Harley Bassman, Simplify Go ‘Back to Drawing Board’ With CDS ETFBy
Proposed fund would have held up to 50% in swap index options
Simplify plans to refile the fund application, CEO says
After all the hype around the lone U.S. credit-default swap ETF to be managed by rates veteran Harley Bassman, Simplify Asset Management decided to think things over and come back later with a redesigned product.
The application for the Simplify Credit Hedge exchange-traded fund (ticker CDX) was withdrawn late Friday, according to a filing with the U.S. Securities and Exchange Commission. The proposed fund would have invested up to 50% of its assets in credit-default swap index payer options, which allow investors to hedge bond positions or to make a directional wager.