<p>隨着位於不斷增長但流動性較差和透明度較低的債券市場核心的公司面臨投資者贖回，私人信貸危機的擔憂正在上升。這一壓力測試恰逢私人貸款在 ETF 市場中變得更加普遍。就在一年多前，美國證券交易委員會批准了首個以私人信貸基金命名的 ETF。</p>
<p>對於 ETF 投資者來説，好消息是，資產類別所代表的風險以更可控的方式顯現，因為直接投資於私人信貸問題的 ETF 在對該資產類別的敞口上仍然有限——最多不超過 35%。</p>
<p>根據 VettaFi 的研究負責人 Todd Rosenbluth 在 CNBC 的&#34;ETF Edge&#34;節目中所説，一些與私人信貸相關的較老 ETF 產品僅獲得間接敞口。它們使用商業發展公司和主要投資於私人信貸領域的封閉式基金等工具。雖然與直接持有私人貸款相比，這增加了流動性，但在當前環境中，投資者對此仍然存在擔憂。</p>
<p>VanEck BDC Income ETF（BIZD）自年初以來下跌了 13%，其資產約為 15 億美元，成立於 2013 年。原因很明顯：BIZD 的主要持股中包括一些在新聞中出現的私人信貸管理公司的公開交易股票，包括 Blue Owl Capital 和 Ares Capital。Blue Owl 的股票今年下跌超過 46%。</p>
<p>Simplify VettaFi Private Credit Strategy ETF（PCR）在過去一年中下跌約 20%，也將投資重點放在商業發展公司和封閉式基金上。</p>
<p>股票圖標</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 年初至今表現</p>
<p>流動性仍然是投資者的主要擔憂，私人信貸並不適合像 ETF 那樣進行日常交易，這導致私人信貸管理者與希望撤回資金的投資者之間出現問題。但在 ETF 領域，日常流動性和交易始終為投資者提供了出售的選擇，儘管這可能會帶來成本。</p>
<p>&#34;你可以退出，只是你會付出代價，或者你會以低於淨資產價值的折扣出售，&#34;Rosenbluth 説。</p>
<p>BIZD 在 2025 日曆年中有 37 次以低於其淨資產價值的折扣收盤，今年迄今為止已有 12 次。</p>
<p>與此同時，私人信貸基金在壓力時期通常會限制贖回。&#34;你們在限制贖回，因為你們説我們不能出現銀行擠兑，&#34;Rosenbluth 説。</p>
<p>贖回限制有助於防止強制出售和不穩定，儘管它們並不一定有助於平息市場恐慌。</p>
<p>State Street 的私人信貸 ETF 與另類投資管理公司 Apollo Global 共同開發，包括 SEC 批准的首個私人信貸品牌 ETF，展示了 ETF 內如何構建訪問權限。State Street IG Public &amp; Private Credit ETF（PRIV）是首個此類產品，於 2025 年 2 月獲得 SEC 批准。State Street Short Duration IG Public &amp; Private Credit ETF（PRSD）於 2025 年晚些時候推出。</p>
<p>這些基金旨在通過包括投資級私人信貸來超越標準債券基準，可以在私人信貸問題中持有最多 35% 的比例，或在某些時候少於 10%。根據 State Street ETF 網站的信息，PRIV 當前前 10 大持股中只有一項是私人信貸，國債和抵押貸款支持證券在前 10 名中占主導地位。PRSD 的前十大持股則是政府、抵押貸款和貨幣持股的混合。</p>
<p>股票圖標</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 的私人信貸 ETF（SEC 首個批准的 ETF）在過去一年中的表現與綜合債券指數的對比。</p>
<p>PRIV 的管理資產為 8.31 億美元；PRSD 則小得多，管理資產為 4800 萬美元。自年初以來，兩者的表現相對平穩。根據 State Street 的數據，PRIV 和 PRSD 的資產中略超過 20% 來自 Apollo 來源的投資。</p>
<p>BlackRock 的系統性固定收益高級投資組合經理 Jeffrey Rosenberg 表示，他在 ETF 包裝中運行一種長短策略，私人信貸投資問題是 ETF 如何改變固定收益市場的一個例子。隨着債券市場的主動投資組合經理通過 ETF 與更多投資者接觸，這使他們能夠更精確地針對信用市場的特定部分。&#34;它們完全改變了流動性提供、價格發現……現代信用市場中信用市場製造生態系統的運作方式，&#34;他在&#34;ETF Edge&#34;中説道。</p>
<p>根據 Rosenbluth 的説法，最近市場波動期間資金一直在流動，ETF 投資者&#34;降低了一些風險&#34;，並從長期債券基金轉向短期基金。</p>
<p>私人信貸市場中最大的系統性風險來自資產負債不匹配。&#34;銀行擠兑，&#34;Rosenburg 説。但他認為，這種風險在今天並不明顯，因為許多私人信貸工具在設計上限制流動性。雖然這不能消除風險，但可以使風險更逐漸顯現，Rosenburg 解釋説，影響可能會在公司面臨更高利率再融資時在更長的時間範圍內發生。</p>
<p>Rosenbluth 和 Rosenburg 都解釋説，這導致了一個以不同方式吸收衝擊的系統。私人信貸基金可能限制贖回，而 ETF 則允許持續交易並實時調整價格——使市場在反映壓力發展的同時保持運作。他們表示，這兩種方法都旨在防止無序的結果。</p>
<p>註冊我們的每週通訊，超越直播，深入瞭解塑造 ETF 市場的趨勢和數據。</p>
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富國 BDC 指數 ETF - VanEck Vectors

