At a glance
BKAG charges 0.0% a year, below the 0.06% average of the 7 funds most like it (the cheapest of 8). It has $2.22B in assets, the 8th largest of that group; it paid 4.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.1% with distributions reinvested, 7th of those 8 funds; over three years it returned +5.2% a year. At its worst it fell 14.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low. Its ten largest positions make up 4.4% of the fund, out of 5,129 in all.
The short version
BNY Mellon Core Bond ETF (BKAG) tracks the Bloomberg US Aggregate Total Return Index. That index is a broad mix of investment-grade US Treasuries, mortgage-backed securities and corporate bonds. BKAG stands out on cost: its February 2026 prospectus lists a 0% expense ratio, compared with 0.03% for AGG and BND. The trade-off is size. It had about $2.2 billion in assets as of July 31, 2026, far less than those rivals.
Price history
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BKAG -1.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BKAG official prospectus, to Dec 31, 2025 | — | +7.30% | — | -0.39% | — | +0.08% |
| Bloomberg US Aggregate Total Return Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +7.30% | — | -0.36% | — | +0.12% |
| BKAG price data to Oct 27, 2026 | -0.8% | -1.1% | +5.2% | -0.3% | — | -0.2% |
- Over the year to Oct 27, 2026, BKAG returned -1.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was -0.3%.
- Its worst full calendar year was 2022 (-13.3%); its best was 2025 (+7.2%).
- The deepest fall in its price history was 18% (Aug 3, 2021 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +7.2% | +7.30% |
| 2024 | +1.1% | +1.24% |
| 2023 | +5.7% | +5.50% |
| 2022 | -13.3% | -13.15% |
| 2021 | — | -1.50% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.6% over that stretch · deepest drop along the way 14.9%, back to its old high 36.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4300 | |
| 2025 | $1.7700 | +1.1% |
| 2024 | $1.7500 | +22.4% |
| 2023 | $1.4300 | +40.2% |
| 2022 | $1.0200 |
What's inside
As of Jul 31, 2026, the fund held 5,129 securities; the ten largest made up 4.44% of assets, and 3.74% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.54% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.52% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.47% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.46% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.43% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.43% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.43% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.39% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.39% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.38% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.37% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.36% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.36% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.35% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.35% |
By country
United States 93.47%Canada 1.22%United Kingdom 0.71%Japan 0.53%Luxembourg 0.47%By issuer
US Treasury 46.25%Companies 24.49%US government-sponsored enterprises 18.9%US government agencies 5.77%Foreign governments 2.91%The bonds mature in 12.6 years on average (weighted by size), with an average coupon of 3.8%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $172.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.32%, +0.24%, -1.31%.
How it works
BKAG aims to match the Bloomberg US Aggregate Total Return Index, which measures the US market for investment-grade, fixed-rate taxable bonds. "Investment grade" means a rating of BBB- or higher, using the middle rating from Moody's, S&P and Fitch. The index includes Treasuries, government-related bonds, corporate bonds, agency mortgage-backed securities and other asset-backed debt, all with at least one year left to maturity. The index is updated on the last business day of each month. As of December 31, 2025, it held about 14,000 securities.
The fund doesn't buy them all. Its sub-adviser, Mellon, uses sampling: it buys a representative slice built to behave like the whole index. As of July 31, 2026, the fund held 5,129 issues. About 46% was in Treasuries, 24% in company bonds and 19% in government-sponsored enterprises. The largest position was the 4.25% Treasury note due November 2034, at 0.54% of assets.
Much of the mortgage exposure comes through to-be-announced (TBA) trades. These are contracts to buy agency mortgage pools whose exact makeup is set only about two days before settlement. The fund rolls these contracts over regularly. While trades are pending, it holds short-term instruments, including affiliated money market funds. This is one reason the fund can show a cash position (3.74% as of July 31, 2026) and a turnover rate of 70.96%.
