SPDR SSGA IG Public & Private Credit ETF(AMEX:PRIV)

PRIV is the first to offer private credit in an ETF structure via a partnership with Apollo Global Securities (AOS Investments). The actively managed fund invests broadly across various debt securities, including both public and private credit investments. To meet regulatory requirements, the private credit component can range from 10-35%, including those sourced by Apollo. Through a contractual agreement, Apollo provides intraday firm bids on AOS Investments at the initial offered bid price. The fund targets 80% investment grade but may still invest up to 20% in high-yield bonds. Debt securities may include those issued or guaranteed by the US government or its affiliates, corporate bonds, securitized loans, and credit securities. Using a risk-aware, top-down approach and a bottom-up, fundamentals-driven selection process, the fund overweights sectors and issuers perceived to be most attractive. The fund also may invest in non-US debt securities, including emerging markets.