MSOX - AdvisorShares MSOS 2x Daily ETF

Leverage your cannabis exposure

Designed for sophisticated investors looking to gain magnified exposure to the U.S. cannabis sector.

Symbol Exchange Inception Date CUSIP Options
MSOX NYSE Arca 8/23/2022 00768Y313 Available
<strong>What Does MSOX Invest In</strong>

The AdvisorShares MSOS 2x Daily 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 the medical and recreational cannabis.

<strong>Why Invest in MSOX?</strong>
  • 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.
<strong>Where Can MSOX Fit in a Traditional Portfolio?</strong>

MSOX is designed for short-term trading. MSOX can be used to gain dedicated, leveraged exposure to the U.S. cannabis market.

<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, 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 ManagementThe 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.
<strong>Important Investor Considerations</strong>

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.

<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 several AdvisorShares ETFs: MSOS 2x Daily ETF (ticker: MSOX), Pure US Cannabis ETF (ticker: MSOS) – the first ETF to offer U.S.-exclusive cannabis exposure, Pure Cannabis ETF (ticker: YOLO), Vice ETF (ticker: VICE), Hotel ETF (ticker: BEDZ), and Restaurant ETF (ticker: EATZ).

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 

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MSOX Overview

  Get a quick and easy introduction to the MSOX ETF.

Fund

Price History

Fund Data

2/22/2024
NAV $5.66
Change $0.41
Shares Outstanding 14,760,000
Assets Under Management $83,561,515.9

Market Data

2/22/2024
Closing Price $5.6
Close Change $0.38
Volume 1,595,202

Regulatory Data

2/22/2024
Premium Discount $-0.020
30-Day Median bid-ask Spread 0.51
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 1/31/2024

MSOS Country Allocation

100% United States

MSOS Market Capitalization

Source: Morningstar & AdvisorShares

*Fund Characteristics Do Not Include Cash

MSOS Sector Allocation

FUND

Performance

As of 1/31/2024

  NAV Market Price Return North American Marijuana Index S&P 500 Index
1 Month 67.25 69.08 11.36 1.68
3 Months 133.57 131.68 30.47 16.01
YTD 67.25 69.08 11.36 1.68
1 Year 12.43 12.83 -1.02 20.82
Since Inception (8/23/2022, Annualized) -62.49 -62.55 -22.55 13.6

As of 12/31/2023

  NAV Market Price Return North American Marijuana Index S&P 500 Index
1 Month -2.66 -2.97 6.22 4.54
3 Months -35.36 -36.46 -4.15 11.69
YTD -39.27 -39.87 -9.03 26.29
1 Year  -39.27  -39.87 -9.03  26.29
Since Inception (8/23/2022, Annualized) -75.86 -76.09 -30.45 12.65

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.

