BNY Mellon to Provide ETF Services for Nine New Direxion Funds
BNY Mellon Asset Servicing, the global leader in investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for eight recently introduced leveraged ETFs and one non-leveraged ETF from Direxion Shares.
The 3X Leveraged Bull and Bear ETFs seek daily investment results of 300 percent and daily inverse results of 300 percent, respectively, of the price performance of their underlying indices. The Daily Total Market Bear 1X ETF seeks inverse daily investment results that mirror the price performance of its underlying index. The recently launched funds and their indices are:
|Direxion Daily Agribusiness Bull 3x Shares||DAXglobal Agribusiness Index|
|Direxion Daily Agribusiness Bear 3x Shares||DAXglobal Agribusiness Index|
|Direxion Daily Russia Bull 3x||DAXglobal Russia+ Index|
|Direxion Daily Russia Bear 3x Shares||DAXglobal Russia+ Index|
|Direxion Daily Basic Materials Bull 3X Shares||Russell 1000® Materials & Processing Index|
|Direxion Daily Basic Materials Bear 3X Shares||Russell 1000® Materials & Processing Index|
|Direxion Daily Healthcare Bull 3X Shares||Russell 1000® Healthcare Index|
|Direxion Daily Healthcare Bear 3X Shares||Russell 1000® Healthcare Index|
|Direxion Daily Total Market Bear 1X Shares||Russell 3000® Index|
“BNY Mellon was chosen to service these new funds because of its ability to meet the daily needs of our complex portfolios,” said Daniel O’Neill, president and chief investment officer of Direxion Shares. ”This appointment further extends our strong partnership with BNY Mellon and we are confident that its support will be a key component to the success of these new funds.”
“We continue to see rapid innovation in the ETF arena as firms such as Direxion provide sophisticated investors with the tools to take advantage of a broad range of market opportunities,” said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. ”Our ongoing investments in technology and client service have positioned BNY Mellon to provide the efficient and risk mitigating support that fund managers demand.”
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.
SOURCE BNY Mellon