With funding from the CARES Act, the Department of the Treasury has committed to make a $ billion equity investment in the SPV for the PMCCF and SMCCF, with a $ billion allocation toward the SMCCF. The SMCCF staggered its launch of ETF and bond purchases in order to act as quickly and effectively as possible.
Through ETF purchases beginning on May 12, the SMCCF provided liquidity to the corporate bond market relatively quickly. The Federal Reserve began direct corporate bond purchases under the broad market index purchase program on June 16. In its first week of bond purchases, the SMCCF was purchasing about $ million per day.