PRIV: Reviewing This Private Credit ETF After A Year Of Existence

The SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) offers only 20% private credit exposure, with the remainder in widely syndicated investment grade bonds. PRIV's performance closely tracks treasuries, delivering just a 0.42% return premium despite higher credit risk and a 6-year duration. Current spreads are historically low, and recession risks tied to geopolitical tensions could drive spreads wider, pressuring PRIV's price.