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  1. Ethics

Listing of Prohibited Investment Funds


FDA employees are prohibited from holding interests in certain investment funds that have a stated policy or practice of investing in companies that are SROs. The most commonly encountered examples of such funds are mutual funds or ETFs that invest in a range of sectors, including but not limited to:

  • Healthcare sector funds
  • Medical device sector funds
  • Consumer staples funds
  • Biotechnology funds

This restriction also applies to prohibited funds held by the employee’s spouse or minor children.

How often is the list of Prohibited Investment Funds updated?

FDA will send an agency-wide notice of updates on a monthly basis.

How do I search the list of Prohibited Investment Funds?

Enter the mutual fund name in the search field to search the list, which will provide you the mutual fund name and ticker symbol if there is a match.  Please note that FDA has determined your fund to be prohibited, even if the class of shares that you own, and hence ticker symbol, are different from the fund on the prohibited funds list.

The Prohibited Funds List only includes publicly traded mutual funds traded on a U.S. stock exchange or publicly available through a variable life insurance policy.  Please remember to contact FDA Ethics Advice Hotline at (240) 402-1111 or email FDAEthics_Advice@fda.hhs.gov if you own a privately-held investment fund (e.g., hedge fund, venture capital fund, private equity fund) or own a mutual fund that trades on a foreign stock exchange.



