It's a partnership designed to give retail investors more access to a rapidly expanding asset class: Private credit.

Simplify Asset Management and VettaFi launched the actively managed Simplify VettaFi Private Credit Strategy ETF (PCR) on Wednesday.

"The role of private credit in the portfolio is something that has historically only been available to very high-net investors and institutional investors," Simplify Managing Director Paisley Nardini told CNBC's "ETF Edge " this week.

According to Nardini, the new ETF's strategy is unique because it's not going to be the traditional private credit that includes lockups and high fees.

"This is an efficient liquid vehicle that's going to provide indirect exposure to the BDCs [business development companies] or the closed-end funds that

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