But in a letter to State Street after the fund launched, SEC associate director Brent J. Fields expresses concern about the fund’s liquidity, name (“the use of Apollo in the fund’s name is misleading”), and its ability to comply with valuation rules.

The letter came after the ETF officially launched on Feb. 27, debuting on the New York Stock Exchange under the ticker “PRIV.” It’s a swift response to an ETF that brings together the very private world of direct lending and a more democratic market for trading.

State Street Global Advisors said its much-anticipated private credit exchange-traded fund, developed in conjunction with alternatives investment firm Apollo Global Management, began trading on Thursday morning.