Latest news with #Kephart
Yahoo
28-05-2025
- Business
- Yahoo
State Street, Apollo to Launch 2nd Public-Private ETF
Ladies and gentlemen, State Street may have just done it again. The leading asset manager filed to launch a second exchange-traded fund that would give investors exposure to both private and public investments in a single vehicle — something that had never been done until just a few months ago. The SPDR SSGA Short Duration IG Public & Private Credit ETF is expected to allocate at least 80% of the fund's net assets in a portfolio of investment-grade debt securities, and typically anywhere from 10% to 35% in private credit, according to a filing on Friday. It will mark the second such fund from the powerhouse partnership between State Street and Apollo Global as a laundry list of firms try to open up private credit to Main Street investors. 'An ETF with a short-duration profile makes sense,' said Jason Kephart, a senior principal at Morningstar. 'It's easy to slice-and-dice based on maturities.' This story was originally published on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter. States Street's Short Duration IG Public & Private Credit ETF will invest in a 'wide range' of private credit, like instruments that are directly originated, issued in private offerings or to private companies, and even by non-bank lenders, according to the release. What stands out about the filing — and differentiates it from the company's first public-private ETF launch PRIV in February — is the duration. Bond products, and credit, generally have short, intermediate and long-term varieties that give investors time-period options to lock up their money. Short-duration products, in particular, are attractive to investors dealing with less stable businesses, Kephart said. 'Investors that want to lend to riskier companies can get their money back faster — and that probably does have some appeal to people,' he said. While details are still emerging, the filing revealed: The product may invest up to 20% of its net assets in high-yield securities, known as 'junk' bonds, according to the filing. The ETF may also use derivative instruments, like futures contracts, swaps, and options, to hedge currency exposure and manage yield. Fees and a ticker for the fund were not disclosed. 'For regulatory reasons, we cannot discuss funds that are pending SEC review,' said a State Street spokesperson. 'We are in a quiet period.' What Gives? State Street's PRIV, the OG of public-private ETFs, launched in late February, but has pulled in just $55 million in assets since, leaving some experts to worry about investor demand for the new products. Just $5 million in assets flowed into the fund in the first two weeks, and new investments have now almost completely dried up. 'Are financial advisors as excited about getting private assets into client portfolios as asset managers are about selling them?' Kephart said. 'We don't really know as of yet.' Some advisors have voiced concern that private asset managers may be looking to offload junk assets. They're also worried about liquidity, and if the interests of asset managers selling the products are actually aligned with those of their clients. 'It's a way to stand out,' Kephart said. 'If it's in the best interest of investors, it's fair to say … maybe.' The post State Street, Apollo to Launch 2nd Public-Private ETF appeared first on The Daily Upside. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Politics
- Yahoo
Kephart's amendment could've kept Rockview, Quehanna open for 10 years, vote falls short
CENTRE COUNTY, Pa. (WTAJ) — For several months, officials have been trying to save Quehanna Boot Camp and SCI Rockview from the potential closure by the Department of Corrections (DOC). On March 13, State Representatives Dallas Kephart & Stephanie Borowicz attempted to amend House Bill 561. House Bill 561 is a bill for drug treatment programs in jails across the Commonwealth. Kephart's amendment would expand those programs into Quehanna Boot Camp and SCI Rockview, and furthermore, could keep the prisons open. 'Tucked into the amendment was it would keep Quehanna and Rockview open. So, essentially, it would save our prisons back home and keep them open for a minimum of ten years,' Kephart said. State College Regional Airport could soon have passenger boarding bridges The amendments were ruled out of order, and with a 102-101 vote, the amendments were blocked. Kephart said he is unsure of why many don't want to save prisons. He mentioned how the state is still paying for several facilities that have closed in he past. The DOC also says that Quehanna has produced the most GEDs for the last five years. Not only will this impact prisoners, but also the surrounding communities. 'Because at the end of the day, this is our area, this is our jobs, this is our facilities. The Quehanna Boot Camp, again, is a proven effective criminal justice center. Why we don't want to save that, I don't know,' Kephart said. Kephart noted that he will continue fighting for the boot camp until the very end. 'I'm going to remain committed to fighting for this boot camp until the day I can't. So if, when they close it and they ship everybody out, I guess that would be the day that, you know, it's over. But until that point, I'm going to remain committed,' Kephart said. He says he has had communication with the DOC, and this week is the first week the final report could come out. Kephart says that his understanding is that there would be a final recommendation in which then it has to be acted on. Kephart has no timetable for when this could happen; he says it could happen at any time. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
