At the end of last week, America based investment management company AdvisorShares launched the first ever United States actively managed psychedelic exchange-traded fund (ETF) dubbed AdvisorShares Psychedelics ETF (NYSE: PSIL) on the New York Stock Exchange (NYSE).
According to the company, the ETF launched on NYSE Arca market will be covering pharmaceutical, biotechnology and life sciences companies which appear to be leading the way in the nascent industry.
This goes on record as the third psychedelics ETF in the North America. The first one was The Horizon Psychedelics Stocks Index ETF (NEO: PSYK) which was launched back in January, the second one was Next Gen Altered Experience ETF (NYSE: PSY) which went on record as the first ever passive manage United States psychedelics ETF.
The chief executive officer of AdvisorShares, who also doubles up as the portfolio manager of the PSIL ETF, Dan Ahrens, says that he is hopeful this investment in selected psychedelics companies will give the company a long-term investment opportunity.
“We feel that our active-management and specialized approach can potentially help investors capture the early growth potential of psychedelics and its prominent promise on therapeutics and medical fields,” said the CEO.