A lot of the diversified index ETFs are 40% TSMC, which likely won’t be affected much by cases in Taiwan, plus some other tech firms that rely mostly on exports. So be careful with inverse index ETFs.
Maybe look at shorting individual hospitality stocks? However if things don’t go all the way down the drain, you might get burned.
Yes tsmc and mediatek are the only one which I don’t expect to make big move. Last year in May it went down 10 percent while most of the world was going up