The mandate expands BNY Mellon’s relationship with Direxion to cover 52 ETFs.
The new Direxion funds, namely Large Cap Insider Sentiment Shares and the All Cap Insider Sentiment Shares, are intended to provide investors with access to stocks that corporate insiders are accumulating.
BNY Mellon Asset Servicing managing director and global head of exchange-traded fund services Joseph Keenan said that these new Direxion ETFs demonstrate the increasing variety of strategies that are becoming available to investors.
Direxion Shares president and chief investment officer Daniel O’Neill said that these new funds require BNY Mellon to provide support for investment products that are significantly different from the vast majority of ETFs because they are not constrained by style box or sector allocation limitations.
