BNY Mellon has been appointed by United States Commodity Funds (USCF) to provide ETF services — including serving as its custodian, fund accountant and administrator and transfer agent. The conversion was completed on 1 April.USCF specialises in commodity and alternative exchange-traded products (ETPs) including the first oil ETP, the United States Oil Fund, LP (NYSE Arca: USO) in 2006.
“BNY Mellon is focused on delivering digital exchange-traded product solutions aimed at driving efficiencies across the ecosystem and working closely with our partners to develop long-term solutions for the industry,” says Jeff McCarthy, Global ETF Product Head, BNY Mellon Asset Servicing. “We are honoured to have USCF appoint BNY Mellon as a trusted partner to help execute their strategy.”
John Love, President of USCF, says: “We were impressed by BNY Mellon’s technology offerings and cost-effective services. We are excited to leverage the BNY Mellon enterprise as we enter our next phase of innovation and growth.”