<p>随着位于不断增长但流动性较差和透明度较低的债券市场核心的公司面临投资者赎回，私人信贷危机的担忧正在上升。这一压力测试恰逢私人贷款在 ETF 市场中变得更加普遍。就在一年多前，美国证券交易委员会批准了首个以私人信贷基金命名的 ETF。</p>
<p>对于 ETF 投资者来说，好消息是，资产类别所代表的风险以更可控的方式显现，因为直接投资于私人信贷问题的 ETF 在对该资产类别的敞口上仍然有限——最多不超过 35%。</p>
<p>根据 VettaFi 的研究负责人 Todd Rosenbluth 在 CNBC 的&#34;ETF Edge&#34;节目中所说，一些与私人信贷相关的较老 ETF 产品仅获得间接敞口。它们使用商业发展公司和主要投资于私人信贷领域的封闭式基金等工具。虽然与直接持有私人贷款相比，这增加了流动性，但在当前环境中，投资者对此仍然存在担忧。</p>
<p>VanEck BDC Income ETF（BIZD）自年初以来下跌了 13%，其资产约为 15 亿美元，成立于 2013 年。原因很明显：BIZD 的主要持股中包括一些在新闻中出现的私人信贷管理公司的公开交易股票，包括 Blue Owl Capital 和 Ares Capital。Blue Owl 的股票今年下跌超过 46%。</p>
<p>Simplify VettaFi Private Credit Strategy ETF（PCR）在过去一年中下跌约 20%，也将投资重点放在商业发展公司和封闭式基金上。</p>
<p>股票图标</p>
<p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>PCR 年初至今表现</p>
<p>流动性仍然是投资者的主要担忧，私人信贷并不适合像 ETF 那样进行日常交易，这导致私人信贷管理者与希望撤回资金的投资者之间出现问题。但在 ETF 领域，日常流动性和交易始终为投资者提供了出售的选择，尽管这可能会带来成本。</p>
<p>&#34;你可以退出，只是你会付出代价，或者你会以低于净资产价值的折扣出售，&#34;Rosenbluth 说。</p>
<p>BIZD 在 2025 日历年中有 37 次以低于其净资产价值的折扣收盘，今年迄今为止已有 12 次。</p>
<p>与此同时，私人信贷基金在压力时期通常会限制赎回。&#34;你们在限制赎回，因为你们说我们不能出现银行挤兑，&#34;Rosenbluth 说。</p>
<p>赎回限制有助于防止强制出售和不稳定，尽管它们并不一定有助于平息市场恐慌。</p>
<p>State Street 的私人信贷 ETF 与另类投资管理公司 Apollo Global 共同开发，包括 SEC 批准的首个私人信贷品牌 ETF，展示了 ETF 内如何构建访问权限。State Street IG Public &amp; Private Credit ETF（PRIV）是首个此类产品，于 2025 年 2 月获得 SEC 批准。State Street Short Duration IG Public &amp; Private Credit ETF（PRSD）于 2025 年晚些时候推出。</p>
<p>这些基金旨在通过包括投资级私人信贷来超越标准债券基准，可以在私人信贷问题中持有最多 35% 的比例，或在某些时候少于 10%。根据 State Street ETF 网站的信息，PRIV 当前前 10 大持股中只有一项是私人信贷，国债和抵押贷款支持证券在前 10 名中占主导地位。PRSD 的前十大持股则是政府、抵押贷款和货币持股的混合。</p>
<p>股票图标</p>
<p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>State Street 的私人信贷 ETF（SEC 首个批准的 ETF）在过去一年中的表现与综合债券指数的对比。</p>
<p>PRIV 的管理资产为 8.31 亿美元；PRSD 则小得多，管理资产为 4800 万美元。自年初以来，两者的表现相对平稳。根据 State Street 的数据，PRIV 和 PRSD 的资产中略超过 20% 来自 Apollo 来源的投资。</p>
<p>BlackRock 的系统性固定收益高级投资组合经理 Jeffrey Rosenberg 表示，他在 ETF 包装中运行一种长短策略，私人信贷投资问题是 ETF 如何改变固定收益市场的一个例子。随着债券市场的主动投资组合经理通过 ETF 与更多投资者接触，这使他们能够更精确地针对信用市场的特定部分。&#34;它们完全改变了流动性提供、价格发现……现代信用市场中信用市场制造生态系统的运作方式，&#34;他在&#34;ETF Edge&#34;中说道。</p>
<p>根据 Rosenbluth 的说法，最近市场波动期间资金一直在流动，ETF 投资者&#34;降低了一些风险&#34;，并从长期债券基金转向短期基金。</p>
<p>私人信贷市场中最大的系统性风险来自资产负债不匹配。&#34;银行挤兑，&#34;Rosenburg 说。但他认为，这种风险在今天并不明显，因为许多私人信贷工具在设计上限制流动性。虽然这不能消除风险，但可以使风险更逐渐显现，Rosenburg 解释说，影响可能会在公司面临更高利率再融资时在更长的时间范围内发生。</p>
<p>Rosenbluth 和 Rosenburg 都解释说，这导致了一个以不同方式吸收冲击的系统。私人信贷基金可能限制赎回，而 ETF 则允许持续交易并实时调整价格——使市场在反映压力发展的同时保持运作。他们表示，这两种方法都旨在防止无序的结果。</p>
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富国 BDC 指数 ETF - VanEck Vectors

全球上市私募股权 ETF - ProShares

全球私募股权基金 ETF - PowerShares

<p>对私人信贷危机的担忧正在上升，因为流动性较差的债券市场中的公司面临投资者赎回，这恰逢私人贷款被纳入固定收益 ETF。像 VanEck BDC Income ETF 和 Simplify VettaFi Private Credit Strategy ETF 这样的 ETF 由于其对私人信贷管理人的敞口而出现下跌。流动性问题依然存在，因为私人信贷基金在压力期间通常限制赎回，而 ETF 则提供每日交易选项，尽管可能会以折扣价交易。State Street 推出的新 ETF 旨在通过纳入私人信贷来超越标准债券基准，但其表现相对平稳</p>

