Renowned money manager Michael Burry, famous for his bets against the US housing market prior to the 2008 financial crisis, has taken a bearish stance on the broader market. Burry's Scion Asset Management has positioned itself against the S&P 500 and Nasdaq 100 Index, using put options to express this outlook. The hedge fund purchased put options worth $739 million against the Invesco QQQ Trust ETF and an additional $886 million worth of put options against the SPDR S&P 500 ETF. These put options, which provide the right to sell shares at a predetermined price in the future, reflect a bearish or defensive perspective.

The exact cost of acquiring these put options remains undisclosed, but it is noted that they reflect a significant bet against US markets. Burry gained fame through his astute bets against the US housing market, which were chronicled in the book and movie "The Big Short." Despite his pessimistic outlook, the S&P 500 has advanced approximately 17% year-to-date, while the Nasdaq 100 has surged nearly 39% during the same period.