YOLO: 2nd Quarter 2026 Portfolio Review

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/yolo.

Performance

The AdvisorShares Pure Cannabis ETF (YOLO) returned +9.08% (NAV) / +9.51% (market) in Q2 2026, recovering a portion of the ground lost in the first quarter as global cannabis sentiment improved alongside the U.S. federal rescheduling news. The S&P 500 Index returned +15.20% over the same three-month period.

Portfolio

YOLO continued its active management approach through the second quarter, including a continued shift in how the portfolio gains exposure to certain underlying names. Historically, a meaningful portion of YOLO‘s U.S. multi-state operator exposure has come indirectly through its position in the affiliated fund MSOS, which in turn holds some names via total return swap rather than direct stock ownership. During the quarter, YOLO continued rotating a portion of that indirect exposure into direct, listed positions in select underlying companies — reducing swap-based exposure where a name is directly tradable and building out YOLO’s own line item in that stock, while maintaining its core allocation to MSOS.

This is part of a longer-term effort to build YOLO into a more globally diversified, directly-held portfolio over time, reducing reliance on affiliated fund swap structures where listed alternatives exist. This transition is ongoing and YOLO‘s exposure to U.S. multi-state operators will likely continue to reflect a mix of direct holdings and indirect exposure through MSOS for the foreseeable future.

The portfolio continues to emphasize operators with strong balance sheets, diversified revenue, and meaningful exposure to maturing regulatory markets globally.

Winners and Losers

Names that stood out on the upside this quarter included:

• AdvisorShares Pure US Cannabis ETF (MSOS): +42.16%
• Curaleaf Holdings Inc. (CURLF): +8.91%

On the other end of the spectrum, the following names weighed most heavily on returns:

• Village Farms International Inc. (VFF): -29.58%
• Charlottes Web Holdings Inc. (CWEB): -56.72%

Ticker	Security Description	Portfolio Weight %
MSOS	ADVISORSHARES PURE US CANN	22.96%
CURLF	CURALEAF HOLDINGS INC	15.15%
TRLV	TRULIEVE CANNABIS CORP	13.09%
VFF	VILLAGE FARMS INTERNATIONAL	10.54%
HITI	HIGH TIDE INC	7.86%
CRON	CRONOS GROUP INC	3.91%
GLAS	GLASS HOUSE BRANDS INC	3.79%
CWEB	CHARLOTTES WEB HOLDINGS INC	2.74%
OGI	ORGANIGRAM GLOBAL INC	2.64%
TSNDF	TERRASCEND CORP	2.57%

As of 06.30.2026. Cash is not included. Subject to change.

Please see our complete Fund holdings at advisorshares.com/etfs/yolo. The holdings details are updated each market day.

The second quarter of 2026 was dominated by developments in the United States, where the Department of Justice issued a final order on April 23, 2026, immediately reclassifying state-licensed medical cannabis, and cannabis contained in FDA-approved drug products, from Schedule I to Schedule III. A separate, broader DEA administrative hearing on full rescheduling of cannabis began June 29, 2026, and continues into the current quarter, alongside ongoing legal challenges to the April order at the D.C. Circuit.

Internationally, Canadian and European trade dynamics continued largely along their established path, with Germany’s partial legalization framework sustaining demand for EU GMP-certified Canadian supply, and Australia’s therapeutic cannabis market continuing its gradual maturation.

Outlook

As we move into Q3 2026, YOLO’s global exposure continues to provide access across maturing international markets. For the U.S. portion of the portfolio, the DEA’s administrative hearing on broader federal rescheduling and the pending D.C. Circuit litigation related to the April order remain the most consequential near-term developments to monitor. These proceedings may also set precedent for policymakers and market participants outside the United States as other countries evaluate their own cannabis frameworks. We will continue to actively manage the fund as regulatory, legal, and market conditions evolve across its global opportunity set.

Sources:
1. Marijuana Policy Project. DOJ Reschedules State-Legal Medical Cannabis to Schedule III: Questions and Answers. 2026.
2. Foley Hoag LLP. DOJ Immediately Reschedules State-Licensed Medical Cannabis to Schedule III — and Restarts the Clock on Broader Rescheduling. April 23, 2026.
3. Ropes & Gray LLP. Clearing the Haze? Federal Marijuana Rescheduling Heads to DEA Hearing as Legal Challenges Loom. 2026.

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