A novel private-credit ETF from State Street Corp. and Apollo Global Management Inc. started trading on Thursday, in a watershed moment for the $1.6 trillion industry.

State Street Global Advisors said its much-anticipated private credit exchange-traded fund, developed in conjunction with alternatives investment firm Apollo Global Management, began trading on Thursday morning.

State Street Global Advisors, in collaboration with Apollo Global Management, has launched a new private credit exchange-traded fund. Known as the SPDR SSGA Apollo IG Public & Private Credit ETF, this actively managed fund commenced trading,

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.