State Street Confirms Launch of SPDR Apollo Private Credit ETF

State Street Global Advisors (SSGA) and Apollo Global Management have joined forces to launch the SPDR® SSGA Apollo IG Public & Private Credit ETF (PRIV), an actively managed ETF that provides investors with transparent, tradeable access to investment-grade private credit markets. The ETF is expected to begin trading on the New York Stock Exchange (NYSE) on February 27, 2025, under the ticker symbol PRIV.

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. The ETF will use 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.

One of the key features of PRIV is its exposure to private credit instruments sourced by Apollo Global Securities, LLC, an affiliate of Apollo Global Management, Inc. (NYSE: APO). Apollo will serve as a liquidity provider for the ETF, offering firm bids on asset-backed and corporate finance instruments sourced by Apollo on a daily basis. This contractual agreement ensures that Apollo will repurchase these investments from the fund at the firm bid price, subject to contractual levels designed to cover the estimated seven-day stress redemption rate.

The launch of PRIV marks a significant milestone in the democratization of private credit markets, as it allows all investors, regardless of size, to gain access to this growing asset class. The ETF's low management fee of 0.7% further enhances its attractiveness to investors seeking exposure to private credit markets.



Apollo Global Management reported more than $220 billion of origination in 2024, supported by its credit business and broader origination ecosystem spanning 16 standalone platforms. The potential addressable market for private credit is estimated to be a $40 trillion market, indicating significant growth potential for PRIV and the broader private credit market.



In conclusion, the launch of the SPDR Apollo private credit ETF (PRIV) represents a significant development in the private credit market, providing investors with a new, liquid vehicle to access this growing asset class. With its low management fee and exposure to Apollo's extensive origination ecosystem, PRIV offers an attractive investment opportunity for those seeking risk-adjusted returns and current income in the private credit market.