State Street, Apollo’s Private Credit ETF Raises SEC Concern (2)

The US Securities and Exchange Commission expressed concerns over a much-anticipated private credit exchange-traded fund from Wall Street giants State Street Corp. and Apollo Global Management Inc., asking the firms for more information in a letter Thursday.

The regulator’s worries center on the fund’s liquidity, its name and its ability to comply with valuation rules, according to the letter. It also noted that the fund continued to respond to staff questions by email even when instructed not to, and questioned why a filed copy of a key agreement between the firms was redacted to the extent that it ...