In a recent letter to the SEC, Micah Hauptman, Director of Investor Protection at the Consumer Federation of America, raised significant concerns about the liquidity, valuation, and conflicts of interest associated with a proposed new ETF—SPDR SSGA Apollo IG Public & Private Credit ETF. Hauptman argues that this ETF, which plans to invest heavily in illiquid private securities, may exceed the regulatory thresholds for illiquidity, potentially violating SEC rules. Additionally, the role of Apollo as both liquidity provider and key player in determining asset prices could distort the valuation process and raise conflicts of interest. The letter urges the SEC to scrutinize the filing carefully to ensure compliance with the Investment Company Act and to safeguard investors.