The SEC had said it was “misleading” to have Apollo’s name on the ETF, given Apollo does not have an obligation to sell any debt to the fund and it’s not an adviser or sponsor.
A much-anticipated private credit exchange-traded fund from Wall Street giants State Street and Apollo Global Management said it will change its name after the US Securities and Exchange Commission shared concerns over the ETF.
Responding to a Thursday letter from the SEC, the ETF tried to ease concerns from the regulator around liquidity, the fund’s name and its ability to comply with valuation rules, according to a Friday filing from attorneys for the fund, named SPDR SSGA Apollo IG Public & Private Credit ETF.
