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.