00:00It is interesting. I mean, as Eric said, over the past five years, a little bit in the doghouse when
00:05it comes to the performance of this ETF.
00:06But then you think about the year to date performance beating the S&P 500, the one year performance higher
00:11by about 76 percent on a total return basis.
00:15I think it's really interesting to stack that performance up against your inflows because, I mean, you've seen about 12
00:21million dollars come in year to date,
00:23but not exactly, you know, the big gusher of money that you might expect to follow a performance like that.
00:29And I wonder, Dan, how do you market this ETF? I mean, is it difficult to talk to advisers about
00:36this or is that just not the audience that you're targeting?
00:40Well, here at AdvisorShares, we always target advisers. It's a big part of our business. But this is a very
00:46niche fund.
00:48It's unusual and some advisers want to talk about it and some don't. But it's interesting, as you guys said,
00:55in the past year, these alternative type of treatments for all sorts of mental health are really getting much more
01:04attention.
01:05And just last month, Donald Trump signed an executive order wanting to fast track a number of different types of
01:13alternative psychedelic treatments
01:15or things that were mentioned like untreatable depression, PTSD, traumatic brain injury, even postpartum depression.
01:24That's treatment resistant. And this stuff is just now starting to scratch the surface and getting attention.
01:31And that's why this is still a small fund. But again, finally getting some attention out there in the press
01:37and PR and awareness.
01:39We just need to make more people aware. Dan, I think when you were if you were to present this
01:45to like a 60 year old advisor
01:47and I might be close to that list of that age at this point, but I'm Gen X and you
01:53read out ketamine, MD, MDMA and mushrooms.
01:55They're going to think these are party drugs. Why would I want to invest in these?
02:00How are these administered to people to cure depression in a way that doesn't get out of control?
02:05Right. Because these were kind of illegal for the general population for a reason.
02:10Yeah, it's interesting when we really talk about educating people on this fund.
02:15These are real biotech companies that have things in FDA trial and some treatments are starting to happen.
02:25But mostly we're talking about biotech companies here that trade based on their IP,
02:33their intellectual property and where they stand in FDA trial.
02:37And when I say these things are getting more attention lately, they got a lot of attention.
02:41They kind of got a bid when RFK became became the head of the HHS and talked about the need
02:48for these alternative treatments.
02:50And then again, last month, Donald Trump with an executive order wanting to fast track because anybody that knows about
02:57buying pharmaceuticals,
02:58buying biotech and in this case, biotech that specializes in psychedelic treatments.
03:07You know, the IP, where they stand in that FDA pipeline is all important.
03:13But to answer your question a little bit more, Eric, you know, veterans, veterans have been in the forefront recently
03:21with PTSD, depression,
03:24even again, traumatic brain injury, and people are realizing the need for these other treatments because sometimes big pharma is
03:34not taking care of it properly.
03:36I think we have an over prescription problem in the United States or if not worldwide.
03:41So these alternative treatments and we are talking about psilocybin based treatments, ketamine, sometimes MDMA, sometimes even Ibocaine has gotten
03:51some press recently from Donald Trump.
03:54Once again, there's a real need for people that have real needs with postpartum depression, untreatable depression, PTSD, all these
04:05things.
04:05And people are now seeing that these aren't party drugs.
04:10We're talking about real biotech companies listed on NASDAQ, listed on the New York Stock Exchange.
04:16And again, real treatments for real people in need.
04:19Yeah. So Bloomberg News had a really good article.
04:23It was the big take about three weeks ago on ketamine in particular and how Johnson & Johnson calls it
04:28Spravato.
04:29And the bar chart of the, you know, sales going up is very compelling.
04:33Plus Johnson & Johnson's involved.
04:35I think that got a lot of people's attention because it seems like big business now.
04:38What percentage of the fund is like ketamine versus the other ones?
04:42Like how does that breakdown work?
04:44Great question.
04:45And it's not an exact science because most of the fund is more psilocybin focused.
04:51And that's just because of what these companies do.
04:54Our top holding is Compass Pathways.
04:56A lot of people have heard of, if they know the space anyway.
05:00Right behind it is a Ty Beckley.
05:02And then there's Delphinium, which used to be called Mind Medicine.
05:07But these are more psilocybin based.
05:09But when you look at the total IP under the umbrella of some of these psychedelic specialty companies,
05:15you may see some psilocybin as well as some MDMA, as well as some ketamine.
05:22And looking down the portfolio, there are other companies that more specialize in MDMA or Ibocaine or ketamine.
05:33An important thing, as you mentioned Johnson & Johnson, back when we first launched this fund,
05:38we were focused very much on firms that really specialize only in psychedelics.
05:45Again, they're biotech companies, but their main products, their main revenue or their main assets were based on psychedelics.
05:52Well, Johnson & Johnson, it's a very small part of their business on the grand scale,
05:57but they acquired one of those psychedelic companies.
06:01The same thing with AbbVie.
06:03They are an acquirer of psychedelic companies.
06:06So, again, not a big percentage of their overall, but we have them in the portfolio now
06:12because they've stuck their toe into the psychedelic space.
06:16Most of the companies here are micro-cap companies, a little bit of small cap, but mostly micro-cap.
06:23But, again, they're listed.
06:25They're easily traded.
06:27Right.
06:27But they're small companies that are really focused primarily on the psychedelic treatment side.
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