<p>Fears of a private credit crisis are rising as firms at the heart of the growing, but less liquid and less transparent, bond market face investor redemptions. That stress test has arrived just as private loans became more prevalent in the ETF market. It was a little over a year ago that the Securities and Exchange Commission approved the first ETF branded as a private credit fund.</p>
<div class="lb-trans"><p>随着位于不断增长但流动性较差和透明度较低的债券市场核心的公司面临投资者赎回，私人信贷危机的担忧正在上升。这一压力测试恰逢私人贷款在 ETF 市场中变得更加普遍。就在一年多前，美国证券交易委员会批准了首个以私人信贷基金命名的 ETF。</p>
</div><p>For ETF investors, the good news it that the risks represented by the asset class are showing up in a more controlled way, as ETFs invest directly in private credit issues are still limited in how much exposure they can have to the asset class — up to, but not exceeding 35%.</p>
<div class="lb-trans"><p>对于 ETF 投资者来说，好消息是，资产类别所代表的风险以更可控的方式显现，因为直接投资于私人信贷问题的 ETF 在对该资产类别的敞口上仍然有限——最多不超过 35%。</p>
</div><p>Some other, older ETF products that are tied to private credit get indirect exposure only, according to Todd Rosenbluth, head of research at VettaFi, said on CNBC's &#34;ETF Edge. They use vehicles like business development companies and closed end funds that primarily invest in the private credit sector. While that adds liquidity compared to holding private loans directly, it is not without investor concern in the current environment.</p>
<div class="lb-trans"><p>根据 VettaFi 的研究负责人 Todd Rosenbluth 在 CNBC 的&#34;ETF Edge&#34;节目中所说，一些与私人信贷相关的较老 ETF 产品仅获得间接敞口。它们使用商业发展公司和主要投资于私人信贷领域的封闭式基金等工具。虽然与直接持有私人贷款相比，这增加了流动性，但在当前环境中，投资者对此仍然存在担忧。</p>
</div><p>The VanEck BDC Income ETF (BIZD), which has roughly $1.5 billion in assets and dates back to 2013, is down 13% since the start of the year. The reason is clear: among BIZD's top holdings are publicly traded shares of some of the private credit managers in the news, including Blue Owl Capital and Ares Capital. Blue Owl shares are down over 46% this year.</p>
<div class="lb-trans"><p>VanEck BDC Income ETF（BIZD）自年初以来下跌了 13%，其资产约为 15 亿美元，成立于 2013 年。原因很明显：BIZD 的主要持股中包括一些在新闻中出现的私人信贷管理公司的公开交易股票，包括 Blue Owl Capital 和 Ares Capital。Blue Owl 的股票今年下跌超过 46%。</p>
</div><p>The Simplify VettaFi Private Credit Strategy ETF (PCR) is down around 20% in the past year and also focused its investments in business development companies and closed end funds.</p>
<div class="lb-trans"><p>Simplify VettaFi Private Credit Strategy ETF（PCR）在过去一年中下跌约 20%，也将投资重点放在商业发展公司和封闭式基金上。</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票图标</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg" alt="" original-src="https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>PCR YTD</p>
<div class="lb-trans"><p>PCR 年初至今表现</p>
</div><p>Liquidity remains the main concern for investors, and private credit is not meant for daily trading the way ETFs are, which has resulted in issues between private credit managers and investors wanting to pull out their funds. But in the ETF space, daily liquidity and trading always give investors the option to sell, though it may come at a cost.</p>
