Wall Street’s top securities regulator has raised concerns about a private credit exchange traded fund from State Street and Apollo that began trading on Thursday, in a blow to the two Wall Street groups.
The fund is designed to open private credit, an investment class that has largely been the purview of institutional investors, to retail investors. Its success is being closely watched by Wall Street as rivals look to launch competing funds.
The Securities and Exchange Commission questioned how the State Street fund — known as the SPDR SSGA Apollo IG Public & Private Credit ETF — would maintain liquidity and value private debt, according to a letter sent to the fund and made public through a regulatory filing.
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