At a glance
MNTL charges 0.75% a year, above the 0.43% average of the 6 funds most like it (the most expensive of 7). It has $9.7M in assets, the 6th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds. Its ten largest positions make up 53.1% of the fund, out of 44 in all.
The short version
Tema Neuroscience and Mental Health ETF (MNTL) is an actively managed fund for investors who want a targeted stake in drug, biotech and medical device companies that earn at least half their revenue from neurological or mental health conditions. As of May 31, 2025, Vertex Pharmaceuticals was its largest holding, and assets totaled just $9.7 million. At 0.75% a year after a fee waiver, it costs more than six similar funds, which averaged 0.43%.
Price history
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MNTL 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MNTL price data to Oct 27, 2026 | 0.0% | 0.0% | — | — | — | -2.1% |
- Over the year to Oct 27, 2026, MNTL returned 0.0%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (-2.7%); its best was 2025 (-2.7%).
- The deepest fall in its price history was 26.5% (Aug 27, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2025 | -2.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of May 31, 2025, the fund held 44 securities; the ten largest made up 53.1% of assets, and 2.28% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Vertex Pharmaceuticals Inc | 10.46% | |
| Regeneron Pharmaceuticals Inc | 6.48% | |
| Alnylam Pharmaceuticals Inc | 6.22% | |
| Argenx SE | 5.25% | |
| Teva Pharmaceutical Industries | 4.99% | |
| Neurocrine Biosciences Inc | 4.95% | |
| Eli Lilly & Co | 4.16% | |
| Crinetics Pharmaceuticals Inc | 4.11% | |
| Biogen Inc | 3.34% | |
| Stryker Corp | 3.14% | |
| Catalyst Pharmaceuticals Inc | 2.92% | |
| Ionis Pharmaceuticals Inc | 2.87% | |
| Medtronic PLC | 2.54% | |
| Axsome Therapeutics Inc | 2.52% | |
| ACADIA Pharmaceuticals Inc | 2.35% |
By country
United States 72.68%Ireland 6.58%Netherlands 5.25%Israel 4.99%Belgium 2.23%By asset type
Stocks 97.58%What changed recently
- Over the three months to May 31, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.20%, +0.55%, -4.84%.
How it works
MNTL is actively managed rather than tied to an index. Its adviser puts at least 80% of net assets into companies it judges to earn at least half their revenue from neurological diseases or mental health. These can be large drugmakers, early-stage biotech firms, diagnostics and device makers, or care providers. Each needs a stock market value of at least $100 million and average trading of at least $500,000 a day over three months. The fund generally holds more than 15 and up to 100 companies. It held 44 as of May 31, 2025.
"Top down" screens, such as five-year revenue growth and margins, narrow the field. The adviser then looks for growth companies that look cheap on measures like price-to-earnings and score well on growth, margins and returns on capital. It compares them with peers, with their own history or with forecasts. ESG (environmental, social and governance) factors feed into the research but don't rule any company out. Turnover, the share of holdings replaced in a year, was 29%.
The fund is "non-diversified," meaning it can put a lot of money into a few companies. As of May 31, 2025, Vertex Pharmaceuticals was 10.5% of the fund and the top 10 holdings were 53.1%. About 73% was in US companies, and the largest foreign weights were in Ireland, the Netherlands and Israel. The fund doesn't hedge currencies, so exchange-rate moves affect returns.
What it really costs
- MNTL charges 0.75% a year, versus an average of 0.43% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.24% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $1,168 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MNTL | $77 | $266 | $499 | $1,168 |
In a retirement portfolio
It is a narrow, non-diversified bet on about 44 neuroscience and mental health stocks, with a short record, no income and a 0.75% cost that is above similar funds.
MNTL could add a focused bet on brain and mental health stocks alongside core funds. It launched January 22, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 26.5%, from August 27, 2024 to April 8, 2025, and it had not regained that peak as of October 27, 2026. Someone who invested at the peak and cashed out near the low got back about a quarter less. In 2025, its only full calendar year, it lost 2.7%.
It made no distributions in the 12 months to October 27, 2026, so it provides no income. Its 0.75% expense ratio is above the 0.43% average of similar funds. The SEC's standard example ($10,000 earning 5% a year) puts costs at $77 after one year and $1,168 after 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting an actively managed slice of neuroscience and mental health companies, such as Vertex, Regeneron and Alnylam, alongside broad core funds.
