State Street IG Public & Private ABS ETF (PRAB)

The State Street IG Public & Private ABS ETF is an actively managed fixed-income fund from State Street Investment Management, the asset management business of State Street Corporation, which rebranded its SPDR-family funds under the State Street name.

The fund invests in investment-grade asset-backed securities, combining publicly traded ABS with privately originated asset-based debt that is not usually available to ETF investors. Asset-backed securities are bonds secured by pools of loans or receivables, such as consumer, equipment or commercial financing.

Listed on NYSE Arca under the ticker PRAB, the fund is part of State Street's lineup of public-and-private credit ETFs, which are designed to bring a sleeve of private credit into a liquid, exchange-traded structure.