ETF Research Center

MSOS is an actively managed narrow portfolio of US stocks or swap contracts related to the domestic cannabis and hemp industry.

FUND BASICS
Category	US Equities
Fund Sponsor	AdvisorShares
Website	advisorshares.com
Inception date	Sep 01, 2020
Assets (mns)	$583
Currency	USD
Expense ratio	83 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	92
Wgt avg mkt cap (mns)	$48
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	100.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	46.1 %
CURALEAF HOLDINGS INC SWAP	14.2 %
VERANO HOLDINGS CORP SWAP	11.3 %
CRESCO LABS INC SWAP	5.3 %
CURALEAF HOLDINGS, INC.	4.4 %
TERRASCEND CORP.	3.6 %
TERRASCEND CORP SWAP	1.7 %
CURALEAF HOLDINGS INC SWAP	1.6 %
AYR WELLNESS INC SWAP	1.5 %
AYR WELLNESS INC SWAP	1.3 %
VERANO HOLDINGS CORP SWAP	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	4.4 %
	CANADA	3.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-19.1%	1.3%	--	--	-28.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.59	21%
MSCI EAFE	1.14	11%
MSCI Emg. Mkts.	0.80	5%

Technical Indicators
Recent close	$4.51
30d moving avg.	$7.07
Annualized volatility	60.2%
Short interest (ETF)	7.9%
Short interest (Underlying)	1.1%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	16,387
Turnover	12.7%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$1

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 6 potential alternatives to the AdvisorShares Pure US Cannabis ETF ETF based on the alternatives' overlap in portfolio holdings with MSOS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

MSOS

Expense:

83 bp

ALTAR Score™:

-88.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MSOS
Ticker	Fund Name	Overlap¹ vs MSOS (%)	Expense ratio (bp)	Savings vs MSOS (bp)	ALTAR Score™ (%)	ALTAR vs MSOS (%)
CNBS	Amplify Seymour Cannabis ETF	8.0	75	8	-27.2	+61.7
MJUS	ETFMG U.S. Alternative Harvest ETF	8.0	76	7	2.8	+91.7
YOLO	AdvisorShares Pure Cannabis ETF	0.0	103	-20	-31.8	+57.1
DFIS	Dimensional International Small Cap ETF	0.0	39	44	6.7	+95.6
FNDC	Schwab Fundamental International Small Co. Index ETF	0.0	39	44	6.9	+95.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	53	7.8	+96.7

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	AdvisorShares Pure US Cannabis ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-5.0	%
Divided by: Fwd. P/BV	0.1	x
Less: Expense ratio	83	bp
Equals: ALTAR Score	-88.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.07	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.