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BNY Mellon Says Fund Performance Hurt By Lack Of Exposure To Bitcoin Stocks
Wall Street banking giant
Bank of New York Mellon Corp (NYSE:BK) said the performance of one of its exchange-traded funds was considerably impacted by its lack of exposure to crypto stocks.
What Happened: In a recent SEC filing, the bank said that the BNY Mellon Opportunistic Small Cap Fund (MUTF: DSCVX) could have performed better if it had invested in a certain Bitcoin stock.
“Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in bitcoin,” stated BNY Mellon in the filing.