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| Symbol | Exchange | Inception Date | CUSIP | NAV | Options Available |
|---|---|---|---|---|---|
| MSOX | NYSE Arca | 8/23/2022 | 00768Y289 | MSOX.NAV | Yes |
What Does MSOX Invest In
The AdvisorShares MSOS Daily Leverage ETF (ticker: MSOX) is designed for sophisticated investors looking to gain magnified exposure to the U.S. cannabis sector. As an actively managed, leveraged ETF, MSOX seeks to generate amplified cannabis exposure by normally investing in swap agreements on the AdvisorShares Pure US Cannabis ETF (ticker: MSOS). MSOS is designed to give exposure to U.S. companies across multiple industries expected to benefit from the growing legalization of medical and recreational cannabis.
Why Invest in MSOX?
- Leveraged Exposure to Cannabis – MSOX seeks to magnify the returns of cannabis investing for a single day.
- Increase Buying Power – MSOX’s leveraged exposure allows you to overweight your cannabis holdings for less cash.
- Access to U.S. Cannabis Exposure– MSOX (and MSOS) trade on the NYSE Arca exchange, offering exposure to multiple cannabis securities in a convenient, single trade. To buy U.S. cannabis companies on your own, investors will need to seek these stocks out in smaller, foreign exchanges.
Where Can MSOX Fit in a Traditional Portfolio?
MSOX is designed for short-term trading. MSOX can be used to gain dedicated, leveraged exposure to the U.S. cannabis market.
Key Attributes
- Dedicated U.S. Cannabis Exposure – Even with limited legal availability, the U.S. cannabis market is the largest in the world and is forecast to remain so into the immediate future. The U.S. is also recognized as a leader in the cannabis space, having a reputation for creating some of the best and innovative products, as well as, mastering large scale cultivation. With exposure to U.S. companies spanning a variety of cannabis-related businesses, MSOX seeks to take advantage of this growth opportunity.
- Emerging Growth Opportunity – Cannabis securities span multiple industries including agriculture, biotechnology, pharmaceutical, real estate, retail, finance, and other medical applications. The portfolio manager believes that an evolving landscape of select, cannabis-related companies may provide upside potential that may lead to attractive growth opportunities, including the potential for merger and acquisition activity as the market matures and evolves.
- Active Management – The cannabis marketplace is quickly evolving, witnessing ongoing innovation, dominated by micro-/small-cap companies, and experiencing rapid fluctuation. Timely decision making is necessary to assess risks in this volatile marketplace which could impact rebalance frequency and targeted leverage.
Important Investor Considerations
Leveraged investing is not for everyone. Cannabis investing is volatile. MSOX is intended for sophisticated investors who understand and accept the potential for substantial losses over a short time frame; understand the unique nature and performance characteristics of daily leveraged investment results; and intend to actively monitor and manage their exposure daily.
MSOX is designed to track the levered performance of MSOS for only one day. Due to the compounding of daily returns, holding periods of greater than one day can result in MSOX having returns that are significantly different than MSOS’s return. The volatile nature of the cannabis sector may make the return difference more pronounced.
MSOX’s performance can be affected by several things, including, but not limited to fees and expenses, assets under management, volatility in the cannabis market, regulatory limitations, end-of-day capacity constraints, and counter-party limitations.
If leveraged cannabis investing is not suitable for you, consider the AdvisorShares Pure US Cannabis ETF (MSOS) or the AdvisorShares Pure Cannabis ETF (YOLO) which invest in the US or global cannabis markets, respectively, without using leverage.
About the Portfolio Manager
Dan Ahrens, Portfolio Manager
Mr. Ahrens is a Managing Director and the Chief Operating Officer of AdvisorShares. He is the portfolio manager of several AdvisorShares ETFs: the Pure US Cannabis ETF (ticker: MSOS) – the first and only ETF to offer exclusive US-exclusive cannabis exposure, the MSOS Daily Leveraged (ticker: MSOX), the Pure Cannabis ETF (ticker: YOLO), the Vice ETF (ticker: VICE), the Hotel ETF (ticker: BEDZ), the Restaurant ETF (ticker: EATZ), and the Psychedelic ETF (ticker: PSIL).
