Soros Fund Management appears to be betting against the so-called Trump trade via put options on three ETFs tracking the major US indices, filings with the US Securities and Exchange Commission show.
The firm has taken up put options on PowerShares QQQ Trust, SPDR S&P 500 and iShares Russell 2000 ETFs, City AM reports.
The put options total $1.8bn (£1.4bn).
Billionaire founder George Soros has previously said he is convinced that Trump will fail as US president.
In a slight hedging of his bets, Soros has placed a much smaller call option on the SPDR S&P 500 ETF, worth $49.8m.
Trump has previously condemned media for failing to report on the rallying Dow Jones, although his aggressive rhetoric against North Korea last week thwarted the index’s nine-day winning streak.
Trump’s efforts to put America First and to revive carbon-intensive industries have wobbled since he took the presidency.
US stock market analysis shows domestic-focussed companies have underperformed and are more shorted than their internationally-focussed counterparts.
Despite Trump’s efforts to revive the coal industry and his withdrawal from the Paris Climate Agreement, ESG US large-cap blend funds have more than doubled the returns of their non-ESG counterparts in H1.