BNY Mellon to provide first-ever currency market ETFs
BNY Mellon Asset Servicing has been selected to provide Exchange Traded Fund services including fund accounting, fund administration, global custody and transfer agency services for the WisdomTree Dreyfus family of currency ETFs, the first actively managed ETFs to offer exposure to foreign currencies, according to a PRNewswire report.
WisdomTree Investments and The Dreyfus Corporation, one of the investment boutiques within BNY Mellon Asset Management, have collaborated to launch several ETFs, with WisdomTree as the fund sponsor. Mellon Capital Management, also an investment boutique within BNY Mellon Asset Management, is acting as the sub-advisor for the currency ETFs.
The ETFs seek to earn current income reflective of money market rates available to foreign investors in the specified country or region. The funds also seek to provide exposure to changes in the value of a designated non-US currency relative to the US dollar.
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