He carries over two decades of experience in the financial services industry serving in a variety of senior-level capacities and is the author of Investing in Cannabis (Wiley, 2020) and Investing in Vice (St. Martin’s Press, 2004). Additionally, Mr. Ahrens has appeared on numerous financial programs including CNBC, CNN, Fox Business, ABC News and Bloomberg and has been featured, along with funds under his management in major national and trade publications including The Economist, the New York Times, Financial Times, and The Wall Street Journal.
MSOX Overview
Get a quick and easy introduction to the MSOX ETF.
MSOX Overview
Get a quick and easy introduction to the MSOX ETF.
Fund
Price History
Fund Data
12/3/2024| NAV | $12.26 |
| Change | $-1.15 |
| Shares Outstanding | 2,228,475 |
| Assets Under Management | $27,311,304.51 |
Market Data
12/3/2024| Closing Price | $12.23 |
| Close Change | $-1.21 |
| Volume | 245,169 |
Regulatory Data
12/3/2024| Premium Discount | $0.00 |
| 30-Day Median bid-ask Spread | 0.555764 |
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
FUND
Characteristics
As of 10/31/2024
Source: Morningstar & AdvisorShares *Fund Characteristics Do Not Include Cash
FUND
Performance
As of 10/31/2024
| NAV | Market Price Return | North American Marijuana Index | S&P 500 Index | |
|---|---|---|---|---|
| 1 Month | -17.85 | -16.74 | -1.96 | -0.91 |
| 3 Months | -33.82 | -33.10 | -10.08 | 3.66 |
| YTD | -47.38 | -45.96 | 3.80 | 20.97 |
| 1 Year | -26.52 | -25.95 | 21.60 | 38.02 |
| Since Inception (8/23/2022, Annualized) | -69.08 | -68.89 | -27.81 | 17.74 |
As of 9/30/2024
| NAV | Market Price Return | North American Marijuana Index | S&P 500 Index | |
|---|---|---|---|---|
| 1 Month | 25.06 | 25.95 | 4.93 | 2.14 |
| 3 Months | -16.99 | -16.49 | 0.39 | 5.89 |
| YTD | -35.94 | -35.10 | 5.87 | 22.08 |
| 1 Year | -58.59 | -58.76 | 1.48 | 36.35 |
| Since Inception (8/23/2022, Annualized) | -67.62 | -67.63 | -26.37 | 19.03 |
Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. 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. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. One cannot invest directly in an index. The North American Cannabis Index tracks the performance of a basket of North American publicly listed companies with significant business activities in the marijuana industry.
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Fund
Holdings
As of
| Date | Account Symbol | Stock Ticker | Security ID | Security Description | Shares | Share Price | Market Value | Portfolio Weight | Asset Group |
|---|---|---|---|---|---|---|---|---|---|
| 12/03/2024 | MSOS | GTBIF | GTBIFNOM | GREEN THUMB INDUSTRIES SWAP | 21,962,545.00 | 9.17 | 201,341,631.29 | 35.80% | TW |
| TCNNF | TCNNFNOM | TRULIEVE CANNABIS SWAP | 18,554,088.00 | 5.67 | 105,201,678.96 | 18.71% | TW | ||
| CURLF | CURLFNOM | CURALEAF HOLDINGS INC SWAP | 48,469,687.00 | 1.82 | 88,214,830.34 | 15.69% | TW | ||
| VRNOF | VRNOFNOM | VERANO HOLDINGS CORP SWAP | 31,398,271.00 | 1.39 | 43,486,605.34 | 7.74% | TW | ||
| CRLBF | CRLBFTRS | CRESCO LABS INC SWAP | 34,668,903.00 | 1.10 | 38,135,793.30 | 6.78% | TW | ||
| GLASF | GLASFNOM | GLASS HOUSE BRANDS SWAP | 4,504,971.00 | 6.73 | 30,318,454.83 | 5.39% | TW | ||
| TSNDF | 88105E108 | TERRASCEND CORP | 38,788,605.00 | 0.77 | 29,927,348.19 | 5.32% | FS | ||
| JUSHF | JUSHFTRS | JUSHI HOLDINGS INC SWAP | 22,541,523.00 | 0.33 | 7,393,619.54 | 1.31% | TW | ||
| AYRWF | AYRWFNOM | AYR WELLNESS INC SWAP | 12,809,025.00 | 0.56 | 7,121,817.90 | 1.27% | TW | ||
