State Street’s PRSD: How Portfolio Exposure Compares to the Pitch

In a joint analysis by CFRA and SOLVE, experts examined State Street’s newly launched private credit ETF, PRSD. While positioned as a private credit strategy, the research highlights important differences between the marketing and the actual portfolio construction.

Key findings:

• Only 9.9% of PRSD’s portfolio is private credit, with nearly 70% in Treasuries, public corporate debt, or agency MBS.
• This mix results in a highly liquid portfolio, confirmed using observable pre-trade bid/ask data from SOLVE.
• Treasury and cash exposure is 35%, much higher than the 14% in PRIV at launch, raising questions about whether PRSD will rotate into private debt over time.

As the fund develops, it will be important to monitor whether PRSD trims its Treasury exposure and builds a more substantial private credit allocation. Collaboration between CFRA and SOLVE brings together market research and analytics to provide a clear view of how these portfolios are evolving.

📊 Analysis supported by SOLVE’s fixed income data and analytics.

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 Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in Fixed-Income markets.