The folks at a $5-trillion-AUM* fund firm and an $840-billion-AUM* alternatives manager, both publicly traded, are teaming up to launch a second ETF together.

Yesterday (September 10), Anna Paglia, chief business officer of State Street Corporation's State Street Investment Management (SSIM, fka SSGA) [profile], unveiled the launch of the State Street Short Duration IG Public & Private Credit ETF (PRSD on the NYSE Arca). Boston-based SSIM's SSGA Funds Management, Inc. (SSGA FM) will serve as PRSD's administrator and investment advisor, New York City-based Apollo Global Securities, LLC will serve as "bid-quotation provider."

PRSD's inception date was Tuesday (September 9), and the new fund comes with an expense ratio of 59 basis points.The new ETF already has about $25.03 million in AUM**.

The PM for PRSD includes three SSIM managing directors:

Stella DeLuvia, senior portfolio manager in the active fixed income team;

Matthew Nest, global head of active fixed income; and

James Palmieri, senior PM and head of structured credit for the fundamental active fixed income team.

The SSIM team describes PRSD as an active, short-term, core bond fund that includes exposure to both public and private credit as underlying investments.

Paglia describes private credit as "historically ... an underutilized allocation in portfolios." She puts the launch of PRSD in the context of the debut earlier this year of SSIM's other Apollo-supported ETF, PRIV.

"PRSD builds on the launch of PRIV and continues the convergence of public and private markets by expanding our lineup to include a short-term bond strategy that can be used to pursue potential excess returns while managing duration risks," Paglia states. "We're excited to be a standard bearer in the continued convergence of public and private markets."

The debut earlier this week of PRSD comes about six months after the SSIM team launched the SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) on February 26. PRIV, which rebranded on March 7 to the SPDR SSGA IG Public & Private Credit ETF (dropping the "Apollo" part of the name), now has $139.04 million in AUM**.

The new PRSD is an actively managed series of SSGA Active Trust. The ETF's other service providers include:

Ernst & Young LLP as independent accounting firm;

Morgan, Lewis & Bockius LLP as counsel;

State Street Bank and Trust Company as custodian, securities lending agent, sub-administrator, and transfer agent; and

State Street Global Advisors Funds Distributors, LLC (SSGA FD) as distributor.

*As of June 30, 2025.

**As of September 10, 2025 (yesterday). 

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