| PLNHF | PLNHFTRS | PLANET 13 HOLDINGS SWAP | 16,286,199.00 | 0.39 | 6,286,472.81 | 1.12% | TW | ||
| CBSTF | CBSTFTRS | CANNABIST COMPANY HOLDINGS INC SWAP | 44,684,303.00 | 0.11 | 4,763,346.70 | 0.85% | TW | ||
| GRUSF | GRUSFTRS | GROWN ROGUE INTERNATIONAL SWAP | 3,912,300.00 | 0.71 | 2,777,733.00 | 0.50% | TW | ||
| CXXIF | CXXIFTRS | C21 INVESTMENTS INC SWAP | 11,967,804.00 | 0.22 | 2,668,820.29 | 0.48% | TW | ||
| VREOF | VREOFNOM | VIREO GROWTH INC COM SWAP | 6,675,884.00 | 0.38 | 2,536,835.92 | 0.45% | TW | ||
| AAWH | AAWHNOM | ASCEND WELLNESS HOLDINGS SWAP REC | 2,025,600.00 | 0.45 | 911,520.00 | 0.16% | TW | ||
| FFNTF | FFNTFNOM | 4FRONT VENTURES CORP SWAP | 36,104,239.00 | 0.03 | 906,216.40 | 0.16% | TW | ||
| VEXTF | VEXTFNOM | VAPEN MJ VENTURES CORP SWAP | 5,036,256.00 | 0.13 | 662,519.48 | 0.12% | TW | ||
| MRMD | MRMDNOM | MARIMED INC SWAP | 4,533,875.00 | 0.14 | 616,607.00 | 0.11% | TW | ||
| AYRWU | AYRWUTRS | AYR RIGHTS OFFERING | 3,117,783.00 | 0.18 | 550,288.70 | 0.10% | TW | ||
| RIV | BMFBP84 | RIV CAPITAL INC | 4,294,850.00 | 0.09 | 381,655.88 | 0.07% | FS | ||
| SHWZ | SHWZTRS | SCHWAZZE (MEDICINE MAN TECHNOLOGIES) SWAP | 2,261,000.00 | 0.10 | 226,100.00 | 0.04% | TW | ||
| GRAM | GRAMNOM | GOLD FLORA CORP SWAP | 4,598,805.00 | 0.04 | 177,053.99 | 0.03% | TW | ||
| ACRHF | ACRHFNOM | ACREAGE HOLDINGS SUB VTG CL E ORD SWAP | 2,670,161.00 | 0.01 | 14,952.90 | 0.00% | TW | ||
| LOWLF | LOWLFNOM | LOWELL FARMS INC-SUB SWAP | 501,450.00 | 0.02 | 9,276.83 | 0.00% | TW | ||
| CBDHF | 423821107 | HEMPFUSION WELLNESS INC | 7,964,631.00 | 0.00 | 0.08 | 0.00% | FS | ||
| BNYMCRNOM | DERIVATIVES COLLATERAL NOMURA | 627,802,681.31 | 1.00 | 627,802,681.31 | 111.65% | MM | |||
| X9USDBLYT | BLACKROCK TREASURY TRUST INSTL 62 | 94,721,566.63 | 1.00 | 94,721,566.63 | 16.84% | MM | |||
| BNYMCRCLR | DERIVATIVES COLLATERAL CLEARSTREET | 48,618,255.84 | 1.00 | 48,618,255.84 | 8.65% | MM | |||
| CASH | -783,455,028.88 | 100.00 | -783,455,028.88 | -139.33% | CA |
As of 12/03/2024
| Date | Account Symbol | Stock Ticker | Security ID | Security Description | Shares | Share Price | Market Value | Portfolio Weight | Asset Group |
|---|---|---|---|---|---|---|---|---|---|
| 12/03/2024 | MSOX | MSOS | MSOSNOM | ADVISORSHARES TR PURE US CANNABIS SWAP | 7,756,699 | 4.32 | 33,508,939.68 | 122.70% | TW |
| MSOSTR | MSOSTRSCS | ADVISORSHARES TR PURE US CANNABIS SWAP | 4,985,000 | 4.32 | 21,535,200.00 | 78.86% | TW | ||
| BNYMCRNOM | DERIVATIVES COLLATERAL NOMURA | 29,117,365.53 | 1.00 | 29,117,365.53 | 106.62% | MM | |||
| BNYMCRCLR | DERIVATIVES COLLATERAL CLEARSTREET | 13,164,800.11 | 1.00 | 13,164,800.11 | 48.21% | MM | |||
| X9USDBLYT | BLACKROCK TREASURY TRUST INSTL 62 | 2,077,833.66 | 1.00 | 2,077,833.66 | 7.61% | MM | |||
| CASH | -72,095,412.9 | 100.00 | -72,095,412.90 | -264.00% | CA |
FUND
Fees & Expenses
| Management Fee | 0.85% |
| Total Annual Operating Expenses | 1.31% |
| Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement* | 1.13% |
*Total Annual Operating Expenses and Total Annual Operating Expenses After Wavier/Reimbursement in this fee table may not correlate to the expense ratios in the Fund’s financial highlights. The Advisor has contractually agreed to reduce its fees and or reimburse expenses to keep net expenses from exceeding 0.95% of the Fund’s average daily net assets for at least one year from the date of the prospectus. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table. For more information, please read the full prospectus.
Last Ten
Fund Distributions