<div class="lb-trans"><p>流动性仍然是投资者的主要担忧，私人信贷并不适合像 ETF 那样进行日常交易，这导致私人信贷管理者与希望撤回资金的投资者之间出现问题。但在 ETF 领域，日常流动性和交易始终为投资者提供了出售的选择，尽管这可能会带来成本。</p>
</div><p>&#34;You can get out, you're just going to pay or you're going to sell at a discount to net asset value,&#34; Rosenbluth said.</p>
<div class="lb-trans"><p>&#34;你可以退出，只是你会付出代价，或者你会以低于净资产价值的折扣出售，&#34;Rosenbluth 说。</p>
</div><p>BIZD closed at a discount to its net asset value 37 times in calendar year 2025, and so far, 12 times this year.</p>
<div class="lb-trans"><p>BIZD 在 2025 日历年中有 37 次以低于其净资产价值的折扣收盘，今年迄今为止已有 12 次。</p>
</div><p>Private credit funds, meanwhile, often restrict withdrawals during times of stress. &#34;You're gating because you said we can't have a run on the bank,&#34; Rosenbluth said.</p>
<div class="lb-trans"><p>与此同时，私人信贷基金在压力时期通常会限制赎回。&#34;你们在限制赎回，因为你们说我们不能出现银行挤兑，&#34;Rosenbluth 说。</p>
</div><p>Limits on redemptions help prevent forced selling and instability, though they don't necessarily help to calm market fears.</p>
<div class="lb-trans"><p>赎回限制有助于防止强制出售和不稳定，尽管它们并不一定有助于平息市场恐慌。</p>
</div><p>State Street's private credit ETFs, developed with alternative investments manager Apollo Global and which included the first private credit branded ETF approved by the SEC, are examples of how access is being structured within ETFs. The State Street IG Public &amp; Private Credit ETF (PRIV) was the first of its kind, approved by the SEC in February 2025. The State Street Short Duration IG Public &amp; Private Credit ETF (PRSD) launched later in 2025.</p>
<div class="lb-trans"><p>State Street 的私人信贷 ETF 与另类投资管理公司 Apollo Global 共同开发，包括 SEC 批准的首个私人信贷品牌 ETF，展示了 ETF 内如何构建访问权限。State Street IG Public &amp; Private Credit ETF（PRIV）是首个此类产品，于 2025 年 2 月获得 SEC 批准。State Street Short Duration IG Public &amp; Private Credit ETF（PRSD）于 2025 年晚些时候推出。</p>
</div><p>These funds are meant to outperform standard bond benchmarks by including investment-grade private credit, and can both hold as much as 35% in private credit issues, or at times less than 10%. According to the State Street ETF web site, only one of PRIV's current top 10 holdings is private credit, with treasury and mortgage-backed securities dominating in the top 10. PRSD's top holdings are a mix of government, mortgage and currency holdings.</p>
<div class="lb-trans"><p>这些基金旨在通过包括投资级私人信贷来超越标准债券基准，可以在私人信贷问题中持有最多 35% 的比例，或在某些时候少于 10%。根据 State Street ETF 网站的信息，PRIV 当前前 10 大持股中只有一项是私人信贷，国债和抵押贷款支持证券在前 10 名中占主导地位。PRSD 的前十大持股则是政府、抵押贷款和货币持股的混合。</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票图标</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg" alt="" original-src="https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>Performance of State Street's private credit ETF, the first approved by the SEC, over the past year versus the aggregate bond index.</p>
<div class="lb-trans"><p>State Street 的私人信贷 ETF（SEC 首个批准的 ETF）在过去一年中的表现与综合债券指数的对比。</p>
