At a glance
MSOS charges 0.75% a year. It has $1.05B in assets. Over the past year it returned −12.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −8.3% a year. At its worst it fell 65.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
AdvisorShares Pure US Cannabis ETF (MSOS) is an actively managed fund of US cannabis companies, such as Curaleaf and Trulieve. It holds some of them through total return swaps, which are contracts that pass along a stock's returns. Its narrow focus makes it extremely volatile: it lost 72.26% in 2022 and fell about 96% from February 2021 to June 2025. It charges 0.75% a year and paid no income in the year to October 27, 2026.
Price history
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MSOS -12.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MSOS official prospectus, to Dec 31, 2025 | — | +23.35% | — | -33.57% | — | -26.92% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | +14.42% | — | +14.94% |
| MSOS price data to Oct 27, 2026 | -14.4% | -12.0% | -8.3% | -31.6% | — | -36.0% |
- Over the year to Oct 27, 2026, MSOS returned -12.0%.
- Its 5-year annualized return was -31.6%.
- Its worst full calendar year was 2022 (-72.7%); its best was 2025 (+23.9%).
- The deepest fall in its price history was 95.9% (Feb 22, 2021 to Jun 23, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.4% | — |
| 2025 | +23.9% | +23.35% |
| 2024 | -45.6% | -46.36% |
| 2023 | +0.3% | -1.82% |
| 2022 | -72.7% | -72.26% |
| 2021 | — | -29.52% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 61.8% over that stretch · deepest drop along the way 65.8%, not recovered by the end of the data |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 7 securities; the ten largest made up 25.83% of assets, and 5.78% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| CURALEAF HOLDINGS INC | 12.32% | |
| TRULIEVE CANNABIS CORP | 9.56% | |
| TERRASCEND CORP | 2.70% | |
| GLASS HOUSE BRANDS INC | 0.93% | |
| VILLAGE FARMS INTERNATIONAL INC | 0.31% | |
| FLUENT CORP | 0.01% | |
| HEMPFUSION WELLNESS INC | 0.00% |
By country
Canada 25.83%By asset type
Stocks 25.83%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $10.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +43.02%, -3.21%, +2.69%.
How it works
MSOS does not track an index. AdvisorShares picks the holdings itself. At least 80% of net assets go into companies that earn at least half their net revenue from the US marijuana and hemp business, or into derivatives that behave like those stocks. Most are mid- and small-cap companies, and micro-caps are allowed. More than 25% of assets sit in one industry group: pharmaceuticals, biotechnology and life sciences. The fund is also non-diversified, which means it can put large stakes in a few companies.
The adviser looks for companies with dominant market positions or unusual room to grow. It uses outside analyst ratings and stock-rating tools, and it sometimes buys out-of-favor stocks. It sells when a stock looks overvalued, a better idea appears, or a position grows too large. The prospectus sets no fixed weighting or rebalancing schedule. Portfolio turnover, a measure of how much the fund trades, was a low 5%.
The fund won't own cannabis companies directly unless national and local laws, including US federal law, allow it. It also uses total return swaps, contracts in which a bank or broker pays the fund a stock's return. On June 30, 2026, seven directly held stocks made up about 26% of net assets, led by Curaleaf (12.3%) and Trulieve (9.6%). Its 52 swaps, with firms such as Morgan Stanley and Cantor Fitzgerald, made up about 10%. If one of those firms fails to pay, the fund can lose money.
What it really costs
- MSOS charges 0.75% a year.
- Of that, 0.6% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $927 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSOS | $76 | $239 | $415 | $927 |
In a retirement portfolio
MSOS is a non-diversified bet on a single industry that depends on changes in the law, and it lost about 96% from its 2021 peak, so at most it fits as a small slice beside core holdings.
MSOS offers exposure to US cannabis companies, whose prices swing on changes in federal and state law. It launched in September 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 65.8% between January 3 and September 29, 2022, and it had not recovered by October 27, 2026. Its worst calendar year was 2022, at −72.26%. From its February 22, 2021 high to June 23, 2025, it dropped about 96%, and that loss had not been made up. Anyone forced to sell in a bad year could lock in deep losses.
The fund paid no income in the year to October 27, 2026. It costs 0.75% a year, or $76 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, speculative slice of US cannabis companies, led by Curaleaf (12.3%) and Trulieve (9.6%) as of June 30, 2026.
- Investors betting on US cannabis law changes who can stomach single-quarter swings from a 102.24% gain to a 50.41% loss.
- Investors wanting an actively managed cannabis basket for 0.75% a year: $76 on $10,000 in year one, $927 over 10 years.
Look elsewhere if
- Retirees who need income: the fund paid no distributions in the 12 months through October 27, 2026.
- Investors who can't afford deep losses: the fund fell 95.9% from February 2021 to June 2025 and had not recovered by October 27, 2026.
- Those wanting a core holding: over five years to December 31, 2025, it averaged a 33.57% yearly loss versus a 14.42% yearly gain for the S&P 500.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does MSOS pay a dividend?
No. MSOS made no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. The fund's stated goal is long-term capital growth, not income. Its prospectus warns that growth companies often lack the dividends that can cushion stock prices in a falling market. Anyone who wants regular cash from this holding would have to sell shares, which can be costly in a fund this volatile.
What stocks does MSOS hold?
As of June 30, 2026, Curaleaf Holdings was the largest direct holding at 12.3% of net assets. Next came Trulieve Cannabis at 9.6% and TerrAscend at 2.7%, plus smaller stakes in Glass House Brands and Village Farms. The fund also held 52 total return swaps worth about 10.4% of net assets, tied to companies including Trulieve, Glass House, Curaleaf and Green Thumb Industries. A swap is a contract with a bank or broker that passes along a stock's return.
What is the MSOS expense ratio?
MSOS charges 0.75% a year, according to its prospectus filed October 28, 2026. Of that, 0.60% is the management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $76 after one year, $239 after three years, $415 after five and $927 after ten, assuming the shares are sold at the end of each period. Portfolio turnover was a low 5%, which helps keep trading costs inside the fund down.
How has MSOS performed compared with the S&P 500?
Far worse over most periods. In the five years to December 31, 2025, MSOS lost an average of 33.57% a year, while the S&P 500 gained 14.42% a year. Since inception, the fund averaged −26.92% a year against +14.94% for the index. The exception was 2025, when MSOS returned 23.35% and the index returned 17.88%. Based on its share price, MSOS was down 14.4% for 2026 through October 27.
Is MSOS a good investment for retirement?
MSOS is a high-risk satellite holding, not a core retirement fund. It is non-diversified, it focuses on one industry that federal and state cannabis laws heavily affect, and it pays no income. It lost 72.26% in 2022 and 46.36% in 2024. It also fell about 96% from February 2021 to June 2025 and had not recovered by October 27, 2026. The adviser believes further legal changes could drive growth, but that outcome is uncertain.