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BNY Mellon to provide ETF services to two new Direxion funds

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BNY Mellon is to provide exchange-traded fund (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. 

The new Direxion funds are intended to provide investors with access to stocks that corporate insiders are accumulating. The fund managers 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," says 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."

"These new Direxion ETFs demonstrate the increasing variety of strategies that are becoming available to investors," says Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "We continue to invest in technology and client service so we can provide the comprehensive support these new and innovative products require."

 

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