Traders who would like to hedge against further weakness in consumer sectors can take a look at options like the ProShares UltraShort Consumer Goods ETF (NYSEArca: SZK), which tries to reflect the -2x or -200% daily performance of the Dow Jones U.S. Consumer Goods Index, or the ProShares UltraShort Concumer Services ETF (NYSEArca: SCC), which takes the -200% daily performance of the Dow Jones U.S> Consumer Services Index.

Other billionaire money managers like John Pualson and George Soros are also clearing out of financial stocks, including JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Goldman Sachs (NSYE: GS).

Investors can also hedge the financials sector through various levels of leveraged inverse strategies. For instance, the ProShares Short Financials ETF (NYSEArca: SEF) takes the single inverse or -100% of financial stocks, while the ProShares UltraShort Financials (NYSEArca: SKF) takes a leveraged -200% of financials. Additionally, for -3x or -300% performance, there are the ProShares UltraPro Short Financials (NYSEArca: FINZ) and Direxion Daily Financial Bear 3X Shares (NYSEArca: FAZ).

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Max Chen contributed to this article.