Mutual Fund Name Ticker(s) Date Added
Advisorshares Vice ETF ACT 202006226/22/2020
AdvisorShares Poseidon Dynamic Cannabis ETF PSDN 202206016/1/2022
AdvisorShares Psychedelics ETF PSIL 202203073/7/2022
Advisorshares Pure Cannabis ETF YOLO 202006226/22/2020
Advisorshares Pure US Cannabis ETF MSOS 202103103/10/2021
Alger Health Sciences Fund AHSAX; AHSCX; AHSZX 201701011/1/2017
AllianzGI Health Sciences Fund RAGHX; RCGHX; HLHIX 201701011/1/2017
ALPS Medical Breakthroughs ETF SBIO 201701011/1/2017
American Beacon ARK Transformational Innovation Fund ADNPX; ADNYX; ADNAX; ADNRX; ADNCX; ADNIX 202106116/11/2021
American Growth Cannabis Fund Class E AMREX 202005155/15/2020
Amplify Seymour Cannabis ETF CNBS 202007157/15/2020
APEX Health Care ETF  APXH 202206016/1/2022
ARK Genomic Revolution ETF ARKG 201701011/1/2017
ARK Innovation ETF ARKK 201701011/1/2017
AXS 2X Bear Daily ETF PFES 2022102010/20/2022
AXS 2X PFE Bull Daily ETF PFEL 2022102010/20/2022
B.A.D. ETF (Betting, alcohol, Cannabis and Drugs) BAD 202205095/9/2022
Bain Acquision Corp  BLSA 2021121012/10/2021
Baron Health Care Fund BHCFX; BHCHX; BHCUX 201701011/1/2017
BlackRock Health Sciences Opportunities Portfolio SHSAX; BHSRX; SHSSX; SHSCX; SHISX; SHSKX 201701011/1/2017
Blackrock Health Sciences Trust BME 201701011/1/2017
BlackRock Health Sciences Trust II  BMEZ 202206016/1/2022
Blackrock Future Health ETF BMED 202104224/22/2021
BondBloxx USD High Yield Bond Healthcare Sector ETF  XHYH 202206296/29/2022
Cambria Cannabis ETF  TOKE 202205095/9/2022
Consumer Staples Select Sect. SPDR (ETF) XLP 201701011/1/2017
Defiance Nasdaq Junior Biotechnology ETF IBBJ 202104224/22/2021
Defiance Next Gen Altered Experience ETF PSY 202203073/7/2022
Delaware Healthcare Fund DLHAX; LHIX; DLHCX; DLRHX 201701011/1/2017
DWS Health and Wellness Fund SCHLX; SUHAX; SUHIX; SUHCX 201701011/1/2017
Direxion Daily Consumer Staples Bear 3X Shares LACK 201701011/1/2017
Direxion Daily Consumer Staples Bull 3X Shares NEED 201701011/1/2017
Direxion Daily Healthcare Bull 3X Shares CURE 201701011/1/2017
Direxion Daily Pharmaceuticals & Medical Bull 3X Shares ETF PILL 202104224/22/2021
Direxion Daily S&P Biotech Bull and Bear 3X Shares LABU; LABD 201701011/1/2017
Direxion mRNA ETF MSGR 202203073/7/2022
Eaton Vance Worldwide Health Sciences Fund ETHSX; ERHSX; ECHSX; EIHSX 201701011/1/2017
ETFMG 2x Daily Alternative Harvest ETF MJXL 202206016/1/2022
ETFMG 2x Daily Inverse Alternative Harvest ETF MJIN 202206016/1/2022
ETFMG Alternative Harvest ETF MJ 201701011/1/2017
ETFMG U.S. Alternative Harvest ETF  MJUS 202206016/1/2022
ETFMG Treatments Testing and Advancements ETF GERM 202104224/22/2021
ETRACS CMCI Food Total Return ETN FUD 2020102110/21/2020
Eventide Healthcare & Life Sciences Fund ETNHX; ETAHX; ETCHX; ETIHX 201701011/1/2017
Fidelity Advisor Biotechnology Fund FBTAX; FBTCX; FBTIX; FBTTX; FBTBX; FIJYX 201701011/1/2017
Fidelity Advisor Consumer Staples Fund FDAGX; FDIGX; FDCGX; FDTGX; FDBGX; FIJCX 201701011/1/2017
Fidelity Advisor Health Care Fund FACDX; FHCIX; FHCCX; FACTX; FIKCX 201701011/1/2017
Fidelity Digital Health ETF FDHT 202203073/7/2022
Fidelity Disruptive Medicine Fund FMEDX 202008118/11/2020
Fidelity MSCI Consumer Staples Index ETF FSTA 201701011/1/2017
Fidelity MSCI Health Care Index ETF FHLC 201701011/1/2017
Fidelity Select Biotechnology Portfolio FBIOX 201701011/1/2017
Fidelity Select Consumer Staples Portfolio FDFAX 201701011/1/2017
Fidelity Select Health Care Portfolio FSPHX 201701011/1/2017
Fidelity Select Medical Technology and Devices Portfolio FSMEX 201701011/1/2017
Fidelity Select Pharmaceuticals Portfolio FPHAX 201701011/1/2017
First Trust Alternative Absolute Return Strategy ETF FAAR 202103103/10/2021
First Trust Consumer Staples AlphaDex Fund FXG 201701011/1/2017
First Trust Health Care AlphaDEX Fund FXH 201701011/1/2017
First Trust Indxx Global Agriculture ETF FTAG 201701011/1/2017
First Trust Indxx Medical Devices ETF MDEV 202203073/7/2022
First Trust Nasdaq Food & Beverage ETF  FTXG 201701011/1/2017
