YOLO: 4th Quarter 2025 Portfolio Review

Performance data quoted represents past performance and is no guarantee of future results. 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. For the fund’s most recent standardized and month-end performance, please click www.advisorshares.com/etfs/yolo.

Performance In the fourth quarter of 2025, the AdvisorShares Pure Cannabis ETF (YOLO) returned -5.61% net asset value (NAV) / -7.10% (market). For the full year, YOLO gained +35.65% (NAV) / +35.12% (market) ending December 31st, 2025, significantly outpacing the S&P 500 Index which rose +17.88% over the same period. YOLO’s results highlight the benefits of active management and global diversification in navigating a sector that remains shaped by volatility with evolving regulatory and policy dynamics. Portfolio During the quarter, no new positions were added and no holdings were exited, while some position sizes were refined. Winners and Losers YOLO’s fourth-quarter results were reinforced by a handful of top contributors

• Village Farms International (VFF): +16.61%
• Jazz Pharmaceuticals (JAZZ): +28.98%
• Charlottes Web Holdings Inc (CWEB): +113.81%

Conversely, quarterly were hampered by a few underperformers:

• Auora Cannabis Inc (ACB): -29.52%
• SNDL Inc (SNDL): -38.06%
• Tilray Brands Inc (TLRY): -47.80%

Ticker	Security Description	Portfolio Weight %
MSOS	ADVISORSHARES PURE US CANN	47.55%
VFF	VILLAGE FARMS INTERNATIONAL	17.61%
HITI	HIGH TIDE INC	8.74%
SNDL	SNDL INC	4.30%
OGI	ORGANIGRAM GLOBAL INC	4.08%
CRON	CRONOS GROUP INC	3.84%
CWEB	CHARLOTTES WEB HOLDINGS INC	2.11%
ACB	AURORA CANNABIS INC	1.97%
JAZZ	JAZZ PHARMACEUTICALS PLC	1.78%
TLRY	TILRAY BRANDS INC	1.50%

As of 12.31.2025. Cash is not included. Subject to change.

Please see our complete Fund holdings at advisorshares.com/etfs/yolo. The holdings details are updated each market day.

In the fourth quarter of 2025, worldwide cannabis policies experienced significant evolutions, especially across Asia, Europe, and the USA.

In Europe, the Netherlands progressed its pilot program for coffeeshops, permitting selected outlets to offer compliant hashish starting September 1, while Switzerland initiated public feedback on its cannabis reform plan toward the quarter’s end. In Canada, regional steps encompassed Alberta’s awareness initiative, Quebec’s impending introduction of vaping products, and Ontario’s efforts to curb unauthorized vendors.¹ Canada continues to be the world leader in cannabis exports with an estimated total export volume of 230,000 kilograms (approximately 507,063 pounds) of dried cannabis in 2025, with major increases in demand from Germany and Australia.²

Australia’s Therapeutic Goods Administration started community input on unregulated medical cannabis goods, alongside demands for controlling virtual health prescriptions. In Latin America, patient-focused frameworks advanced, with Brazil easing protocols for low-THC offerings and becoming an International research hub.²

Canadian enterprises grew abroad, Aurora Cannabis and Canopy Growth debuted lines in Australia’s therapeutic arena, while High Tide gained ownership in German supplier Remexian Pharma GmbH, countering product labeling claims. Organigram Holdings updated its name to Organigram Global to support overseas ventures.³

A pivotal development was the U.S. President Trump’s executive order on December 18, 2025, directing the rescheduling of cannabis to Schedule III, recognizing its therapeutic benefits and reduced dependency risk. This monumental federal shift marks a transformative moment in global cannabis dynamics, potentially catalyzing international policy harmonization, boosting cross-border investments, and accelerating medical research worldwide by easing U.S.-centric barriers that have long influenced global markets.⁴ Rescheduling represents merely the initial phase of essential reforms, comprehensive progress demands advancements like safer banking protocols to facilitate secure financial transactions and uplisting to premier exchanges, which would improve liquidity, company valuations, and attract institutional capital on a global scale.

Outlook

Stepping into 2026, the international cannabis sector expects accelerated momentum from U.S. rescheduling’s ripple effects, potentially unlocking billions in tax savings for U.S. firms to fuel global expansions, though volatility will linger amid implementation delays and policy fine-tuning.  While rescheduling paves the way for enhanced research and market access worldwide, true global integration hinges on subsequent reforms like banking safety nets and exchange uplistings to stabilize operations and draw broader investment.

Opportunities for YOLO lie in M&A surges, maturing European pilot programs, and Asian-Pacific rebounds, with projections for the global market surpassing $110 billion by 2030, driven by regulatory tailwinds and innovation in medical applications.⁵

Sources:
1. ICBC. Business. Green, Johnny. The Top International Cannabis Stories of 2025. December 21st, 2025.
2. StratCann. Brown, David. 2025 Canadian wholesale cannabis pricing and 2026 market outlook. January 19th, 2026.
3. CannaMonitor. Valdovinos, Amau. Legalization Momentum Meets Regulatory Headwinds. December 5th, 2025.
4. ICBC. Business. Green, Johnny. Survey: US Rescheduling Expected to Have Strong Effect on Europe. January 6th, 2026.
5. STS Capital Partners. Trump’s Executive Order Rescheduling Cannabis. December 2025.

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