全球上市私募股權 ETF - ProShares

全球私募股權基金 ETF - PowerShares

<p>對私人信貸危機的擔憂正在上升，因為流動性較差的債券市場中的公司面臨投資者贖回，這恰逢私人貸款被納入固定收益 ETF。像 VanEck BDC Income ETF 和 Simplify VettaFi Private Credit Strategy ETF 這樣的 ETF 由於其對私人信貸管理人的敞口而出現下跌。流動性問題依然存在，因為私人信貸基金在壓力期間通常限制贖回，而 ETF 則提供每日交易選項，儘管可能會以折扣價交易。State Street 推出的新 ETF 旨在通過納入私人信貸來超越標準債券基準，但其表現相對平穩</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>隨着位於不斷增長但流動性較差和透明度較低的債券市場核心的公司面臨投資者贖回，私人信貸危機的擔憂正在上升。這一壓力測試恰逢私人貸款在 ETF 市場中變得更加普遍。就在一年多前，美國證券交易委員會批准了首個以私人信貸基金命名的 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>對於 ETF 投資者來説，好消息是，資產類別所代表的風險以更可控的方式顯現，因為直接投資於私人信貸問題的 ETF 在對該資產類別的敞口上仍然有限——最多不超過 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>根據 VettaFi 的研究負責人 Todd Rosenbluth 在 CNBC 的&#34;ETF Edge&#34;節目中所説，一些與私人信貸相關的較老 ETF 產品僅獲得間接敞口。它們使用商業發展公司和主要投資於私人信貸領域的封閉式基金等工具。雖然與直接持有私人貸款相比，這增加了流動性，但在當前環境中，投資者對此仍然存在擔憂。</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）自年初以來下跌了 13%，其資產約為 15 億美元，成立於 2013 年。原因很明顯：BIZD 的主要持股中包括一些在新聞中出現的私人信貸管理公司的公開交易股票，包括 Blue Owl Capital 和 Ares Capital。Blue Owl 的股票今年下跌超過 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）在過去一年中下跌約 20%，也將投資重點放在商業發展公司和封閉式基金上。</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票圖標</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 年初至今表現</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>流動性仍然是投資者的主要擔憂，私人信貸並不適合像 ETF 那樣進行日常交易，這導致私人信貸管理者與希望撤回資金的投資者之間出現問題。但在 ETF 領域，日常流動性和交易始終為投資者提供了出售的選擇，儘管這可能會帶來成本。</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，只是你會付出代價，或者你會以低於淨資產價值的折扣出售，&#34;Rosenbluth 説。</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 日曆年中有 37 次以低於其淨資產價值的折扣收盤，今年迄今為止已有 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>與此同時，私人信貸基金在壓力時期通常會限制贖回。&#34;你們在限制贖回，因為你們説我們不能出現銀行擠兑，&#34;Rosenbluth 説。</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>贖回限制有助於防止強制出售和不穩定，儘管它們並不一定有助於平息市場恐慌。</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 的私人信貸 ETF 與另類投資管理公司 Apollo Global 共同開發，包括 SEC 批准的首個私人信貸品牌 ETF，展示了 ETF 內如何構建訪問權限。State Street IG Public &amp; Private Credit ETF（PRIV）是首個此類產品，於 2025 年 2 月獲得 SEC 批准。State Street Short Duration IG Public &amp; Private Credit ETF（PRSD）於 2025 年晚些時候推出。</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>這些基金旨在通過包括投資級私人信貸來超越標準債券基準，可以在私人信貸問題中持有最多 35% 的比例，或在某些時候少於 10%。根據 State Street ETF 網站的信息，PRIV 當前前 10 大持股中只有一項是私人信貸，國債和抵押貸款支持證券在前 10 名中占主導地位。PRSD 的前十大持股則是政府、抵押貸款和貨幣持股的混合。</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票圖標</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 的私人信貸 ETF（SEC 首個批准的 ETF）在過去一年中的表現與綜合債券指數的對比。</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 的管理資產為 8.31 億美元；PRSD 則小得多，管理資產為 4800 萬美元。自年初以來，兩者的表現相對平穩。根據 State Street 的數據，PRIV 和 PRSD 的資產中略超過 20% 來自 Apollo 來源的投資。</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 的系統性固定收益高級投資組合經理 Jeffrey Rosenberg 表示，他在 ETF 包裝中運行一種長短策略，私人信貸投資問題是 ETF 如何改變固定收益市場的一個例子。隨着債券市場的主動投資組合經理通過 ETF 與更多投資者接觸，這使他們能夠更精確地針對信用市場的特定部分。&#34;它們完全改變了流動性提供、價格發現……現代信用市場中信用市場製造生態系統的運作方式，&#34;他在&#34;ETF Edge&#34;中説道。</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>根據 Rosenbluth 的説法，最近市場波動期間資金一直在流動，ETF 投資者&#34;降低了一些風險&#34;，並從長期債券基金轉向短期基金。</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>私人信貸市場中最大的系統性風險來自資產負債不匹配。&#34;銀行擠兑，&#34;Rosenburg 説。但他認為，這種風險在今天並不明顯，因為許多私人信貸工具在設計上限制流動性。雖然這不能消除風險，但可以使風險更逐漸顯現，Rosenburg 解釋説，影響可能會在公司面臨更高利率再融資時在更長的時間範圍內發生。</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 都解釋説，這導致了一個以不同方式吸收衝擊的系統。私人信貸基金可能限制贖回，而 ETF 則允許持續交易並實時調整價格——使市場在反映壓力發展的同時保持運作。他們表示，這兩種方法都旨在防止無序的結果。</p>
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債券市場對私人信貸危機的擔憂如何在固定收益 ETF 中體現