- The recently launched SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV 25 NR) received significant attention because it proposes to hold more private credit than the 15% limit on illiquid securities stipulated in the Investment Company Act of 1940.
- However, our analysis shows that PRIV’s private credit exposure was only around 5% as of March 3, 2025. Public corporate debt, treasuries, and agency pass-throughs accounted for 76% of its exposure.
- Due to this, PRIV’s current constituents are very liquid and widely owned by mutual funds and other ETFs.
ETF & Mutual Fund, Research
State Street’s ‘PRIV’ ETF Has Limited Private Credit Exposure
06 March 2025
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