BNY Mellon Asset Servicing, the global leader in securities servicing, announced today that it has been selected by Direxion Funds to provide comprehensive exchange traded funds (ETF) services including custody, accounting, fund administration, basket calculation and transfer agency.
The new funds are aimed at providing investors with three times the daily performance or inverse performance, before fees and expenses, of their underlying indices.
"Our continuing investments in technology and customer support enable us to provide a broad spectrum of services for innovative mutual funds and ETFs such as these new offerings from Direxion Funds," said Joseph Keenan, managing director and head of sales and relationship management for U.S. Asset Services at BNY Mellon Asset Servicing. "Our ETF servicing platform will work with Direxion's products to make sure their shareholders are receiving accurate and timely information."
"Our new long and short ETFs are intended to provide advisors and sophisticated investors with the largest amount of leverage available in the ETF marketplace, giving them effective tools to magnify their investment perspective and navigate both bull and bear markets," said Dan O'Neill, president and chief investment officer of Direxion Funds. "We selected BNY Mellon as our securities servicing provider because they have demonstrated the ability to deliver the services required for complex ETFs and can cost-effectively scale its systems to meet our growth."