https://im.bnymellon.com/us/en/intermed ... y-etf.html
I have been watching this ETF the last few months that has zero expenses.
Currently it is more of a mega cap fund holding about 200 of the largest companies but I have seen notes that the index is changing to a 500 index starting at the end of November. The question I don't see the answer to is if the expense ratio will still be 0 but I would assume it will.
I also see that the bid ask spread is higher than the main 500 index funds out there so that could eat into any benefit you get out of the zero expense ratio. Hopefully this goes down if it gets more popular as a 500 index fund.
On or about November 15, 2023 the benchmark for the fund will change from Morningstar US Large Cap Index to Solactive GBS Unites States 500 Index TR. Please see prospectus for additional information.
The Solactive GBS United States 500 Index TR is a free float market capitalization weighted index designed to measure the performance of 500 of the largest companies listed on U.S. stock markets. The index’s universe of eligible securities includes common stock and shares of real estate investment trusts (REITs) listed on the New York Stock Exchange, NYSE Market LLC, NYSE Arca, NASDAQ, Investors Exchange, or BATS Exchange, traded in U.S. dollars, and that meet certain tradability requirements. At each reconstitution, eligible securities are ranked by total market capitalization in descending order. All securities ranked in the top 425 are selected for inclusion in the index and current index constituents with a rank from 426 to 600 are selected until the total number of companies in the index equals 500. If the total number of companies is below 500, the highest-ranking remaining securities are selected until 500 is reached. The index reconstitutes quarterly in February, May, August, and November. As of June 30, 2023, the index was comprised of 504 securities.