Actively managed ETF offers unique investment grade private
credit market exposure with transparency and daily
liquidity
State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), announced today the launch of
the SPDR® SSGA Apollo IG Public & Private Credit ETF (PRIV).
Managed by the State Street Global Advisors Active Fixed Income
Team, PRIV allows all investors to gain transparent, tradeable
access to an ETF seeking risk-adjusted returns and current income
that invests in investment-grade private credit, including
asset-based finance, along with investment-grade public credit.
“Historically, the ETF vehicle has been used to unlock market
opportunities for all investors, no matter how big or small. Thanks
to ETFs, all investors have transparent access to traditionally
less-liquid segments of the markets,” said Anna Paglia, chief
business officer at State Street Global Advisors. “We have worked
with Apollo to provide a liquidity solution within PRIV and PRIV
continues the mission of democratizing access to private markets,”
she added.
PRIV seeks to maximize risk-adjusted returns and provide current
income by investing primarily in investment grade debt securities,
including a combination of public and private credit such as
asset-based finance and corporate lending. PRIV uses a risk-aware,
macroeconomic top-down approach combined with bottom-up security
selection to construct a portfolio that seeks to overweight the
most attractive sectors and issuers. PRIV may invest in private
credit instruments sourced by Apollo Global Securities, LLC, an
affiliate of Apollo Global Management, Inc. (NYSE: APO)
(“Apollo”).
Over the last decade, investment demand for private markets
exposure has surged, driven by large institutional investors
seeking higher yields and greater diversification potential. State
Street Global Advisors expects the next wave of private market
demand will include retail investors seeking exposure to this
growing asset class through lower cost investment vehicles that are
tradable, transparent, and provide daily liquidity.
Apollo reported more than $220 billion of origination in 20241
supported by its credit business and broader origination ecosystem
spanning 16 standalone platforms. Apollo estimates the potential
addressable market for private credit is a $40 trillion
market.2
For more information about PRIV, the role private credit can
play in a portfolio, and educational content, visit our dedicated
landing zone.
About State Street Global Advisors
For over four decades, State Street Global Advisors has served
the world’s governments, institutions, and financial advisors. With
a rigorous, risk-aware approach built on research, analysis, and
market-tested experience, and as pioneers in index and ETF
investing, we are always inventing new ways to invest. As a result,
we have become the world’s fourth-largest asset manager3 with US
$4.72 trillion4 under our care.
1 Apollo Global Management as of December 31, 2024. 2 Apollo
Global Management as of September 2024: Leading With Private
Investment-Grade Credit. 3 Pensions & Investments Research
Center, as of 12/31/23. 4 This figure is presented as of December
31, 2024 and includes ETF AUM of $1,577.74 billion USD of which
approximately $82.19 billion USD in gold assets with respect to
SPDR products for which State Street Global Advisors Funds
Distributors, LLC (SSGA FD) acts solely as the marketing agent.
SSGA FD and State Street Global Advisors are affiliated. Please
note all AUM is unaudited.
Disclaimer: Apollo is not a sponsor, distributor,
promoter, or investment adviser to the Fund. Apollo has entered
into a contractual agreement with the Fund whereby it is obligated
to provide firm bids on asset-backed and corporate finance
instruments, sourced by Apollo (each an “AOS Investment”) to the
Fund on a daily basis at certain intervals and is required to
repurchase AOS Investments that the Fund has purchased at the firm
bid price offered by Apollo, subject to, but not limited to,
contractual levels designed to cover the estimated seven-day stress
redemption rate as of the date hereof. The sale of AOS Investments
to Apollo is not exclusive and the Fund may seek to sell AOS
Investments to other counterparties.
Important Risk Information
Investing involves risk including the risk of loss of
principal.
Market Risk: The Fund's investments are subject to
changes in general economic conditions, general market fluctuations
and the risks inherent in investing in markets. Investment markets
can be volatile and prices of investments can change substantially
due to various factors including, but not limited to, economic
growth or recession, changes in interest rates, inflation, changes
in the actual or perceived creditworthiness of issuers, and general
market liquidity
ETFs trade like stocks, are subject to investment risk,
fluctuate in market value and may trade at prices above or below
the ETFs net asset value. Brokerage commissions and ETF expenses
will reduce returns.
