Subversive Launches ETF to Focus on Mental Health

Subversive Launches ETF to Focus on Mental Health

The debut highlights the lack of funds focused on the area.

Reviewed by: Zoya Mirza
Edited by: Zoya Mirza

Subversive Capital Advisor, a newcomer in the exchange-traded fund industry managing over $2.6 million in assets, launched a trio of funds on Friday focusing on energy, food security and mental health. 

The Subversive Decarbonization ETF (DKRB), the Subversive Food Security ETF (KCAL) and the Subversive Mental Health ETF (SANE) are actively managed funds. All three come with an expense ratio of 0.75% and were listed on the Chicago Board Options Exchange. 

SANE’s focus on mental health is rare, as most ETFs have a broader health care scope. The ETF will compete with other health care funds such as the iShares Biotechnology ETF (IBB) and the Invesco Dynamic Pharmaceuticals ETF (PJP), which are not exclusively dedicated to mental health. 

Although there are already 62 health care ETFs being traded on U.S. markets at present, which collectively have $105.2 billion in AUM, according to data, Subversive’s Portfolio Manager Christian Cooper believes mental health is a neglected subsector that needs urgent attention and capital allocation. 

“The defining challenge of this generation is going unanswered,” Cooper told “The aging brain and the intersection of that with mental health is a multitrillion-dollar cost to the economy.” 

SANE’s investment objective is to “identify mental health companies working on new tools, treatments, and medications designed to help address the global toll of untreated or ongoing mental health issues, including major depressive disorder.” according to the fund’s prospectus. The fund’s top holdings include pharmaceutical companies such as Merck & Co., Inc. and Eli Lilly & Co. 

SANE will also include companies that focus on conditions directly linked to diseases such as Alzheimer’s and Parkinson’s. 


Contact Zoya Mirza at [email protected] 

Zoya Mirza is a markets reporter at Her work has appeared in USA Today, Voice of America, and United Press International, among others. Mirza is a graduate of Northwestern University’s Medill School of Journalism. Her past experiences include editorial work in book publishing and conducting political analysis for NGOs and think tanks. Mirza is a passionate bibliophile and collects vintage postcards from every bookstore she visits in a new city.