Investor group warns SSGA-Apollo ETF filing ‘raises red flags’

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Financial Times 18h ago

Investor group warns SSGA-Apollo ETF filing ‘raises red flags’ - Financial Times

Quick Summary:

Apollo could also potentially distort the proposed securities valuation process laid out in the application to its benefit, at the expense of the ETF investors, Hauptman wrote.

Liquidity classification is a markets-based analysis.“There is good reason for applying a market-based analysis in this regard — if one party to the agreement is unable or unwilling to live up to their end of the bargain, the assets that were subjectively agreed to be liquid may immediately become objectively illiquid,” he wrote.

The fund could also invest up to 15 per cent of its assets in private funds, closed-end funds, interval funds or business development companies to get exposure to private credit, the filing states.