US Stock Market Takes a Beating Today - DOW Down 350... FamCore's Analysis of the Larger Situation

His two primary plays — against large caps via the S&P 500 and small caps via the Russell 2000 — have a notional, or potential, value of $764.3 million, according to an analysis from S&P Global Market Intelligence. The plays are through his family office, Soros Fund Management.

They continue a trend he began in 2016 of betting against the market, moves that haven't worked out well considering the latest leg in the bull market. The S&P 500 is up 5.7 percent this year while the Russell 2000 is up fractionally at 0.3 percent.

As of the end of the quarter, Soros held 3.3 million shares of the iShares Russell 2000 exchange-traded fund puts, an increase of 36 percent from the previous quarter and carrying a notional value of $459.6 million. He increased his holdings of SPDR S&P 500 puts by 162 percent from the fourth quarter to 1.3 million shares, carrying a notional value of $304.7 million.

A Soros spokesman declined to comment.