PSY (NYSEARCA:PSY) is getting extra attention on Monday as investors seek out investments in the psychedelic medical market.
Here’s everything investors interested in PSY need to know about it.
- PSY is the first psychedelic stocks ETF.
- While it’s the first, it hasn’t been around for long.
- The ETF was only just set up at the end of May.
- PSY’s focus is on investing in psychedelic stocks that can be used to treat mental illnesses.
- That includes depression, which it points out is a growing problem.
- That comes from claims that as many as 30% of depression patients aren’t responding to current treatments.
- It also says that research budgets for psychiatric medicine have declined by 70% at large companies.
- PSY believes that this presents an opportunity for new treatments making use of psychedelic treatments to meet growing demand.
- These treatments could potentially be used for those suffering from “anxiety, PTSD, OCD, eating disorders, depression” and more.
- The ETF says that it looks to track the BITA Medical Psychedelics, Cannabis, and Ketamine Index.
- It mentions that companies in the index must have a market cap of at least $75 million.
- They must also be connected to the medical psychedelics, medical cannabis, or ketamine industries in some way.
- Its top holdings include Charlottes Web (OTCMKTS:CWBHF), Aurora Cannabis (NASDAQ:ACB), Cronos Group (NASDAQ:CRON), Corbus Pharmaceuticals (NASDAQ:CRBP), and Supreme Cannabis (OTCMKTS:SPRWF).
- A full list of PSY’s holdings can be found at this link.
PSY was up 4% as of Monday afternoon.
There’s been loads of other news today that investors will want to be aware of.
Fortunately for them, InvestorPlace.com offers deep coverage of the stock market every day. That includes today’s drama, such as why naked shorting is trending on Twitter (NYSE:TWTR), details about an Anonymous video for Elon Musk, as well as the top-performing stocks in our midday market update. You can get up to speed on these topics at the links below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.