According to a previous report by Zombit, Scion Asset Management bought put options on the Invesco Nasdaq 100 Index ETF (QQQ) with a notional value of $7.39 billion in the second quarter of this year, accounting for approximately 51% of the total holdings, and put options on the SPDR S&P 500 Index ETF (SPY) with a notional value of $8.86 billion, accounting for approximately 42.54% of the total holdings, predicting a market downturn.