Michael Burry, the trader known for his successful bets during the subprime crisis featured in "The Big Short," made significant moves in the second quarter by purchasing put options that would pay off in the event of a decline in the S&P 500 and Nasdaq. His firm, Scion Asset Management, held 2 million options on the SPDR S&P 500 ETF Trust (SPY) and 2 million puts on the Invesco QQQ Trust Series (QQQ) as of June 30. Put options provide the right to sell an underlying asset at a predetermined price by a specific time, often used for betting on market downturns or as part of broader strategies. The holdings, disclosed in a 13-F filing with the SEC, represented a significant portion of Scion's reported holdings, but the filing does not require disclosure of option purchase details.