The SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) headlined February’s 81 ETF launches, since it uses a unique approach to provide investors access to private credit. Prior to this launch, private credit ETFs held either business development companies (BDCs) or collateralized loan obligations (CLOs). PRIV navigated the SEC’s requirement that not more than 15% of an ETF’s exposure be in illiquid securities, by stating that Apollo will act as a liquidity provider for the private loans. On Feb. 28, 2025, Bloomberg News reported that PRIV will likely drop ‘Apollo’ from its name in response to a letter from the SEC highlighting that the name could be misleading since Apollo is not obligated to sell debt to the fund and is not an advisor or sponsor of the fund.
Two other notable February ETF launches were Blackrock’s iShares Prime Money Market ETF (PMMF) and iShares Government Money Market ETF (GMMF). These are the first ETFs to comply with the SEC’s 2a-7 money market fund requirements after the launch of the Texas Capital Government Money Market ETF (MMKT). Table 1 provides a list of all bond ETFs launched in the U.S. in February 2025.
Equity ETF Listings in February 2025
Table 2 lists the 50 new equity ETFs listed in the U.S. in February 2025. The trend of buffered and leveraged/inverse launches continued, with 10 and 27 new listings, respectively, together accounting for 74% of the equity ETF listings in the month.
Abrdn entered the U.S. equity ETF asset class with two product launches. The firm’s prior ETF launches in the U.S. were focused on the commodities space. Cohen & Steers, which is well known for its real estate funds, was a new entrant to the ETF industry with the launch of three products focused on real estate, preferred shares and natural resources. Intech also entered the ETF space with two active products focused on diversified small-mid cap and large exposure. Three other firms that entered the ETF industry via equity ETF launches included Longview Research Partners, JLens, and RockCreek.
Alternative & Multi-Assets ETF Listings in February 2025
February’s ETF launches expanded the universe of cryptocurrency ETFs, which included products that provide downside protection to bitcoin exposure. These products could be timely given that spot bitcoin declined to $86,032 as of the February month end, from its 2025 high of $109,115 on Jan. 20, 2025. Bitcoin prices, like other risk-on assets, tend to be impacted by high interest rates, and the possibility of additional tariffs appears to be weighing on spot bitcoin. However, the asset class could benefit from regulatory tailwinds if the U.S. Congress passes favorable crypto regulation later in the year.
Elm Partners was another new entrant to the ETF industry this month, with a tactical multi-asset launch. Other firms that launched tactical multi-asset products included 3Fourteen and Twin Oak.
The full list of alternative and multi-assets ETFs launched in the U.S. in February 2025 is provided in Table 3.