State Street’s Recently Launched ‘PRIV’ ETF Has Limited Private Credit Exposure

By: Aniket Ullal, Head, ETF Research CFRA and Sourav Srimal, SVP, Solutions SOLVE

Private markets have long lacked transparency, but data-driven insights are changing that. By combining SOLVE’s private credit data with CFRA’s ETF research, we analyzed the newly launched PRIV ETF and found its private credit exposure is only ~5%, far below initial expectations.

In the words of Aniket Ullal, combining SOLVE’s unique fixed income data with CFRA’s ETF insights provides critical transparency in an increasingly complex ETF landscape. In support of this, Sourav Srimal adds that with the rise of ETFs, a diverse set of investors will now gain exposure to private credit. SOLVE’s database brings much-needed transparency to this space.

Key Takeaways:

• 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.

About SOLVE

SOLVE is the leading market data platform provider for Fixed-Income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in New York, with offices across the globe, SOLVE is the definitive source for market pricing in Fixed-Income markets.