S&P Dow Jones Indices is launching a new credit-default swap index linked to the private credit market, allowing investors to bet against the sector. The CDX Financials index includes 25 North American financial entities, including banks, insurers, real estate investment trusts and business development companies (BDCs). This comes as private credit funds face their most serious stress test since the 2008 financial crisis. Major banks, including Bank of America, Barclays, Deutsche Bank, and Goldman Sachs, will start selling the derivatives next week.