‘Big Short’ investor Michael Burry’s new bets against the S&P 500 and Nasdaq-100 are no surprise. Here’s why.

• Michael Burry bet against two ETFs that track the S&P 500 and Nasdaq-100 last quarter.
• The “Big Short” investor held bearish put options on the SPDR S&P 500 and Invesco QQQ in June.
• Burry has sounded the alarm on the stock market and flagged the risks of index funds.

Michael Burry disclosed sizable bets against the S&P 500 and Nasdaq-100 in his latest portfolio update. The wagers won’t surprise his close followers.

Burry’s Scion Asset Management held bearish put options on 200,000 shares of the SPDR S&P 500 ETF Trust — an exchange-traded fund that tracks the benchmark US stock index — at the end of June, a Securities and Exchange Commission filing showed on Monday.