Tesla remains one of the hottest companies on the market, with an incredible P/E ratio of 1,076.31. However, it is also one of the most volatile stocks, meaning investors who want a cost-effective way to gain exposure to Tesla should consider investing in one of these three exchange-traded funds (ETFs) that include the California-based electric car company as a major holding.

VanEck Vectors Low Carbon Energy ETF (SMOG)

Launched in 2007, the VanEck Vectors Low Carbon Energy ETF seeks to provide similar returns to the Ardour Global Index Extra Liquid (AGIXLT). The fund achieves this by investing a minimum of 80% of its assets in small- and mid-capitalization low carbon energy companies that operate primarily in the alternative energy space which includes power derived principally from biofuels (such as ethanol), wind, solar, hydro, and geothermal sources. Tesla, the fund's top-weighted allocation, accounts for 14.21% of its portfolio, giving investors ample exposure to the electric car maker. Other top holdings in the fund include Vestas Wind Systems A/S (VWDRY) at 10.15% and Eaton Corporation PLC (ETN) at 8.15%.

The VanEck Vectors Low Carbon Energy ETF charges investors an annual management fee of 0.62% and has $142.6 million in net assets. As of Sept. 2020, GEX has a five-year annualized return of 10.73% and a three-year annualized return of 16.02%. The fund also has a 30-day SEC yield of 0.20%.

ARK Industrial Innovation ETF (ARKQ)

The ARK Industrial Innovation ETF, formed in September 2009, invests in companies that are likely to benefit from automation or other forms of technological innovation and advancements. Although the fund invests in both domestic and foreign securities, the bulk of its exposure (86.12%) targets U.S. companies. Tesla is the fund's top allocation at 9.5%. Materialise NV (MTLS) and 2U Inc. (TWOU) round out the ETF's top three holdings.

Rated five stars by Morningstar, the ARK Industrial Innovation ETF has assets under management (AUM) of $317 million. Its expense ratio of 0.75% is higher than the 0.55% category average, but the fund's outstanding performance warrants its higher management fees. As of Sept. 2020, ARKQ has three- and one-year annualized returns of 25.47% and 26.1%, respectively. The fund's YTD returns of 11.87% also look impressive when compared with the broader market – the Standard and Poor's 500 Index (S&P 500) has returned 5.97% over the same period.

First Trust NASDAQ Clean Edge Green Energy ETF (QCLN)

The First Trust NASDAQ Clean Edge Green Energy ETF's primary objective is to track the NASDAQ Clean Edge Green Energy Index. The fund, created in 2007, achieves this by investing the majority of its assets in securities that make up the underlying index. This includes U.S.-listed companies that manufacture, develop, and install clean-energy technologies. QCLN has 13.42% of its portfolio in Tesla. The ETF's other significant holdings include NIO Inc ADR (NIO) with a 9.59% weighting, Albemarle Corporation (ALB) with a 5.45% weighting, and SolarEdge Technologies Inc (SEDG) with a 5.33% weighting.

The First Trust NASDAQ Clean Edge Green Energy ETF charges investors an annual management fee of 0.6%; however, the fund's 0.85% dividend yield mostly offsets this expense. It has $464 million in AUM. Because of Tesla's skyrocketing growth, the fund has 62.33% YTD return as of Sept. 2020, as well as a 32.33% return over the past three years, energizing investors.