First Trust Nasdaq Lux Digital Health Solutions ETF  EKG 202206016/1/2022
First Trust Nasdaq Phamaceuticals ETF FTXH 202104224/22/2021
First Trust NYSE Arca Biotechnology Index Fund FBT 201701011/1/2017
Franklin Biotechnology Discovery Fund FBDIX; FTDZX; FRBRX 201701011/1/2017
Franklin Genomic Advancements ETF HELX 202104224/22/2021
Global X Aging Population ETF  AGNG 202205095/9/2022
Global X AgTech & Food Innovation ETF KROP 2021121012/10/2021
Global X Cannabis ETF POTX 202007157/15/2020
Global X China Biotech Innovations ETF CHB 202104224/22/2021
Global X Genomics & Biotechnology ETF GNOM 202102052/5/2021
Global X Health Wellness Thermatic ETF BFIT 202005155/15/2020
Global X MSCI China Health Care ETF CHIH 201701011/1/2017
Global X Telemedicine & Digital Health ETF EDOC 202104224/22/2021
Goldman Sachs Future Health Care Equity ETF GDOC 202202142/14/2022
Invesco S&P 500 Equal Weight Health Care ETF RYH 201701011/1/2017
Hartford Healthcare HLS Fund HIAHX; HBGHX 201701011/1/2017
Health Care Select Sector SPDR Fund XLV 201701011/1/2017
HealthShares Cardio Devices ETF HHE 202206016/1/2022
HealthShares Neuroscience ETF HHN 202206016/1/2022
Hercules Capital, Inc. HTGC 202104224/22/2021
ICON Consumer Staples Fund ICRAX; ICLEX 201701011/1/2017
ICON Health and Information Technology Fund ICTTX; ICTEX 201701011/1/2017
Invesco DB Agriculture Fund DBA 202003043/4/2020
Invesco DWA Consumer Staples Momentum ETF PSL 202202142/14/2022
Invesco Health Care Fund GGHCX; GTHIX; GTHCX; GGHYX 201701011/1/2017
Invesco Nasdaq Biotechnology ETF  IBBQ 202206016/1/2022
Invesco S&P 500 Equal Weight Consumer Staples ETF RHS 202003043/4/2020
Invesco S&P SmallCap Consumer Staples ETF PSCC 202104224/22/2021
iPath Dow Jones-UBS Cocoa ETN NIB 2020102110/21/2020
iPath Series B Bloomberg Agriculture Subindex Total Return ETN JJA 2020102110/21/2020
iPath Series B Bloomberg Coffee Subindex Total Return ETN JO 202009109/10/2020
iPath Series B Bloomberg Cotton Subindex Total ReturnSM ETN BAL 201701011/1/2017
J iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN JJG; JJGTF 202009109/10/2020
iPath® Series B Bloomberg Sugar Subindex Total Return SM ETN SGG 202009109/10/2020
IQ Healthlly Hearts ETF HART 202104224/22/2021
iPath Series B Bloomberg Softs Subindex Total Return ETN JJS 202009109/10/2020
iShares U.S. Pharmaceuticals (ETF) IHE 201701011/1/2017
iShares U.S. Consumer Goods (ETF) IYK 201701011/1/2017
iShares Emergent Food and AgTech Multisector ETF  IVEG 202206296/29/2022
iShares Evolved U.S. Consumer Staples ETF IECS 201701011/1/2017
iShares Evolved U.S. Healthcare Staples ETF IEHS 201701011/1/2017
iShares Evolved U.S. Innovative Healthcare ETF IEIH 201701011/1/2017
IShares Genomics Immunology and Healthcare ETF IDNA 202102052/5/2021
iShares MSCI Global Agriculture Producers ETF VEGI 201701011/1/2017
iShares NASDAQ Biotechnology (ETF) IBB 201701011/1/2017
iShares Global Consumer Staples (ETF) KXI 201701011/1/2017
iShares Global Healthcare (ETF) IXJ 201701011/1/2017
iShares MSCI Global Impact ETF SDG 2022102010/20/2022
iShares US Healthcare (ETF) IYH 201701011/1/2017
iShares US Medical Devices (ETF) IHI 201701011/1/2017
Janus Henderson Global Life Sciences Fund JFNAX; JAGLX; JNGLX; JFNIX; JFNCX 201701011/1/2017
JHancock Multifactor Health Care ETF JHMH; JHML; JHMM; JHSC; JHMD; JHEM 201701011/1/2017
JNL/Mellon Capital Healthcare Sector FVUSA000Y4 202003043/4/2020
John Hancock Multifactor Consumer Staples ETF JHMS 201701011/1/2017
John Hancock Variable Insurance Trust Health Sciences Trust JEHSX 201701011/1/2017
Kelly CRISPR & Gene Editing Technology ETF XDNA 202203073/7/2022
Kinetics Medical Fund MEDRX; KRXAX; KRXCX 201701011/1/2017
KraneShares Emerging Market Healthcare Index ETF KMED 202104224/22/2021
KraneShares MSCI All China Health Care Index ETF KURE 201701011/1/2017
Live Oak Health Sciences Fund LOGSX 201701011/1/2017
Loncar Cancer Immunotherapy ETF CNCR 202102052/5/2021
Loncar China Biopharma ETF CHNA 202008118/11/2020
