MSOS - AdvisorShares Pure US Cannabis ETF

The Freedom to Invest in U.S. Cannabis.

The U.S. represents the largest market in the world and one that we believe represents the greatest untapped growth potential for cannabis.

Options Listed for MSOS, the First-Ever US Cannabis ETF

AdvisorShares Pure US Cannabis ETF (MSOS) Joins Sister Fund YOLO with Listed Options
Symbol Exchange Inception Date CUSIP Indicative Value Options
MSOS NYSE Arca 9/1/2020 00768Y453 MSOS.IV Available
<strong>Why Invest in MSOS?</strong>
  • The ONLY U.S.-Listed ETF Available – MSOS is the first and only actively managed U.S.-listed ETF with dedicated cannabis exposure focusing exclusively on U.S. companies, including multi-state operators. The portfolio manager allocates across an investable universe of U.S. companies spanning a variety of cannabis-related businesses.
  • Easy Access to U.S. Cannabis Exposure – MSOS trades 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.
  • Experience – MSOS’ portfolio manager has deep experience in the capital markets and well-established expertise investing in highly-regulated areas in the equity markets, including cannabis. MSOS assets are held by one of the largest U.S. custodial banks, BNY Mellon.
<strong>Where Can MSOS Fit in a Traditional Portfolio?</strong>

MSOS can be used as a thematic investment, offering specific and focused exposure to the U.S. cannabis market. MSOS can also deliver an alpha-seeking, high-growth complement to a broad-based equity allocation.

<strong>Key Attributes</strong>
  • 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, MSOS 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, and seeing an influx of new companies. Additionally, cannabis-related securities can experience fluctuation and rapid change. Using daily, active management, MSO’s portfolio manager can adjust the portfolio more quickly and opportunistically than a passive index-based strategy that must wait for periodic rebalancing.

 

<strong>About the Portfolio Manager</strong>
Dan Ahrens, Portfolio Manager
Mr. Ahrens is a Managing Director and the Chief Operating Officer of AdvisorShares. He is the portfolio manager of the Pure US Cannabis ETF (ticker: MSOS) – the first ETF to offer US-exclusive cannabis exposure – the Pure Cannabis ETF (ticker: YOLO), and the Vice ETF (ticker: VICE).

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.

 

MSOS Overview from Dan Ahrens

 

Get an introduction to the MSOS ETF directly from the portfolio manager, Dan Ahrens.

 

 

MSOS Overview from Dan Ahrens

 

Get an introduction to the MSOS ETF directly from the portfolio manager, Dan Ahrens.

 

Fund

Price History

As of 9/23/2021

NAV $31.49 Closing Price $31.72
Change $0.21 Close Change $0.04
Shares Outstanding 27,210,000 Volume 1307776
4PM Bid/Offer Midpoint $31.57 Premium Discount $0.08
Assets Under Management $856,939,558.14 30-Day Median bid-ask Spread 0.1654260
Premium/Discount Historical Data | NAV Historical Data | Daily Premium/Discount Historical Data
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.

Got the MUNCHIES?

FUND

Characteristics

As of 8/31/2021

MSOS Country Allocation

100% United States

MSOS Market Capitalization

Source: Morningstar & AdvisorShares

MSOS Sector Allocation

FUND

Performance

As of 8/31/2021

  NAV Market Price Return S&P 500 Index
1 Month -8.76 -8.51 3.04
3 Months -21.37 -21.33 7.95
YTD -10.17 -10.4 21.58
Since Inception (9/1/2020, Annualized) 30.48 30.68 30.18

As of 6/30/2021

  NAV Market Price Return S&P 500 Index
1 Month -3.06 -3.49 2.33
3 Months -5.54 -5.56 8.55
YTD 10.75 9.93 15.25
Since Inception (9/1/2020, Annualized) 60.86 60.32 23.41

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.

