BNY Mellon has announced future plans to launch a new ETF focused on innovation companies. The BNY Mellon Innovators ETF plans to offer long-term capital growth looking to follow a portfolio of “leading-edge” innovation driven companies and products and services that can alter existing business models. The fund plans to take a page from several existing ETFs including Cathie Wood’s ARK Innovation ETF (ARKK) which saw a lot of growth during its early pandemic launch but has suffered a bit due to its top holdings being in tech companies which buckled as the Federal Reserve began its monetary tightening campaign though have rebounded this month.
ETF Newz Says:
The new fund from BNY Mellon will join a saturated sector of the ETF market.