Options traders were buying a lot of protection on the iShares Semiconductor ETF (SOXX) on Tuesday.

Just a day after making new all-time records, the semiconductor sector is down almost 7% and traders are finding a cheap way to bet on a bigger pivot.

Traders piled into Direxion's SOXS inverse semiconductor ETF with 460 million shares traded as chip stocks fell nearly 7% from all-time highs.