State Street Global Advisors' much-anticipated private credit exchange-traded fund, developed with alternative investment firm Apollo Global Management, began trading on the New York Stock Exchange on Thursday.

A much-anticipated private credit exchange-traded fund from Wall Street giants State Street and Apollo Global Management said it will change its name after the U.S. Securities and Exchange Commission shared concerns over the ETF.

Wall Street is eager to provide access to private equity and credit to the masses, and ETFs are the obvious wrapper.

A novel private-credit ETF from State Street Corp. and Apollo Global Management Inc. started trading on Thursday, in a watershed moment for the $1.6 trillion industry.

State Street (NYSE:STT) rolled out an exchange-traded fund investing in investment-grade private credit, including asset-based finance and corporate lending, along with investment-grade public credit,