BNY Mellon to Service State-Focused ETFs

Mellon Asset Servicing has been selected by Geary Advisors, LLC to provide custody, fund administration, fund accounting, and transfer agency services for the Oklahoma Exchange-Traded Fund and the Texas Large Companies Exchange-Traded Fund.

A news release said those were the first two exchanged-traded funds (ETFs) to focus on businesses in specific states.

Geary Advisors is the investment adviser for both ETFs.  “BNY Mellon is providing us with customized services that enable us to offer these targeted, innovative ETFs to the investment community,” said Keith Geary, chairman of The Geary Companies, in the news release. 

“We are seeing heightened interest in ETFs, as investors demand a cost-effective method to target an increasing number of market niches,” said Joseph Keenan, managing director and head of relationship management for financial services companies at BNY Mellon Asset Servicing.