The first two exchange-traded funds to hold private credit loans began trading on the same day, with issuers racing to tap into one of the investing world’s hottest trends.

And they’re off! BondBloxx and Virtus Investment Partners have launched the first exchange-traded funds offering mom-and-pop investors access to the booming, $2 trillion world of private credit

BondBloxx’s ETF invests in CLOs tied to the middle market, a sector representing roughly 300,000 businesses generating $13 trillion in annual revenue. Virtus’s product, meanwhile, targets what Virtus describes as “the strongest and most undervalued AAA rated private credit CLOs.”