SEC Asks State Street to Cut Apollo From New ETF’s Name

The Securities and Exchange Commission (SEC), which is like a government watchdog for investments, had some questions about a new investment fund called PRIV. This fund lets people invest in private companies, which are usually hard to get into. The SEC is worried about a few things, making sure everything is fair and clear for investors.

• The SEC thinks the fund's name is misleading because it uses the name of a company called Apollo, even though Apollo doesn't fully manage the fund.
• The SEC also has concerns about whether the fund has enough readily available money (liquidity) if people want to quickly sell their investments.
• The SEC is also looking at how the value of the investments in the fund is determined.