The reason the exact product you want doesn't exist is because it will have the same returns as SPY but cost 20X as much due to lower economies of scale, broadly because people don't want it.
For any existing fund manager who tracks an index (i.e. Vanguard), this shouldn't be too difficult or expensive. They're already buying/selling a TON of SP500 shares at the close of trading day. Now they just need to subtract some of those buys/sell for the overvalued companies that people do not want. Am I missing something?
EDIT: Oh, I guess the (SEC?) would require a different fund management and prospectus for every index "smart beta" permutation, and therefore wouldn't be realistic.
Imagine if someone was able to immediately exclude you from 20% of investment capital on the market.