe is awash with new and novel ways to not only diversify your allocation at the asset class level, but within a single index.

S&P 500 Diversification

For example, let’s look at the S&P 500. You can own all the stocks included in that index with the same weighting and allocation as the index itself through a number of S&P 500 ETFs, including the SPDR S&P 500 ETF Trust (SPY), the iShares Core S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO).

If you are really worried about downside risk, there’s a growing universe of smart beta ETFs built around the S&P 500 with downside protection at their core.

Many of these funds are young, and many have yet to find much traction on the heels of a bull market a decade in the making. They also carry higher expense ratios that the ultra-cheap S&P 500 ETFs mentioned above. But these off-the-beaten-path ETFs offer interesting ways to manage risk in an S&P 500 allocation.

Here are three ETF tools designed to do the job:

Vesper U.S. Large Cap Short-Term Reversal Strategy ETF (UTRN)

UTRN is an interesting fund. The impetus behind creating this ETF was a desire not to lose money in down markets. In a nutshell, this is a short-term reversal strategy that looks to buy the healthy losers who are about to be the next winners.

This weekly rebalance portfolio separates healthy from unhealthy companies by assessing low volatility and high volatility price swings. Here, volatility is