NAV as of 11/14/2024
$4.93
1 Day NAV Change as of 11/14/2024
$-0.22
| Symbol | Exchange | Inception Date | CUSIP | NAV | Options Available |
|---|---|---|---|---|---|
| MSOS | NYSE Arca | 9/1/2020 | 00768Y453 | MSOS.NV | Yes |
Why Invest in MSOS?
- 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.
Where Can MSOS Fit in a Traditional Portfolio?
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.
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, 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.
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.
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
11/14/2024| NAV | $4.93 |
| Change | $-0.22 |
| Shares Outstanding | 129,275,000 |
| Assets Under Management | $637,404,152.26 |
Market Data
11/14/2024| Closing Price | $4.90 |
| Close Change | $-0.29 |
| Volume | 21,500,428 |
Regulatory Data
11/14/2024| Premium Discount | $-0.01 |
| 30-Day Median bid-ask Spread | 0.143369 |
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 Characteristic 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 | -6.40 | -7.54 | -1.96 | -0.91 |
| 3 Months | -11.67 | -12.43 | -10.08 | 3.66 |
| YTD | -4.37 | -4.89 | 3.80 | 20.97 |
| 1 Year | 18.94 | 18.00 | 21.60 | 38.02 |
| 3 Year | -37.52 | -37.42 | -29.93 | 9.08 |
| Since Inception (9/1/2020, Annualized) | -27.20 | -27.27 | -20.86 | 13.97 |
As of 9/30/2024
| NAV | Market Price Return | North American Marijuana Index | S&P 500 Index | |
|---|---|---|---|---|
| 1 Month | 12.55 | 13.65 | 4.93 | 2.14 |
| 3 Months | -2.98 | -1.51 | 0.39 | 5.89 |
| YTD | 2.18 | 2.87 | 5.87 | 22.08 |
| 1 Year | -10.90 | -9.94 | 1.48 | 36.35 |
| 3 Year | -39.17 | -38.93 | -32.06 | 11.91 |
| Since Inception (9/1/2020, Annualized) | -26.50 | -26.35 | -20.86 | 14.54 |
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
| Date | Account Symbol | Stock Ticker | Security ID | Security Description | Shares | Share Price | Market Value | Portfolio Weight | Asset Group |
|---|---|---|---|---|---|---|---|---|---|
| 11/14/2024 | MSOS | GTBIF | GTBIFTRS | GREEN THUMB INDUSTRIES SWAP | 21,841,813.00 | 9.29 | 202,954,126.40 | 31.83% | TW |
| TCNNF | TCNNFNOM | TRULIEVE CANNABIS SWAP | 18,452,017.00 | 6.57 | 121,229,751.69 | 19.01% | TW | ||
| CURLF | CURLFNOM | CURALEAF HOLDINGS INC SWAP | 48,207,715.00 | 2.20 | 106,056,973.00 | 16.63% | TW | ||
| VRNOF | VRNOFNOM | VERANO HOLDINGS CORP SWAP | 31,222,201.00 | 1.78 | 55,575,517.78 | 8.71% | TW | ||
| CRLBF | CRLBFNOM | CRESCO LABS INC SWAP | 34,473,087.00 | 1.40 | 48,262,321.80 | 7.56% | TW | ||
| GLASF | GLASFNOM | GLASS HOUSE BRANDS SWAP | 4,479,410.00 | 7.99 | 35,790,485.90 | 5.61% | TW | ||
| TSNDF | TSNDFTRS | TERRASCEND CORP SWAP | 38,578,954.00 | 0.86 | 32,990,792.52 | 5.17% | TW | ||
| AYRWF | AYRWFNOM | AYR WELLNESS INC SWAP | 12,737,550.00 | 0.78 | 9,935,289.00 | 1.56% | TW | ||
| JUSHF | JUSHFTRS | JUSHI HOLDINGS INC SWAP | 22,415,160.00 | 0.39 | 8,741,912.40 | 1.37% | TW | ||
| PLNHF | PLNHFTRS | PLANET 13 HOLDINGS SWAP | 16,192,556.00 | 0.48 | 7,772,426.88 | 1.22% | TW | ||
| CBSTF | CBSTFNOM | CANNABIST COMPANY HOLDINGS INC SWAP | 44,432,427.00 | 0.12 | 5,229,696.66 | 0.82% | TW | ||
| GRUSF | GRUSFTRS | GROWN ROGUE INTERNATIONAL SWAP | 3,912,300.00 | 0.70 | 2,738,610.00 | 0.43% | TW | ||
| VREOF | VREOFTRS | VIREO GROWTH INC COM SWAP | 6,637,410.00 | 0.40 | 2,654,964.00 | 0.42% | TW | ||
| CXXIF | CXXIFNOM | C21 INVESTMENTS INC SWAP | 11,903,120.00 | 0.21 | 2,460,374.90 | 0.39% | TW | ||
| FFNTF | FFNTFNOM | 4FRONT VENTURES CORP SWAP | 36,104,239.00 | 0.03 | 1,083,127.17 | 0.17% | TW | ||
| AAWH | AAWHNOM | ASCEND WELLNESS HOLDINGS SWAP REC | 2,010,907.00 | 0.50 | 1,003,442.59 | 0.16% | TW | ||
| AYRWU | AYRWUTRS | AYR RIGHTS OFFERING | 3,117,783.00 | 0.30 | 935,334.90 | 0.14% | TW | ||
| MRMD | MRMDTRS | MARIMED INC SWAP | 4,523,000.00 | 0.17 | 768,910.00 | 0.12% | TW | ||
| VEXTF | VEXTFTRS | VAPEN MJ VENTURES CORP SWAP | 5,036,256.00 | 0.14 | 692,485.20 | 0.11% | TW | ||
| RIV | BMFBP84 | RIV CAPITAL INC | 4,294,850.00 | 0.09 | 367,814.73 | 0.06% | FS | ||
| ACRHF | ACRHFNOM | ACREAGE HOLDINGS SUB VTG CL E ORD SWAP | 2,670,161.00 | 0.13 | 356,466.49 | 0.05% | TW | ||
| SHWZ | SHWZTRS | SCHWAZZE (MEDICINE MAN TECHNOLOGIES) SWAP | 2,261,000.00 | 0.11 | 248,710.00 | 0.04% | TW | ||
| GRAM | GRAMNOM | GOLD FLORA CORP SWAP | 4,598,805.00 | 0.04 | 183,952.20 | 0.03% | TW | ||
| LOWLF | LOWLFNOM | LOWELL FARMS INC-SUB SWAP | 501,450.00 | 0.02 | 8,349.14 | 0.00% | TW | ||
| CBDHF | 423821107 | HEMPFUSION WELLNESS INC | 7,964,631.00 | 0.00 | 0.08 | 0.00% | FS | ||
| BNYMCRNOM | DERIVATIVES COLLATERAL NOMURA | 623,890,000.00 | 1.00 | 623,890,000.00 | 97.85% | MM | |||
| BNYMCRCLR | DERIVATIVES COLLATERAL CLEARSTREET | 92,079,696.31 | 1.00 | 92,079,696.31 | 14.44% | MM | |||
| X9USDBLYT | BLACKROCK TREASURY TRUST INSTL 62 | 87,582,194.03 | 1.00 | 87,582,194.03 | 13.74% | MM | |||
| CASH | -813,981,134.27 | 100.00 | -813,981,134.27 | -127.66% | CA |
FUND
Documents
FUND
Fees & Expenses
| Management Fee | 0.60% |
| Total Annual Operating Expenses | 0.86% |
| Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement* | 0.83% |
*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. 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
Cannabis Without Borders
- 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.
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