</div><p>PRIV has $831 million assets under management; PRSD is much smaller, at $48 million in assets under management. Both have seen relatively flat performance since the beginning of the year. Both PRIV and PRSD hold slightly over 20% of assets in Apollo-sourced investments, according to State Street data.</p>
<div class="lb-trans"><p>PRIV 的管理资产为 8.31 亿美元；PRSD 则小得多，管理资产为 4800 万美元。自年初以来，两者的表现相对平稳。根据 State Street 的数据，PRIV 和 PRSD 的资产中略超过 20% 来自 Apollo 来源的投资。</p>
</div><p>Jeffrey Rosenberg, systematic fixed income senior portfolio manager at BlackRock, who runs a long-short strategy in an ETF wrapper, says the private credit investing issues are one example of how much ETFs have changed fixed income markets. As active portfolio managers in the bond market meet more investors through ETFs, it allows them more precision in targeting specific parts of the credit market. &#34;They've just completely changed how liquidity provisioning, price discovery ... how the ecosystem of credit market-making functions in a modern credit market,&#34; he said on &#34;ETF Edge.&#34;</p>
<div class="lb-trans"><p>BlackRock 的系统性固定收益高级投资组合经理 Jeffrey Rosenberg 表示，他在 ETF 包装中运行一种长短策略，私人信贷投资问题是 ETF 如何改变固定收益市场的一个例子。随着债券市场的主动投资组合经理通过 ETF 与更多投资者接触，这使他们能够更精确地针对信用市场的特定部分。&#34;它们完全改变了流动性提供、价格发现……现代信用市场中信用市场制造生态系统的运作方式，&#34;他在&#34;ETF Edge&#34;中说道。</p>
</div><p>Money has been on the move during the recent market volatility, according to Rosenbluth, with ETF investors &#34;taking some risk off&#34; and moving from longer-duration bond funds into shorter-duration funds.</p>
<div class="lb-trans"><p>根据 Rosenbluth 的说法，最近市场波动期间资金一直在流动，ETF 投资者&#34;降低了一些风险&#34;，并从长期债券基金转向短期基金。</p>
</div><p>The biggest systemic risk in private credit markets comes from the asset-liability mismatch. &#34;The run on the bank,&#34; Rosenburg said. But it is his view that this type of risk is less pronounced today since many private credit vehicles limit liquidity by design. That cannot eliminate risk, but can make the risks surface more gradually, Rosenburg explained, saying impact could take place over longer time horizons as companies face refinancing at higher rates.</p>
<div class="lb-trans"><p>私人信贷市场中最大的系统性风险来自资产负债不匹配。&#34;银行挤兑，&#34;Rosenburg 说。但他认为，这种风险在今天并不明显，因为许多私人信贷工具在设计上限制流动性。虽然这不能消除风险，但可以使风险更逐渐显现，Rosenburg 解释说，影响可能会在公司面临更高利率再融资时在更长的时间范围内发生。</p>
</div><p>Both Rosenbluth and Rosenburg explained that the result of this is a system that absorbs shock differently. Private credit funds may restrict redemptions and ETFs allow for continuous trading with real-time price adjustments — allowing markets to keep functioning while reflecting stress as it develops. Both approaches, they say, aim to prevent disorderly outcomes.</p>
<div class="lb-trans"><p>Rosenbluth 和 Rosenburg 都解释说，这导致了一个以不同方式吸收冲击的系统。私人信贷基金可能限制赎回，而 ETF 则允许持续交易并实时调整价格——使市场在反映压力发展的同时保持运作。他们表示，这两种方法都旨在防止无序的结果。</p>
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债券市场对私人信贷危机的担忧如何在固定收益 ETF 中体现