Vanguard is new kid on the CDS options block

Vanguard-boosts-credit-option-book-GettyImages-1072488288

- By Ben St. Clair
- 17 Apr 2025

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Over the past year, Vanguard has jumped from the sidelines to become the second-largest US mutual and exchange-traded fund manager holding options on credit default swap indexes.

The change comes as the Pennsylvania-based firm’s two dominant credit options holding funds have shifted away from outright swaps on the North American investment-grade index (CDX NA IG), and while other managers have decreased their overall exposure to the instrument, data collected from fund disclosures reveals.

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