The Fund is actively managed. The Adviser’s judgments about the
attractiveness, relative value, or potential appreciation of a
particular sector, security, commodity or investment strategy may
prove to be incorrect, and may cause the Fund to incur losses.
There can be no assurance that the Adviser’s investment techniques
and decisions will produce the desired results.
Debt Securities: The values of debt securities may
increase or decrease as a result of the following: market
fluctuations, changes in interest rates, actual or perceived
inability or unwillingness of issuers, guarantors or liquidity
providers to make scheduled principal or interest payments or
illiquidity in debt securities markets; the risk of low rates of
return due to reinvestment of securities during periods of falling
interest rates or repayment by issuers with higher coupon or
interest rates; and/or the risk of low income due to falling
interest rates.
Investing in high yield fixed income securities,
otherwise known as “junk bonds”, is considered speculative and
involves greater risk of loss of principal and interest than
investing in investment grade fixed income securities. These
Lower-quality debt securities involve greater risk of default or
price changes due to potential changes in the credit quality of the
issuer.
Privately-issued securities are securities that have not
been registered under the Securities Act and as a result are
subject to legal restrictions on resale. Privately-issued
securities are not traded on established markets and may be
illiquid, difficult to value and subject to wide fluctuations in
value. Limitations on the resale of these securities may have an
adverse effect on their marketability, and may prevent the Fund
from disposing of them promptly at reasonable prices. Private
credit can range in credit quality depending on a variety of
factors, including total leverage, amount of leverage senior to the
security in question, variability in the issuer’s cash flows, the
size of the issuer, the quality of assets securing debt and the
degree to which such assets cover the subject company’s debt
obligations. In addition, there can be no assurance that the
Adviser will be able to secure all of the investment opportunities
that it identifies for the Fund, or that the size of an investment
opportunity available to the Fund will be as large as the Adviser
would desire, on account of general economic conditions, specific
market developments, or other circumstances outside of the
Adviser’s control.
Non-diversified fund may invest in a relatively small
number of issuers. The value of shares of non-diversified funds may
be more volatile than the values of shares of more diversified
funds.
Intellectual Property Information: The S&P 500® Index
is a product of S&P Dow Jones Indices LLC or its affiliates
(“S&P DJI”) and have been licensed for use by State Street
Global Advisors. S&P® , SPDR® , S&P 500® ,US 500 and the
500 are trademarks of Standard & Poor’s Financial Services LLC
(“S&P”); Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”) and has been licensed for use
by S&P Dow Jones Indices; and these trademarks have been
licensed for use by S&P DJI and sublicensed for certain
purposes by State Street Global Advisors. The fund is not
sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones,
S&P, their respective affiliates, and none of such parties make
any representation regarding the advisability of investing in such
product(s) nor do they have any liability for any errors,
omissions, or interruptions of these indices.
Distributor State Street Global Advisors Funds
Distributors, LLC, member FINRA, SIPC, an indirect wholly owned
subsidiary of State Street Corporation. References to State Street
may include State Street Corporation and its affiliates. Certain
State Street affiliates provide services and receive fees from the
SPDR ETFs.
Before investing, consider the funds’ investment objectives,
risks, charges and expenses. To obtain a prospectus or summary
prospectus which contains this and other information, call
1-866-787-2257 or visit ssga.com. Read it carefully.
© 2025 State Street Corporation. All Rights Reserved.
Not FDIC Insured – No Bank Guarantee – May Lose Value
State Street Global Advisors, 1 Iron Street, Boston, MA
02210-1641
© 2025 State Street Corporation
All Rights Reserved.
7555407.1.1.AM.RTL Exp. Date: 2/28/2026
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version on businesswire.com: https://www.businesswire.com/news/home/20250226970654/en/
Deborah Heindel +1 617 662 9927 DHEINDEL@StateStreet.com
State Street (NYSE:STT)
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