BNY Mellon enters the US market
BNY Mellon’s long-awaited ETF businesses is going live next week, with its first eight ETFs set to begin trading on the NYSE on Wednesday. As part of its opening foray, the company is listing five equity and three bond ETFs – each of which targets highly competitive “core” sections of the market.
- BNY Mellon US Large Cap Core Equity ETF (BKLC)
- BNY Mellon US Mid Cap Core Equity ETF (BKMC)
- BNY Mellon US Small Cap Core Equity ETF(BKSE)
- BNY Mellon International Equity ETF (BKIE)
- BNY Mellon Emerging Markets Equity ETF (BKEM)
- BNY Mellon Core Bond ETF (BKAG)
- BNY Mellon Short Duration Corporate Bond ETF (BKSB)
- BNY Mellon High Yield Beta ETF (BKHY)
The funds are all market weighted. The equity ETFs track indexes from Morningstar, while the bond ETFs track Bloomberg indexes.
The prospectus does not state fees. However if the funds are to have any chance of holding assets they’ll have to be very cheap.
BNY Mellon went on an ETF specialist hiring spree in mid-2019, poaching ETF specialists from rival companies such as JP Morgan. More BNY Mellon ETFs are expected to list later this year.