By Suzanne McGee NEW YORK (Reuters) - State Street Global Advisors' much-anticipated private credit exchange-traded fund, developed with alternative investment firm Apollo Global Management, began trading on the New York Stock Exchange on Thursday.

A novel private-credit ETF from State Street Corp. and Apollo Global Management Inc. started trading on Thursday, in a watershed moment for the $1.6 trillion industry.

Wall Street is eager to provide access to private equity and credit to the masses, and ETFs are the obvious wrapper.

The letter came after the ETF officially launched on Feb. 27, debuting on the New York Stock Exchange under the ticker “PRIV.” It’s a swift response to an ETF that brings together the very private world of direct lending and a more democratic market for trading.