Michael Burry of ‘The Big Short’ reveals a bet against Cathie Wood's ARK Innovation ETF

Published Mon, Aug 16 202111:10 AM EDTUpdated Mon, Aug 16 20212:43 PM EDT

"The Big Short" investor Michael Burry is betting against Cathie Woods' ARK Innovation ETF , according to a regulatory filing that revealed a short position via options. Burry's Scion Asset Management bought 2,355 put contracts against the red-hot tech ETF during the second quarter and held them through the end of the period. Investors profit from puts when the underlying securities fall in prices. Shares of Wood's flagship fund, ARK Innovation, suffered a deep rout in the first half of the year thanks to an epic rotation into value names from technology stocks. However, the innovation fund has clawed its way back, up more than 27% from its May low. The ETF is still down about 6% in 2021. ARKK gained 9% in the second quarter, and is down more than 10% so far in the third quarter. From the filings, we're not able to find out whether Burry's bet is profitable because the specifics of the contracts like strike price are not given. We also don't know if he still holds the short position. The 235,500 ARKK shares underlying the put contracts had a value of about $30 million through the end of the quarter. Wood is a long-time Tesla bull. The electric carmaker is the No. 1 holding in ARK Innovation, accounting for more than 10% of the entire ETF. ARK Invest owns more than 3.3 million shares of the Elon Musk-led stock. Burry's filing through the end of last quarter also shows he increased his Tesla put position during the period. As of the end of June, Burry owned 10,755 put contracts against the EV stock, with unknown value, strike price or expiry. The short position was first revealed in May. Tesla shares underperformed in 2021 after a jaw-dropping 2020 marked by increased interest in clean energy and investors' preference for big growth stocks. The stock dipped 3% this year following a 740% rally last year. Burry previously mentioned in a tweet, which he later deleted, that Tesla's reliance on regulatory credits to generate profits is a red flag. Burry was one of the first investors to call and profit from the subprime mortgage crisis. He was depicted in Michael Lewis' book "The Big Short" and the subsequent Oscar-winning movie of the same name. Scion Asset Management didn't immediately respond to CNBC's request for comment. — CNBC's Maggie Fitzgerald contributed reporting.

Michael Burry attends the New York premiere of "The Big Short" at the Ziegfeld Theater in New York City, Nov. 23, 2015.

Jim Spellman | WireImage | Getty Images

"The Big Short" investor Michael Burry is betting against Cathie Woods' ARK Innovation ETF, according to a regulatory filing that revealed a short position via options.