BNY Mellon Asset Servicing has been selected by Direxion Funds to provide exchange-traded funds services including custody, accounting, fund administration, basket calculation and transfer agency.

The new funds are aimed at providing investors with three times the daily performance or inverse performance, before fees and expenses, of their underlying indices.

Joseph Keenan, managing director and head of sales and relationship management for US asset services at BNY Mellon Asset Servicing, says: 'Our continuing investments in technology and customer support enable us to provide a broad spectrum of services for innovative mutual funds and ETFs such as these new offerings from Direxion Funds. Our ETF servicing platform will work with Direxion's products to make sure their shareholders are receiving accurate and timely information.'

Dan O'Neill, president and chief investment officer of Direxion Funds, adds: 'Our new long and short ETFs are intended to provide advisors and sophisticated investors with the largest amount of leverage available in the ETF marketplace, giving them effective tools to magnify their investment perspective and navigate both bull and bear markets. We selected BNY Mellon as our securities servicing provider because they have demonstrated the ability to deliver the services required for complex ETFs and can cost-effectively scale its systems to meet our growth.'

Direxion Funds, managed by Rafferty Asset Management, is a provider of leveraged index funds and ETFs and alternative-class fund products for investment advisers and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets.

Founded in 1997, the company has approximately USD1.6bn in assets under management.

BNY Mellon Asset Servicing provides services through Bank of New York Mellon and other related companies.

Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets.