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Rating:A Florida Startup Enters the Thematic ETF Biz Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 02, 2022

A Florida Startup Enters the Thematic ETF Biz

Reported by Neil Anderson, Managing Editor

A Sunshine State startup is entering the ETF business, with help from an ETF-in-a-box shop.

Gabriel Tan
Exchange Traded Concepts, LLC
Portfolio Manager
Yesterday, Tim Collins, president of Elemental Advisors, unveiled the new PSYK ETF (PSYK on the NYSE Arca, Inc.). The thematic, passive fund debuted on Monday as series of the ETF Series Solutions series trust.

Sarasota, Florida-based Elemental serves as the index provider for the new ETF (which is Elemental's first fund). Exchange Traded Concepts, LLC (ETC) serves as the fund's investment advisor, ETC portfolio managers Todd Alberico, Andrew Serowik, and Gabriel Tan PMing the fund.

The fund comes with an expense ratio of 75 basis points. That includes a 15bps fee waiver through at least January 25, 2023.

The fund is designed to track Elemental's Enhanced Consciousness Index, investing in companies in the medicinal psychedelic drug market and in neurology biopharmaceutical companies.

Collins, who is also a founder of Elemental, puts the ETF launch in the context of psychedelic compounds being shown to help treat mental health issues, "which have likely grown due to COVID-19 and the subsequent lockdown environment."

"We believe that the psychedelic drug market is on the cusp of realizing its true potential and that the PSYK ETF can be an attractive option for savvy investors who are looking to gain access to this burgeoning segment on the ground floor," Collins states, adding that there is "growing social and regulatory acceptance of psychedelics."

The new fund's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Morgan, Lewis & Bockius LLP as counsel; Quasar Distributors, LLC as distributor; Solactive as index calculation agent; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator and transfer agent; and U.S. Bank, N.A. as custodian. 

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