Fund

Holdings

As of

About That Cash>>

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
02/22/2024 MSOS GTBIF GTBIFTRS GREEN THUMB INDUSTRIES SWAP 18,293,399.00 13.80 252,448,906.20 26.26% TW
CURLF CURLFNOM CURALEAF HOLDINGS INC SWAP 38,002,473.00 5.17 196,472,785.41 20.45% TW
TCNNF TCNNFNOM TRULIEVE CANNABIS SWAP 15,721,912.00 9.31 146,371,000.72 15.23% TW
VRNOF VRNOFNOM VERANO HOLDINGS CORP SWAP 24,428,094.00 5.91 144,370,035.54 15.02% TW
CRLBF CRLBFNOM CRESCO LABS INC SWAP 29,030,860.00 1.85 53,707,091.00 5.59% TW
TSNDF TSNDFTRS TERRASCEND CORP SWAP 30,611,806.00 1.71 52,346,188.26 5.44% TW
GLASF GLASFTRS GLASS HOUSE BRANDS SWAP 3,962,465.00 6.80 26,944,762.00 2.80% TW
AYRWF AYRWFTRS AYR WELLNESS INC SWAP 10,460,608.00 2.08 21,758,064.64 2.26% TW
JUSHF JUSHFTRS JUSHI HOLDINGS INC SWAP 20,134,056.00 0.73 14,798,531.16 1.54% TW
CBSTF CBSTFTRS CANNABIST COMPANY HOLDINGS INC SWAP 36,960,431.00 0.40 14,782,324.38 1.54% TW
PLNHF PLNHFTRS PLANET 13 HOLDINGS SWAP 13,512,700.00 0.72 9,777,789.72 1.02% TW
CXXIF CXXIFNOM C21 INVESTMENTS INC SWAP 10,737,967.00 0.40 4,241,496.97 0.45% TW
FFNTF FFNTFNOM 4FRONT VENTURES CORP SWAP 33,157,485.00 0.09 3,086,961.85 0.32% TW
SHWZ SHWZTRS SCHWAZZE (MEDICINE MAN TECHNOLOGIES) SWAP 2,001,000.00 1.37 2,741,370.00 0.29% TW
AAWH AAWHNOM ASCEND WELLNESS HOLDINGS SWAP REC 1,666,433.00 1.60 2,666,292.80 0.28% TW
GDNSF GDNSFNOM GOODNESS GROWTH HOLDINGS INC SWAP 5,880,229.00 0.43 2,548,491.25 0.27% TW
AYRWU AYRWUTRS AYR RIGHTS OFFERING 3,117,783.00 0.69 2,151,270.27 0.23% TW
GRAM GRAMNOM GOLD FLORA CORP SWAP 4,598,805.00 0.33 1,517,605.65 0.16% TW
MRMD MRMDTRS MARIMED INC SWAP 4,423,000.00 0.28 1,238,440.00 0.13% TW
VEXTF VEXTFTRS VAPEN MJ VENTURES CORP SWAP 5,036,256.00 0.24 1,186,541.91 0.12% TW
GRUSF GRUSFTRS GROWN ROGUE INTERNATIONAL SWAP 1,900,000.00 0.54 1,026,000.00 0.11% TW
ACRHF ACRHFNOM ACREAGE HOLDINGS SUB VTG CL E ORD SWAP 2,670,161.00 0.20 534,032.20 0.05% TW
RIV BMFBP84 RIV CAPITAL INC 4,294,850.00 0.09 381,750.31 0.04% FS
LOWLF LOWLFNOM LOWELL FARMS INC-SUB SWAP 501,450.00 0.16 80,232.00 0.01% TW
CBDHF 423821107 HEMPFUSION WELLNESS INC 7,964,631.00 0.00 79.65 0.00% FS
BNYMCRNOM DERIVATIVES COLLATERAL NOMURA 687,580,000.00 1.00 687,580,000.00 71.53% MM
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 129,301,701.66 1.00 129,301,701.66 13.45% MM
BNYMCRCLR DERIVATIVES COLLATERAL CLEARSTREET 77,919,696.31 1.00 77,919,696.31 8.11% MM
CASH -890,717,096.69 100.00 -890,717,096.69 -92.66% 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.

As of 02/22/2024

Excel    CSV

Date Account Symbol Stock Ticker Security ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
02/22/2024 MSOX MSOS MSOSNOM ADVISORSHARES TR PURE US CANNABIS SWAP 11,846,699.00 9.18 108,752,696.82 130.10% TW
MSOSTR MSOSTRSCS ADVISORSHARES TR PURE US CANNABIS SWAP 5,650,000.00 9.18 51,867,000.00 62.05% TW
BNYMCRNOM DERIVATIVES COLLATERAL NOMURA 49,040,000.00 1.00 49,040,000.00 58.67% MM
BNYMCRCLR DERIVATIVES COLLATERAL CLEARSTREET 42,005,483.78 1.00 42,005,483.78 50.25% MM
X9USDBLYT BLACKROCK TREASURY TRUST INSTL 62 4,701,184.40 1.00 4,701,184.40 5.62% MM
CASH -172,777,196.71 100.00 -172,777,196.71 -206.70% 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 0.85%
Acquired Fund Fees and Expenses(a) 0.18%
Total Annual Operating Expenses  4.72%
Fee Waiver/Expense Reimbursement(b)  -3.59%
Total Annual Operating Expenses After Fee Waiver/Expense Reimbursement  1.13%

(a)Total Annual Operating Expenses and Total Annual Operating Expenses After Recapture 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 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 0.95% of the Fund’s average daily net assets for at least one year from the date of the Prospectus.

Last Ten

Fund Distributions

No Leveraged Exposure

US

Global

US Cannabis

MSOS

AdvisorShares Pure US Cannabis ETF

.
Global Cannabis

YOLO

AdvisorShares Pure Cannabis ETF

     DEFINITIONS:

  • 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 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.