Lord Abbett Health Care Fund LHCAX 201701011/1/2017
VanEck Vectors Biotech ETF BBH 201701011/1/2017
VanEck Vectors Pharmaceutical ETF PPH 201701011/1/2017
Microsectors Cannabis ETN MJJ 202104224/22/2021
MicroSectors Cannabis 2X Leveraged ETN MJO 202104224/22/2021
MLCX Grains ETN GRU 2017010110/21/2020
Neuberger Berman Disrupters ETF NBDS 2022102010/20/2022
Invesco Dynamic Biotechnology & Genome ETF PBE 201701011/1/2017
Invesco Dynamic Food & Beverage ETF PBJ 201701011/1/2017
Invesco DWA Healthcare Momentum ETF   PTH 201701011/1/2017
Pacer BioThreat Strategy ETF VIRS 202202142/14/2022
PowerShares Dynamic Pharmaceuticals(ETF) PJP 201701011/1/2017
Invesco S&P SmallCap HealthCare ETF PSCH 201701011/1/2017
Principal Healthcare Innovators Index ETF BTEC 202102052/5/2021
ProFunds Biotechnology UltraSector Fund BIPIX; BIPSX 201701011/1/2017
ProFunds Consumer Goods Ultra Sector Fund CNPIX; CNPSX 201701011/1/2017
ProFunds Pharmaceuticals UltraSector Fund PHPIX; PHPSX 201701011/1/2017
ProFunds UltraSector Health Care Fund Investor Class HCPIX, HCPSX 201701011/1/2017
Proshares MSCI Transformational Changes ETF  ANEW 202206296/29/2022
Proshares Pet Care ETF PAWZ 202202142/14/2022
ProShares Ultra Consumer Goods UGE 201701011/1/2017
ProShares Ultra Health Care RXL 201701011/1/2017
ProShares Ultra Nasdaq Biotechnology BIB 201701011/1/2017
ProShares Ultra Short Consumer Goods SZK 201701011/1/2017
ProShares UltraShort Health Care RXD 201701011/1/2017
ProShares UltraShort Nasdaq Biotech BIS 201701011/1/2017
PGIM Jennison Health Sciences Fund PHLAX; PHSZX; PHLCX; PHLQX;PJHRX 201701011/1/2017
PSYK ETF (Horizons Psychedelic) PSYK 202205095/9/2022
Putnam Global Health Care Fund PHSTX; PHSBX; PCHSX; PHSRX; PHSYX; PHLMX;PGHAX 201701011/1/2017
ROBO Global Healthcare Technology and Innovation ETF HTEC 2021121012/10/2021
RICI-Agriculture ENT RJA 202103103/10/2021
Roundhill Cannabis ETF WEED 202206016/1/2022
Rydex Biotechnology Fund RYOIX; RYBOX; RYOAX; RYCFX 201701011/1/2017
Rydex Consumer Products Fund RYCIX; RYPDX; RYCAX; RYCPX 201701011/1/2017
Rydex Health Care Fund RYHIX; RYHEX; RYHAX; RYHCX 201701011/1/2017
Saratoga Health & Biotechnology Portfolio Fund SBHIX; SHPAX; SHPCX 201701011/1/2017
Schwab Health Care Fund SWHFX 201701011/1/2017
Simplify Health Care ETF PINK 202202142/14/2022
SPDR S&P Biotech (ETF) XBI 201701011/1/2017
SPDR S&P Health Care Equipment ETF XHE 201701011/1/2017
SPDR S&P Health Care Services ETF XHS 202104224/22/2021
SPDR S&P Pharmaceuticals (ETF) XPH 201701011/1/2017
T Rowe Price Health Sciences Fund PRHSX, THISX 201701011/1/2017
Tekla Healthcare Investors HQH 201701011/1/2017
Tekla Healthcare Opportunities Fund THQ 201701011/1/2017
Tekla Life Sciences Investors HQL 201701011/1/2017
Tekla World Healthcare Fund THW 201701011/1/2017
Teucrium Agricultural Fund TAGS 202007157/15/2020
Teucrium Agricultural No K-1 Strategy ETF TILL 202206296/29/2022
Teucrium Corn Fund CORN 202007157/15/2020
Teucrium Soybean SOYB 202007157/15/2020
Teucrium Sugar CANE 202007157/15/2020
Teucrium Wheat WEAT 202007157/15/2020
The Cannabis ETF THCX 202007157/15/2020
The Hartford Healthcare Fund HGHAX; HGHCX; HGHSX; HGHIX; HGHRX; HGHTX; HGHYX; HGHVX; HGHFX 201701011/1/2017
USA Mutuals Fund VICEX; VICAX; VICCX; VICVX 201701011/1/2017
VALIC Company I Health Sciences Fund VCHSX 201701011/1/2017
VanEck Future of Food YUMY 2021121012/10/2021
Vanguard Consumer Staples ETF VDC 201701011/1/2017
Vanguard Consumer Staples Index Fund VCSAX 201701011/1/2017
Vanguard Health Care ETF VHT 201701011/1/2017
Vanguard Health Care Fund VGHCX 201701011/1/2017
VegTech Plant-based Innovation & Climate ETF  EATV 202206296/29/2022
Vanguard Health Care Fund Admiral Shares VHCIX; VGHAX 201701011/1/2017
Virtus LifeSci Biotech Clincial Trials ETF BBC 201701011/1/2017
Virtus LifeSci Biotech Products ETF BBP 201701011/1/2017
WisdomTree BioRevolution Fund  WDNA 202205095/9/2022
Wisdom Tree Managed Futures Strategy Fund WTMF 202103103/10/2021



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