BNY Mellon has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Rockledge SectorSAM ETF. BNY Mellon now services 12 AdvisorShares ETFs with assets totaling more than $420 million.
Sub-advised by Rockledge Advisors LLC, the new ETF seeks to generate stable and consistent annual returns under all market conditions by investing in both long and short positions in U.S.-sector ETFs that offer exposure to U.S. large capitalization equities.
“We expanded our relationship with BNY Mellon because of its ability to provide comprehensive support for alternative ETFs,” says Noah Hamman, founder and CEO of AdvisorShares. “This new fund requires BNY Mellon to support our ability to take both long and short positions.”
Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing, adds: “We continue to see an increasing array of ETF strategies being developed by our clients, including actively managed funds such as those created by AdvisorShares. BNY Mellon remains committed to the ongoing enhancement of its industry-leading ETF technology platform to facilitate the rapid evolution of the ETF business.”
(CG)