ETF Research Center

YOLO seeks long-term capital appreciation by investing in both domestic and foreign cannabis equity securities.

FUND BASICS
Category	Global Equities
Fund Sponsor	AdvisorShares
Website	www.advisorshares.com
Inception date	Apr 17, 2019
Assets (mns)	$40
Currency	USD
Expense ratio	74 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	29
Wgt avg mkt cap (mns)	$703
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	14.5%
Small cap (<$2bn)	85.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	43.5 %
INNOVATIVE INDUSTRIAL PROPERTIES I	6.7 %
VILLAGE FARMS INTERNATIONAL, INC.	5.7 %
GW PHARMACEUTICALS PLC SPONSORED A	5.6 %
VALENS GROWORKS CORP.	4.5 %
ORGANIGRAM HOLDINGS INC	3.8 %
APHRIA INC	3.7 %
CORBUS PHARMACEUTICALS HOLDINGS IN	3.7 %
ARENA PHARMACEUTICALS, INC.	3.4 %
CHARLOTTE'S WEB HOLDINGS, INC.	3.2 %
CARA THERAPEUTICS INC	3.0 %

TOP COUNTRY EXPOSURE
	CANADA	47.2 %
	UNITED STATES	23.0 %
	BRITAIN	5.6 %
	ISRAEL	0.4 %

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.
-48.0%	--	--	--	-48.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$11.70
30d moving avg.	$13.37
Annualized volatility	0.0%
Short interest (ETF)	1.3%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	62
Turnover	1.8%
Bid/Ask (% of price)	0.58%
ADV underlying (mns)	$309

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the AdvisorShares Pure Cannabis ETF based on the alternatives' overlap in portfolio holdings with YOLO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

YOLO

Expense:

74 bp

ALTAR Score™:

-18.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH YOLO
Ticker	Fund Name	Overlap¹ vs YOLO (%)	Expense ratio (bp)	Savings vs YOLO (bp)	ALTAR Score™ (%)	ALTAR vs YOLO (%)
CNBS	Amplify Seymour Cannabis	55.0	75	-1	-11.9	+6.1
THCX	Cannabis	45.9	70	4	-6.6	+11.3
TOKE	Cambria Cannabis	36.9	42	32	1.2	+19.2
MJ	ETFMG Alternative Harvest	35.9	75	-1	-4.5	+13.5
POTX	Global X Cannabis	18.5	50	24	-29.9	-12.0
INDS	Pacer Benchmark Industrial Real Estate	4.0	60	14	4.5	+22.5
SBIO	ALPS Medical Breakthroughs	3.9	50	24	-6.1	+11.8
NETL	NETLease Corporate Real Estate	3.5	60	14	5.7	+23.7
SLIM	Obesity	3.0	35	39	2.4	+20.3
BBC	Virtus LifeSci Biotech Clinical Trials	2.7	79	-5	-14.3	+3.6
PBE	Invesco Dynamic Biotechnology & Genome	2.3	57	17	0.0	+18.0
XPH	SPDR S&P Pharmaceuticals ETF	1.7	35	39	4.7	+22.7
RZG	Invesco S&P Smallcap 600 Pure Growth	1.4	35	39	4.2	+22.2
PPH	VanEck Vectors Pharmaceuticals	1.3	36	38	9.4	+27.3
XBI	SPDR S&P Biotech ETF	1.1	35	39	-5.0	+13.0
BTEC	Principal Healthcare Innovators Index	1.0	42	32	-4.5	+13.4
VALX	Validea Market Legends	0.9	79	-5	8.0	+26.0
ORG	Organics	0.9	35	39	5.0	+22.9
IBB	iShares NASDAQ Biotechnology	0.9	47	27	1.3	+19.2
ROOF	IQ US Real Estate Small Cap	0.8	70	4	8.5	+26.4

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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 Cannabis
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	-51.7	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	74	bp
Equals: ALTAR Score	-18.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.20	CATEGORY AVERAGE	1.54

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.