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 Indicative Value
MSOS NYSE Arca 9/1/2020 00768Y453 MSOS.IV
<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 two other cannabis related AdvisorShares ETFs: YOLO and ACT. YOLO offers pure cannabis exposure that includes both U.S. and international cannabis stocks and ACT is a vice themed ETF that includes areas such as alcohol and tobacco, which may be leading cannabis companies in the future. He is the author of Investing in Cannabis (Wiley, TBD) and Investing in Vice (St. Martin’s Press, 2004), and has appeared on numerous financial programs including CNBC, CNN, Fox Business, ABC News and Bloomberg. He has been featured, along with funds under his management in major national and trade publications including The Economist, New York Times, Financial Times, and The Wall Street Journal. He earned a Bachelor in Business Administration in Finance from Texas Tech University.

 

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

NAV $21.23 Closing Price $21.36
Change $0.46 Close Change $-1.37
Shares Outstanding 475000 Volume 47387
4PM Bid/Offer Midpoint $21.34 Premium Discount $0.11
Assets Under Management $10,085,436.34    

NAV 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 09/01/2020

MSOS Country Allocation

100% United States

MSOS Market Capitalization

MSOS Sector Allocation

Fund

Holdings

As of 9/25/2020

As Of Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
09/25/2020 MSOS TCNNF TCNNFTRS TRULIEVE CANNABIS SWAP REC 49,500.00 18.17 899,415.00 8.90% TW
CURLF CURLFTRS CURALEAF HOLDINGS INC SWAP REC 125,800.00 7.11 894,438.00 8.86% TW
GTBIF GTBIFTRS GREEN THUMB INDUSTRIES SWAP REC 71,100.00 12.36 878,796.00 8.70% TW
IIPR 45781V101 INNOVATIVE INDUSTRIAL PROPER 6,749.00 123.36 832,556.64 8.24% S
CRLBF CRLBFTRS CRESCO LABS INC SWAP REC 134,000.00 5.89 789,380.87 7.82% TW
GRWG 39986L109 GROWGENERATION CORP 35,841.00 15.06 539,765.46 5.34% S
TRSSF TRSSFTRS TERRASCEND CORP SWAP REC 105,200.00 4.30 452,360.00 4.48% TW
ARNA 040047607 ARENA PHARMACEUTICALS INC 5,890.00 73.69 434,034.10 4.30% S
AYRSF AYRSFTRS AYR STRATEGIES INC SWAP REC 31,300.00 12.40 388,120.00 3.84% TW
YCBD 12482W101 CBDMD INC 186,422.00 1.97 367,251.34 3.64% S
PW 73933H101 POWER REIT 18,076.00 19.19 346,878.44 3.43% S
CCHWF CCHWFTRS COLUMBIA CARE INC SWAP REC 104,700.00 3.30 344,986.50 3.42% TW
CWEB BGHY2B1 CHARLOTTES WEB HOLDINGS INC 138,485.00 2.46 340,854.37 3.37% FS
ZYNE 98986X109 ZYNERBA PHARMACEUTICALS INC 93,578.00 3.28 306,935.84 3.04% S
PKI 714046109 PERKINELMER INC 2,527.00 119.80 302,734.60 3.00% S
HRVSF HRVSFTRS HARVEST HEALTH & RECREATION SWAP REC 282,200.00 1.07 301,954.00 2.99% TW
PLNHF PLNHFTRS PLANET 13 HOLDINGS SWAP REC 91,600.00 2.71 248,327.60 2.46% TW
JUSHF JUSHFTRS JUSHI HOLDINGS INC SWAP REC 107,500.00 2.31 248,325.00 2.46% TW
SSPK G8136L106 SILVER SPIKE ACQUISITION-A 23,579.00 10.12 238,619.48 2.36% FS
GNLN 395330103 GREENLANE HOLDINGS INC - A 102,458.00 2.06 211,063.48 2.09% S
ACRGF ACRGFTRS ACREAGE HOLDINGS INC SWAP REC 42,700.00 2.77 118,279.00 1.17% TW
NBEV 650194103 NEWAGE INC 54,768.00 1.63 89,271.84 0.88% S
VREOF VREOFTRS VIREO HEALTH INTL-SUB SWAP REC 85,000.00 0.96 81,955.47 0.81% TW
CRBP 21833P103 CORBUS PHARMACEUTICALS HOLDI 50,559.00 1.57 79,124.84 0.78% S
KERN 00973W102 AKERNA CORP 19,729.00 3.60 71,024.40 0.70% S
FFNTF FFNTFTRS 4FRONT VENTURES CORP SWAP REC 120,000.00 0.58 69,900.00 0.69% TW
INDXF INDXFTRS INDUS HOLDINGS INC-SUB SWAP REC 60,000.00 1.03 61,542.00 0.61% TW
CXXIF CXXIFTRS C21 INVESTMENTS INC SWAP REC 60,000.00 0.66 39,300.00 0.39% TW
9999FWD$M DERIVATIVES COLLATERAL 2,690,000.00 100.00 2,690,000.00 26.63% MM
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 2,686,456.92 1.00 2,686,456.92 26.60% MM
CASH (5,253,132.62) 100.00 0.00 -52.01% 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.

  • 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.