Zero-Cost ETF War Sees BNY Mellon Unleash First No-Fee Bond Fund
- New York-based firm launches two funds without any fees
- ETF providers have cut costs in highly-competitive industry
People enter a Bank of New York Mellon Corp. office building in New York, U.S.
Photographer: Gabriela Bhaskar/BloombergThis article is for subscribers only.
The rush to zero costs in the competitive ETF industry is showing no signs of abating, with BNY Mellon escalating that perilous war.
The New York-based firm is launching the BNY Mellon Core Bond ETF, or BKAG, the first ever no-fee U.S. fixed-income fund, according to a statement on Thursday. Another fund tracking big American companies will also have no cost: the BNY Mellon US Large Cap Core Equity ETF, or BKLC.