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)	$48
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)	$719
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	18.1%
Small cap (<$2bn)	81.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	52.4 %
INNOVATIVE INDUSTRIAL PROPERTIES I	7.8 %
GW PHARMACEUTICALS PLC SPONSORED A	7.0 %
VILLAGE FARMS INTERNATIONAL, INC.	6.4 %
VALENS GROWORKS CORP.	5.8 %
CORBUS PHARMACEUTICALS HOLDINGS IN	4.8 %
ORGANIGRAM HOLDINGS INC	4.7 %
ARENA PHARMACEUTICALS, INC.	4.3 %
APHRIA INC	3.9 %
CARA THERAPEUTICS INC	3.9 %
CANOPY GROWTH CORPORATION	3.8 %

TOP COUNTRY EXPOSURE
	CANADA	42.9 %
	UNITED STATES	26.1 %
	BRITAIN	7.0 %
	ISRAEL	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.9%	--	--	--	-53.5%

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

Technical Indicators
Recent close	$11.47
30d moving avg.	$11.78
Annualized volatility	0.0%
Short interest (ETF)	1.5%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	77
Turnover	1.9%
Bid/Ask (% of price)	0.55%
ADV underlying (mns)	$262

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™:

-11.4%

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	51.2	75	-1	-6.5	+4.9
THCX	Cannabis	43.9	70	4	-5.5	+5.9
TOKE	Cambria Cannabis	38.5	42	32	-2.7	+8.7
MJ	ETFMG Alternative Harvest	36.1	75	-1	-3.4	+7.9
POTX	Global X Cannabis	6.2	50	24	-15.1	-3.7
INDS	Pacer Benchmark Industrial Real Estate	5.0	60	14	3.7	+15.1
NETL	NETLease Corporate Real Estate	4.4	60	14	5.4	+16.8
SLIM	Obesity	3.4	35	39	1.8	+13.2
BBC	Virtus LifeSci Biotech Clinical Trials	3.3	79	-5	-6.8	+4.6
SBIO	ALPS Medical Breakthroughs	2.4	50	24	-4.0	+7.4
VALX	Validea Market Legends	1.8	79	-5	9.9	+21.3
RZG	Invesco S&P Smallcap 600 Pure Growth	1.8	35	39	6.0	+17.3
XPH	SPDR S&P Pharmaceuticals ETF	1.4	35	39	4.6	+16.0
PPH	VanEck Vectors Pharmaceuticals	1.3	36	38	9.3	+20.7
KNOW	Direxion All-Cap Insider Sentiment	1.1	59	15	7.7	+19.0
XBI	SPDR S&P Biotech ETF	1.0	35	39	-4.3	+7.0
BTEC	Principal Healthcare Innovators Index	1.0	42	32	-3.9	+7.5
ROGS	Lattice Global Small Cap Strategy	0.9	39	35	7.4	+18.8
IBB	iShares NASDAQ Biotechnology	0.9	47	27	0.8	+12.2
ROOF	IQ US Real Estate Small Cap	0.9	70	4	7.9	+19.3

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

Content on this tab for subscribers only

VALUATION METRICS

	2019	2020E	2021E
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	-33.4	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	74	bp
Equals: ALTAR Score	-11.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.22	CATEGORY AVERAGE	1.55

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.