Cannabis Without BordersDEFINITIONS:
- A swap agreement is a derivative contract between two parties that involves the exchange of pre-agreed cash flows of two financial instruments
- Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.
- The Fund is an actively managed ETF that seeks to provide investment results that are approximately two times (2x) the daily total return, before fees and expenses, of the US Cannabis ETF, an affiliated ETF, by entering into one or more swaps agreements on the US Cannabis ETF. The Fund does not seek to achieve its stated investment objective for a period of time different than a single day. A single day is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation.The Fund will enter into one or more swap agreements intended to produce economically-leveraged investment results relative to the returns of the US Cannabis ETF. The Fund may use a combination of swaps on the US Cannabis ETF and swaps on various investment vehicles that are designed to track the performance of the US Cannabis ETF. The Fund expects that cash balances in connection with the use of such financial instruments (“Collateral”) will typically be held in money market instruments or other cash equivalents.The Fund is subject to a number of risks that may affect the value of its shares. This section provides additional information about the Fund’s principal risks. The degree to which a risk applies to the Fund varies according to its investment allocation. Each investor should review the complete description of the principal risks before investing in the Fund. As with investing in other securities whose prices increase and decrease in market value, you may lose money by investing in the Fund.
- Cannabis-Related Company Risk – Cannabis-related companies are subject to various laws and regulations that may differ at the state/local and federal level. These laws and regulations may (i) significantly affect a cannabis-related company’s ability to secure financing, (ii) impact the market for marijuana industry sales and services, and (iii) set limitations on marijuana use, production, transportation, and storage. Cannabis-related companies may also be required to secure permits and authorizations from government agencies to cultivate or research marijuana. In addition, cannabis-related companies are subject to the risks associated with the greater agricultural industry, including changes to or trends that affect commodity prices, labor costs, weather conditions, and laws and regulations related to environmental protection, health and safety. Cannabis-related companies may also be subject to risks associated with the biotechnology and pharmaceutical industries. These risks include increased government regulation, the use and enforcement of intellectual property rights and patents, technological change and obsolescence, product liability lawsuits, and the risk that research and development may not necessarily lead to commercially successful products.
- Leverage Risk – Leverage is investment exposure that exceeds the initial amount invested. The loss on a leveraged investment may far exceed the Fund’s principal amount invested. Leverage may magnify the Fund’s gains and losses and, therefore, increase volatility. The use of leverage may result in the Fund having to liquidate holdings when it may not be advantageous to do so.
- Shares are bought and sold at market price not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.
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