The teams at a bank's $5-trillion-AUM* fund firm and a $983-billion-AUM* alternatives manager are collaborating to roll out a third exchange-traded fund together.

Anna Paglia State Streeet Investment Management Executive Vice President, Chief Business Officer

Last Wednesday (March 11), 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 IG Public & Private ABS ETF (PRAB on the NYSE Arca). Boston-based SSGA Funds Management, Inc. (SSGA) serves as the new ETF's investment advisor and administrator, while New York City-based Apollo Global Management, Inc.'s Apollo Global Securities, LLC serves as bid quotation provider (though not as subadvisor).

PRAB's inception date was March 10, and its listing date was March 11. The new fund comes with an expense ratio of 39 basis points and now has about $25.04 million in AUM**.

A three-person SSIM team PMs PRAB, which is designed to invest in both public and private asset-backed securities (ABS), including some sourced by Apollo. That PM team includes:

Mane Harutyunyan, vice president and structured products portfolio manager on the active fixed income team;

Jay Ladieu, managing director, senior PM, and head of global rates on the active fixed income and liquidity solutions team; and

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

PRAB's debut comes about a year after the SSIM folks launched PRIV and about six months after they rolled out PRSD. Like PRAB, PRSD and PRIV mix public and private credit investments, with help from Apollo. PRIV and PRSD have now grown to a combined $980 million in AUM***.

Paglia puts the launch of PRAB in the context of ABS now holding more than $20 trillion worldwide but tending to be "underrepresented in investor portfolios."

"With PRAB, we're expanding investor access to a higher quality yet largely untapped part of the global credit market that offers diverse potential income streams and the potential for higher yields compared to corporate bonds with a similar risk profile," Paglia states.

PRAB is an actively managed, non-diversified series of SSGA Active Trust. The new 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, sub-administrator, securities lending agent, and transfer agent; and

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

*As of December 31, 2025.

**As of March 17, 2026 (yesterday).

***As of February 28, 2026. 

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