Wells Fargo files with U.S. SEC to provide exchange-traded funds

Wells Fargo & Co. is planning to enter the US$4.5 trillion exchange-traded fund industry.

The fourth-biggest U.S. bank by assets is seeking to register the Wells Fargo Exchange-Traded Funds Trust with the U.S. Securities and Exchange Commission, according to a Monday filing.

The San Francisco-based bank joins rivals JPMorgan Chase & Co. and Goldman Sachs Group Inc., which have about US$36 billion and US$17 billion in their ETFs, respectively.

Wells Fargo had US$1.97 trillion in assets and US$935 billion in loans at the end of the second quarter.