BNY Mellon has announced its Classic ADR index will serve as the primary benchmark for a new actively managed international ETF.
The fund, listed on NYSE Arca, is designed to provide long-term capital appreciation greater than a range of international benchmarks, including the BNY Mellon Classic ADR index.
The new WCM/BNY Mellon Focused Growth ADR ETF is sponsored by AdvisorShares, a firm that works with money managers seeking to combine their investment strategy with an actively managed ETF.
The fund has also been launched in conjunction with WCM, which provides a range of techniques for security selection and portfolio construction. WCM had around $1.4bn in asset under management as of December 31, 2009.
BNY Mellon says it serves as depositary for over 2,100 American and global depositary receipt programmes, with companies from 67 countries.
The firm has $21.8trn in assets under custody and administration, $1trn in assets under management, services $11.6trn in outstanding debt and processes global payments averaging $1.5trn per day.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till