State Street (STT) said Thursday its asset management unit, State Street Global Advisors, has launched a new exchange-traded fund called the SPDR SSGA Apollo IG Public & Private Credit ETF.

The fund is looking to "maximize risk-adjusted returns" via investments mostly in "investment grade debt securities, including a combination of public and private credit such as asset-based finance and corporate lending," the company said.

The new fund may also invest in private credit instruments sourced by Apollo Global Management (APO) affiliate Apollo Global Securities.

STT shares were 1.3% higher in recent trading.

Price: 98.57, Change: +1.24, Percent Change: +1.27