BNY Mellon has been mandated to provide ETF services, custody, fund accounting and fund administration for the Direxion Large Cap Insider Sentiment Shares (INSD) and the Direxion All Cap Insider Sentiment Shares (KNOW). This extends BNY Mellon’s relationship with Direxion to include 52 ETFs.
Direxion funds are intended to provide investors with access to stocks that corporate insiders are accumulating. The fund managers, Rafferty Asset Management, track insider transactions and analyst ratings based on public company filings.
“BNY Mellon has demonstrated its ability to provide the complex services that we require for our innovative array of ETFs,” said Daniel O’Neill, president and chief investment officer of Direxion Shares. “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.”
Direxion Funds and Direxion Shares offer leveraged index funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors. The company has about $7.5 billion in assets under management as of Sept. 30 2011.