- Those comfortable with concentration: the non-diversified fund's top 10 holdings were 53.1% of assets, with Vertex alone at 10.5%, as of May 31, 2025.
- Long-term investors who need no income from it and can hold through drops like its 26.5% fall from August 2024 to April 2025.
Look elsewhere if
- Cost-conscious investors: its 0.75% expense ratio was higher than all six similar funds; Invesco Nasdaq Biotechnology ETF (IBBQ) charged 0.19%.
- Those needing income or stability: it paid nothing in the 12 months to October 27, 2026, and had not regained its August 2024 peak.
- Investors wanting a large, established fund: MNTL held $9.7 million (May 31, 2025); iShares Biotechnology ETF (IBB) held $9.1 billion (June 30, 2026).
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MNTL this fund | — | 0.75% | $9.7M | 0.0% | — |
| IBB iShares Biotechnology ETF | 30% | 0.45% | $9.09B | +35.3% | +23.9% |
| BBH VanEck Biotech ETF | 30% | 0.35% | $395.6M | +41.0% | +20.9% |
| IBRN iShares Neuroscience and Healthcare ETF | 28% | 0.47% | $5.5M | +7.9% | +19.7% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 28% | 0.19% | $96.4M | +36.3% | +26.1% |
| PBE Invesco Biotechnology & Genome ETF | 24% | 0.58% | $281.9M | +38.6% | +25.2% |
| FBT First Trust NYSE Arca Biotechnology Index F… | 23% | 0.56% | $2.81B | +43.6% | +27.7% |
Questions investors ask
Does MNTL pay dividends?
No. MNTL made no distributions in the 12 months to October 27, 2026, so its trailing 12-month yield was 0%. That fits its stated goal of long-term growth of capital rather than income. It holds drug, biotech and medical device stocks picked for growth potential. Anyone who needs regular cash would have to rely on other holdings or cash out shares, which can mean taking a loss after a drop.
What is MNTL's expense ratio?
MNTL's expense ratio, the yearly fee taken from fund assets, was 0.75% in its prospectus filed June 26, 2025. That is a 0.99% management fee minus a 0.24-percentage-point fee waiver, meaning the adviser gives up part of its fee. Waivers can end. In the SEC's standard example, $10,000 earning 5% a year would cost $77 after one year, $499 after five and $1,168 after 10. Six similar funds averaged 0.43%, and Invesco Nasdaq Biotechnology ETF (IBBQ) charged 0.19%.
What's the difference between MNTL and IBRN?
Both funds focus on neuroscience companies, but MNTL costs more: 0.75% a year, against 0.47% for the iShares Neuroscience and Healthcare ETF (IBRN). MNTL is actively managed. Its adviser picks companies earning at least half their revenue from neurological or mental health conditions and favors growth stocks that look reasonably valued. The two funds' holdings overlapped by 28%. Both are small: IBRN had $5.5 million in assets as of July 31, 2026, and MNTL had $9.7 million as of May 31, 2025.
What are MNTL's top holdings?
As of May 31, 2025, MNTL's largest holdings were Vertex Pharmaceuticals (10.5%), Regeneron Pharmaceuticals (6.5%), Alnylam Pharmaceuticals (6.2%), Argenx (5.3%), Teva Pharmaceutical (5.0%) and Neurocrine Biosciences (4.9%). Eli Lilly, Crinetics, Biogen and Stryker rounded out the top 10, which made up 53.1% of a 44-stock fund. About 73% was in US companies. The largest foreign weights were Ireland (6.6%), the Netherlands (5.3%) and Israel (5.0%). Cash was 2.3%.
How risky is MNTL?
MNTL carries the risks of a narrow, concentrated fund. It is non-diversified and focused on drug, biotech and device companies whose results can depend on whether a few products prove safe and effective, on regulatory approvals and on patents. Its deepest drop was 26.5%, from August 27, 2024 to April 8, 2025, and it had not regained that peak as of October 27, 2026. Its volatility, a measure of how widely returns swing, was about 17% a year over its history. It lost 2.7% in 2025.