And here is a surprising update on PSYK.TO:
PSYK.TO/HPSYF reverse split
On Tuesday, 8/2/2022, shares of PSYK.TO/HPSYF (HORIZONS PSYCHEDELIC STOCK INDEX ETF) are going through a reverse split. All of your PSYK.TO/HPSYF shares are affected by this change. What is happening to my shares? The shares are going through a reverse split using a 4:1 ratio. After the reverse split, the number of PSYK.TO/HPSYF shares you own will be reduced. For example, if you have 4 shares of PSYK.TO/HPSYF now, you will have 1 share of PSYK.TO/HPSYF after the reverse split. There will be no change to the total value of your shares. What else do I need to know? All open orders for PSYK.TO/HPSYF will be cancelled on Tuesday, 8/2/2022 before trading begins and your account will be updated to reflect the reverse split. Once completed, shares of PSYK.TO/HPSYF will be immediately available for online trading.
While I understand a stock split or reverse split has no real value financially I wonder if it has to do with the unit price plummeting as the reverse split brings the unit price back to $11.68 per unit from something around $2.75.
Top 10 Holdings:
SEELOS THERAPEUTICS INC . 13.85%
GH RESEARCH PLC . 10.73%
ATAI LIFE SCIENCES NV . 10.20%
REVIVE THERAPEUTICS LTD . 9.44%
Field Trip Health Ltd 7.76%
CYBIN INC . 7.34%
Numinus Wellness Inc 6.63%
MIND MEDICINE MINDMED INC 6.56%
Abbvie Inc 4.91%
PSYK seeks to replicate, to the extent possible and net of expenses, the performance of a market index that is designed to provide exposure to the performance of a basket of North American publicly-listed life sciences companies having significant business activities in, or significant exposure to, the psychedelics industry. Currently, the ETF seeks to replicate the performance of the North American Psychedelics Index, net of expenses. Based on the figures provided it is doing just that.
I too wonder what Dan and Matt have to say about this one. I do recall when it was first discussed on stocktrades the team did mention is was early and highly risky. This one is not in my registered account so it could be a candidate for tax-loss selling down the road.