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.

Symbol Exchange Inception Date CUSIP NAV Value Options
MSOS NYSE Arca 9/1/2020 00768Y453 MSOS.NV Available
<strong>Why Invest in MSOS?</strong>
  • The First U.S.-Listed ETF Available – MSOS is the first 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, MSOS’ 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

Fund Data

6/13/2024
NAV $7.28
Change $-0.41
Shares Outstanding 119,895,000
Assets Under Management $872,646,679.82

 

 

 

 

Market Data

6/13/2024
Closing Price $7.23
Close Change $-0.46
Volume 10,224,879

Regulatory Data

6/13/2024
Premium Discount $-0.0400
30-Day Median bid-ask Spread 0.130000
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.

FUND

Characteristics

As of 5/31/2024

MSOS Country Allocation

100% United States

MSOS Sector Allocation

*Fund Characteristics Do Not Include Cash

Source: Morningstar & AdvisorShares

MSOS Market Capitalization

Where can I buy this ETF?

FUND

Performance

As of 5/31/2024

  NAV Market Price Return North American Marijuana Index S&P 500 Index
1 Month -28.59 -29.11 -19.24 4.96
3 Months -6.39 -6.75 5.23 3.91
YTD 15.24 15.09 12.50 11.30
1 Year 43.83 44.58 37.32 28.19
3 Year -42.15 -42.17 -36.99 9.57
Since Inception (9/1/2020, Annualized) -26.15 -26.15 -21.23 13.11

As of 3/31/2024

  NAV Market Price Return North American Marijuana Index S&P 500 Index
1 Month 15.95 16.3 18.54 3.22
3 Months 42.74 43.53 26.73 10.56
YTD 42.74 43.53 26.73 10.56
1 Year 72.43 74.65 33.17 29.88
3 Year -38.41 -38.2 -36.19 11.49
Since Inception (9/1/2020, Annualized) -22.71 -22.56 -19.49 13.55

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.

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
06/13/2024 MSOS GTBIF GTBIFTRS GREEN THUMB INDUSTRIES SWAP 20,621,046.00 11.49 236,935,818.54 27.14% TW
CURLF CURLFTRS CURALEAF HOLDINGS INC SWAP 44,904,767.00 4.19 188,150,973.73 21.55% TW
TCNNF TCNNFTRS TRULIEVE CANNABIS SWAP 17,193,325.00 8.95 153,794,292.13 17.62% TW
VRNOF VRNOFNOM VERANO HOLDINGS CORP SWAP 29,070,986.00 3.37 97,969,222.82 11.22% TW
CRLBF CRLBFTRS CRESCO LABS INC SWAP 32,071,730.00 1.69 54,201,223.70 6.21% TW
TSNDF TSNDFNOM TERRASCEND CORP SWAP 35,790,618.00 1.34 47,862,793.45 5.49% TW
GLASF GLASFTRS GLASS HOUSE BRANDS SWAP 4,173,896.00 6.85 28,591,187.60 3.28% TW
AYRWF AYRWFNOM AYR WELLNESS INC SWAP 11,820,383.00 1.90 22,458,727.70 2.58% TW
JUSHF JUSHFNOM JUSHI HOLDINGS INC SWAP 21,058,360.00 0.55 11,620,003.05 1.33% TW
CBSTF CBSTFNOM CANNABIST COMPANY HOLDINGS INC SWAP 41,401,635.00 0.19 7,853,890.16 0.90% TW
PLNHF PLNHFNOM PLANET 13 HOLDINGS SWAP 15,212,388.00 0.50 7,607,715.24 0.87% TW
AYRWU AYRWUNOM AYR RIGHTS OFFERING 3,117,783.00 1.00 3,117,783.00 0.36% TW
GDNSF GDNSFNOM GOODNESS GROWTH HOLDINGS INC SWAP 6,303,709.00 0.49 3,088,817.41 0.35% TW
CXXIF CXXIFNOM C21 INVESTMENTS INC SWAP 11,304,682.00 0.27 3,063,568.82 0.35% TW
FFNTF FFNTFTRS 4FRONT VENTURES CORP SWAP 34,593,426.00 0.08 2,874,713.70 0.33% TW
AAWH AAWHNOM ASCEND WELLNESS HOLDINGS SWAP REC 1,938,177.00 0.94 1,821,692.56 0.21% TW
GRUSF GRUSFNOM GROWN ROGUE INTERNATIONAL SWAP 1,900,000.00 0.66 1,254,000.00 0.14% TW
SHWZ SHWZTRS SCHWAZZE (MEDICINE MAN TECHNOLOGIES) SWAP 2,261,000.00 0.45 1,017,450.00 0.12% TW
MRMD MRMDTRS MARIMED INC SWAP 4,523,000.00 0.20 917,264.40 0.10% TW
VEXTF VEXTFNOM VAPEN MJ VENTURES CORP SWAP 5,036,256.00 0.18 891,417.31 0.10% TW
GRAM GRAMNOM GOLD FLORA CORP SWAP 4,598,805.00 0.18 827,784.90 0.09% TW
ACRHF ACRHFNOM ACREAGE HOLDINGS SUB VTG CL E ORD SWAP 2,670,161.00 0.25 676,885.81 0.08% TW
RIV BMFBP84 RIV CAPITAL INC 4,294,850.00 0.11 452,730.36 0.05% FS
LOWLF LOWLFNOM LOWELL FARMS INC-SUB SWAP 501,450.00 0.06 30,337.73 0.00% TW
CBDHF 423821107 HEMPFUSION WELLNESS INC 7,964,631.00 0.00 79.65 0.00% FS
BNYMCRNOM DERIVATIVES COLLATERAL NOMURA 615,870,000.00 1.00 615,870,000.00 70.55% MM
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 164,723,579.46 1.00 164,723,579.46 18.87% MM
BNYMCRCLR DERIVATIVES COLLATERAL CLEARSTREET 93,859,696.31 1.00 93,859,696.31 10.75% MM
CASH -878,613,726.10 100.00 -878,613,726.10 -100.65% CA
Holdings and allocations are subject to risks and to change.Some swap and equity positions may be combined in the holdings table to reflect accurate portfolio weightings. For full holdings, see the Consolidated Holdings File in the Literature Center. 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%
Acquired Fund Fees and Expenses(a) 0.09%
Total Annual Operating Expenses 0.86%
Fee Waiver/Expense Reimbursement(b) -0.03%
Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement 0.83%

(a) Total Annual Operating Expenses and Total Annual Operating Expenses After Waiver/Reimbursement in this fee table may not correlate to the expense ratios in the Fund’s financial highlights. For more information, please read the full prospectus.

(b) The Advisor has contractually agreed to keep net expenses from exceeding 0.74% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full 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.