Welcome to Bloomberg ETF IQ. I'm Scarlet Fu. Katie greifeld is off today.Let's get to the biggest stories right now in the trillion dollar global ETF industry. Stocks and oil holding steady even as Iran rejects a proposed cease fire, while a deadline from President Trump to open the Strait of Hormuz looms. And we dive deep into the Vaneck oil Refineries ETF as it outperforms energy funds during this now six week long war with Iran.And as Bitcoin hovers right around $70,000, we look at the next generation of ...

Core Insights - J.P. Morgan Asset Management has filed for approval of its Total Credit ETF, which will allocate up to 15% of assets to private credit, indicating a growing interest in private credit investments [1][4] - The convergence of the US corporate credit market is noted, with issuers moving fluidly between public bonds and private credit, highlighting the diversification benefits and yield potential of private credit [2][4] - The private credit market has seen significant growth, with semiliquid funds sold to nonqualified buyers reaching $450 billion in assets, a 77% increase from 2022 [4] Company Developments - J.P. Morgan's Total Credit ETF aims to underwrite investments in primary or secondary markets, although specific fees for the ETF have not been disclosed [4] - Other major asset managers, including Capital Group and KKR, have launched private-credit interval funds that have collectively reached nearly $500 million [6] - Vanguard, Wellington, and Blackstone are also preparing to launch a private credit fund called the WVB All Markets Fund [6] Market Trends - The interest in private credit ETFs is still developing, with retail investors not yet heavily investing in this category [5] - High yields from private credit funds make them attractive for a small portion of investor portfolios, with aggressive portfolios currently holding between 5% to 10% in private credit [3]