On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that “it’s not uncommon for investors to run” in such an environment to the SPDR S&P 500 ETF Trust SPY.

There was a buyer of 13,300 of the October 7 weekly 395/380 put spreads at an average price of $4.25 per contract, he added. Traders expect SPDR S&P 500 ETF Trust to shed at least 3% by October 7, he added.

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There was a “big purchase” of the iShares Russell 2000 ETF IWM as well, with a buyer purchasing 30,000 of the October weekly 176 puts at an average price of $3.30 per contract, Khow mentioned. The trader is betting $10.8 million that iShares Russell could lose at least 7% by the October expiration, he added.

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For the iShares MSCI EAFE ETF EFA, there was a buyer of 52,000 of the January 2023 weekly 52/45 put spreads at an average price of 49 cents per contract, Khouw stated. Traders bet $2.5 million that iShares MSCI EAFE ETF would decline by another 15% by the January expiration, he added.