I'm assuming that you're not asking about HTTP traffic - because you can do a redirect to another IP/DNS address quite easily.
Therefore, you do need to set up something (like Nginx or some other packet rewrite engine) which forwards the traffic for you. AWS doesn't offer a service that allows you to forward/rewrite IP traffic to another external destination.
You can use a load balancer to send traffic elsewhere but it only supports sending traffic to addresses within AWS or those connected to your VPC via VPN or Direct Connect.
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