 

Fund

Holdings

As of

Excel    CSV

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
09/24/2021 MSOS GTBIF GTBIFTRS GREEN THUMB INDUSTRIES SWAP REC 4,125,220.00 28.04 115,650,955.22 13.15% TW
CURLF CURLFTRS CURALEAF HOLDINGS INC SWAP REC 8,893,295.00 12.29 109,298,595.55 12.43% TW
TCNNF TCNNFTRS TRULIEVE CANNABIS SWAP REC 3,009,918.00 29.10 87,588,613.80 9.96% TW
CRLBF CRLBFTRS CRESCO LABS INC SWAP REC 9,003,120.00 9.25 83,278,860.00 9.47% TW
AYRWF AYRWFTRS REC AYR WELLNESS INC 2,750,911.00 25.50 70,148,230.50 7.98% TW
IIPR 45781V101 INNOVATIVE INDUSTRIAL PROPER 238,574.00 244.88 58,422,001.12 6.64% S
TRSSF TRSSFTRS TERRASCEND CORP SWAP REC 6,656,581.00 7.13 47,435,927.82 5.40% TW
VRNOF VRNOFFFS VERANO HOLDINGS CORP SWAP REC 3,000,784.00 11.87 35,619,306.08 4.05% TW
CCHWF CCHWFTRS COLUMBIA CARE INC SWAP REC 8,326,892.00 4.15 34,556,601.80 3.93% TW
HRVSF HRVSFFFS HARVESTHEALTH SWAP R 8,905,031.00 3.31 29,475,652.61 3.35% TW
PLNHF PLNHFTRS PLANET 13 HOLDINGS SWAP REC 6,109,285.00 4.63 28,285,989.55 3.22% TW
JUSHF JUSHFTRS JUSHI HOLDINGS INC SWAP REC 6,126,698.00 4.34 26,589,869.32 3.02% TW
GRWG 39986L109 GROWGENERATION CORP 924,615.00 25.79 23,845,820.85 2.71% S
FFNTF FFNTFFFS 4FRONT VENTURES CORP SWAP REC 20,016,571.00 1.06 21,217,565.26 2.41% TW
GRAMF GRAMFTRS RECV GRAMF TPCO HOLD CORP SWAP 5,292,948.00 3.19 16,884,504.12 1.92% TW
PW 73933H101 POWER REIT 203,439.00 51.69 10,515,761.91 1.20% S
HYFM 44888K209 HYDROFARM HOLDINGS GROUP INC 271,100.00 37.97 10,293,667.00 1.17% S
GDNSF GDNSFFFS GOODNESS GROWTH HOLDINGS INC 4,140,230.00 1.54 6,375,954.20 0.73% TW
ACRHF ACRHFTRS ACREAGE HOLDINGS SUB VTG CL E ORD SWAP REC 2,538,467.00 2.36 5,990,782.12 0.68% TW
CXXIF CXXIFFFS C21 INVESTMENTS INC SWAP REC 7,877,268.00 0.75 5,880,380.56 0.67% TW
GAEGF GAEGFFFS GAGE GROWTH CORP SWAP REC 2,503,000.00 1.94 4,855,820.00 0.55% TW
LOWLF LOWLFFFS LOWELL FARMS INC-SUB SWAP REC 4,564,503.00 1.06 4,838,373.18 0.55% TW
VEXTF VEXTFFFS REC VAPEN MJ VENTURES CORP SWAP 4,856,256.00 0.66 3,187,160.81 0.36% TW
CERAF CERAFFFS CERES ACQUISITION CORP SWAP REC 300,000.00 9.90 2,969,700.00 0.34% TW
RIV BMFBP84 RIV CAPITAL INC 2,467,051.00 1.17 2,895,098.05 0.33% FS
GLASF GLASFFFS GLASS HOUSE BRANDS SWAP REC 400,000.00 5.25 2,100,000.00 0.24% TW
CBDHF 423821107 HEMPFUSION WELLNESS INC 4,310,795.00 0.24 1,033,728.64 0.12% FS
YCBD 12482W101 CBDMD INC 430,234.00 2.04 877,677.36 0.10% S
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 429,008,408.42 1.00 429,008,408.42 48.80% MM
CASH (399,929,190.46) 100.00 0.00 -45.49% CA
Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.

FUND

Fees & Expenses

Management Fee 0.60%
Other Expenses 0.27%
Gross Expenses Ratio 0.87%
Fee Waver and/or Expenses Reimbursement -0.13%
Net Expense Ratio 0.74%

The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% of the Fund’s average daily net assets for at least one year from the date of the Prospectus.

Last Ten

Fund Distributions

  • 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 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. 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. 
  •      
  • Definitions   
  • Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.