San Francisco-headquartered Wells Fargo is seeking to launch its own ETF business, according to papers filed with the US Securities and Exchange Commission.

Wells Fargo has filed to make its ETF debut.

Approval from the SEC would see Wells Fargo, the fourth-largest bank in the US by assets, become one of the last major asset managers to enter the ETF arena.

Wells Fargo has initially registered a single ETF – the Wells Fargo Ultra Short Duration Income ETF – an actively managed fixed income fund.

The ETF will provide exposure to investment-grade US dollar-denominated securities that are either fixed-, floating-, or variable-rate while targeting a portfolio duration of less than one year.

Eligible securities include commercial paper, repurchase agreements, certificates of deposit, time deposits, collateralized loan obligations, US Treasuries, municipal securities, corporate debt securities, and mortgage- and asset-backed securities.

There are already several ETFs offering similar exposure including a recent launch from Franklin Templeton, as well as ETFs provided by banking rivals JP Morgan and Goldman Sachs.

The $13.3bn JPMorgan Ultra-Short Income ETF (JPST US) and $3.2bn Goldman Sachs Access Treasury 0-1 Year ETF (GBIL US) have ongoing charges of 0.18% and 0.12% respectively.

The Wells Fargo regulatory filing did not indicate an expense ratio.