What it really costs
- BKAG charges 0% a year, versus an average of 0.06% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $0 in the first year and $0 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BKAG | $0 | $0 | $0 | $0 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It tracks the broad US investment-grade bond market at a 0% listed expense ratio, so it could anchor the bond side of a portfolio.
BKAG could serve as the main bond fund next to stock funds, but it is not risk-free. In the 2022 bear market it fell 14.9% from January 3 to October 10. It took about 36 months to recover, until October 16, 2025. Its deepest drop was 18%, from August 2021 to October 2022, and it had not fully recovered as of October 27, 2026. The fund launched in April 2020, after the 2008 crisis and just after the 2020 crash, so it has no record for either. In its worst calendar year, 2022, it lost 13.15%. Anyone who had to sell shares that year would have locked in losses.
The trailing yield was 4.6% as of October 27, 2026, and the fund pays monthly. The prospectus lists a 0% expense ratio. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-focused investors who want broad US investment-grade bonds; the prospectus lists a 0% expense ratio versus a 0.06% average for similar funds.
- Investors who want monthly income; the trailing yield was 4.6% as of October 27, 2026.
- Those who want a bond core weighted toward Treasuries (about 46%) and agency mortgages, with roughly a quarter in corporate bonds.
Look elsewhere if
- Investors who prefer very large funds; at about $2.2 billion, BKAG ranks last in size among similar funds, far behind AGG and BND.
- Anyone who needs short-term stability; it fell 14.9% in 2022 and took about 36 months to recover.
- Those who want less interest-rate sensitivity; its average maturity was 12.6 years, versus 2.9 for Vanguard Short-Term Bond ETF.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BKAG this fund | 12.6 yrs | 0% | $2.22B | -1.1% | +5.2% |
| AGG iShares Core U.S. Aggregate Bond ETF | 12.4 yrs | 0.03% | $138.32B | -0.4% | +4.7% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| BNDX Vanguard Total International Bond ETF | 8.7 yrs | 0.07% | $122.53B | -0.6% | +4.1% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
Questions investors ask
Does BKAG really have a 0% expense ratio?
Yes. Its prospectus filed February 27, 2026, lists a 0% expense ratio and a 0% management fee, with no fee waiver shown. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end. On that basis, costs come to $0 after 1, 3, 5 and 10 years. Similar funds averaged 0.06%. Fees can change, so the latest prospectus is worth checking. Trading costs, such as the gap between buy and sell prices, still apply.
Does BKAG pay monthly dividends?
Yes, BKAG pays income monthly. Over the 12 months to October 27, 2026, it paid about $1.87 per share, a trailing yield of 4.6%. The income comes from interest on its bonds, mainly US Treasuries, agency mortgage-backed securities and corporate bonds. Payments can vary from month to month as the portfolio and interest rates change. Past payouts don't guarantee future ones.
What's the difference between BKAG and AGG?
They are very similar. AGG, the iShares Core U.S. Aggregate Bond ETF, is a 97% match on average maturity and issuer mix. The main differences are cost and size. BKAG's prospectus lists a 0% expense ratio, compared with 0.03% for AGG. AGG had about $138 billion in assets as of August 31, 2026, while BKAG had about $2.2 billion as of July 31, 2026. Over one year, BKAG returned -1.1% through October 27, 2026, and AGG returned -0.7% through October 29.
How much did BKAG lose in 2022?
BKAG lost 13.15% in calendar year 2022, according to its prospectus. Its worst quarter was a 6.01% drop in the first three months of that year. Measured from its August 2021 peak to its October 2022 low, it fell 18%, and it had not fully recovered as of October 27, 2026. The reason is that bond prices move opposite to interest rates. The longer a fund's maturities, the more its price reacts when rates change.
Is BKAG good for retirement?
It may suit retirees looking for a low-cost bond core with monthly income, but it carries real risk. As of July 31, 2026, about 46% of the fund was in Treasuries. It yielded 4.6% over the 12 months to October 27, 2026. Still, it fell 14.9% in the 2022 bear market and took about 36 months to recover. It launched in April 2020, so it has no record from the 2008 crisis.