At a glance
MSOX charges 0.97% a year. It has $69.4M in assets. Over the past year it returned −71.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −65.4% a year.
The short version
AdvisorShares MSOS Daily Leveraged ETF (MSOX) aims to deliver about twice the daily return of the AdvisorShares Pure US Cannabis ETF (MSOS). It gets that exposure through swap agreements instead of owning cannabis stocks directly. Its 2x exposure resets every day, so over longer periods its results can differ sharply from double MSOS's return. It is built for short-term traders. It lost 87% in 2024 and charges 0.97% a year.
Price history
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MSOX -71.5% 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 | |
|---|---|---|---|---|---|---|
| MSOX official prospectus, to Dec 31, 2025 | — | -51.72% | — | — | — | -75.54% |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +17.88% | — | — | — | +17.98% |
| MSOX price data to Oct 27, 2026 | -57.8% | -71.5% | -65.4% | — | — | -75.2% |
- Over the year to Oct 27, 2026, MSOX returned -71.5%.
- Its worst full calendar year was 2024 (-87.3%); its best was 2023 (-39.3%).
- The deepest fall in its price history was 99.7% (Aug 29, 2022 to Oct 19, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -57.8% | — |
| 2025 | -51.2% | -51.72% |
| 2024 | -87.3% | -87.39% |
| 2023 | -39.3% | -39.27% |
| 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 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (3.29% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| AdvisorShares Pure US Cannabis ETF | 0.00% |
By country
United States 0%By asset type
Stocks 0%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +78.05%, -11.65%, +0.33%.
How it works
MSOX is an actively managed fund from AdvisorShares. It seeks about two times (2x) the daily total return of MSOS, before fees. MSOS is another AdvisorShares fund. MSOX does not mainly buy MSOS shares. Instead, it enters total return swaps. A total return swap is a contract in which a bank or broker, called the counterparty, pays the fund the return of MSOS on an agreed amount. As of June 30, 2026, the fund's swaps were with Cowen and Clear Street, and net assets were about $69.4 million. The cash backing the swaps, called collateral, sits in money market funds or similar cash equivalents.
MSOS invests at least 80% of its net assets in companies that earn at least half their net revenue from the US marijuana and hemp business. These are mostly mid- and small-sized companies, and MSOS also gets some of its exposure through swaps. MSOX concentrates in the pharmaceuticals, biotechnology and life sciences industry group. It is also non-diversified, which means it can put more of its money in a single issuer than a diversified fund can.
The 2x target applies to one day only, measured from one net asset value (NAV) calculation to the next. Because the exposure resets daily, returns compound, and over weeks or months they can differ from 2x MSOS in size and even in direction. If MSOS fell close to 50% in a single day, the fund could lose nearly everything. The fund also redeems shares for cash, which may create taxable capital gains.
What it really costs
- MSOX charges 0.97% a year.
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.23% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $99 in the first year and $1,434 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSOX | $99 | $358 | $638 | $1,434 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its prospectus says it targets 2x returns for a single day only, and its long-term record shows near-total losses.
MSOX launched in August 2022. It has no record through the 2008 financial crisis or the 2020 COVID crash, and it missed the start of the 2022 bear market. Its own history is a severe test. It lost 87% in 2024, its worst calendar year. From August 29, 2022 to October 19, 2026, it fell 99.7% and had not recovered. Its strongest quarter gained 171% (third quarter of 2025), and its weakest lost 80% (fourth quarter of 2024). After losses that deep, someone who needs to sell shares in a bad year may have very little left to sell. The fund has made no distributions, so it provides no income. It costs 0.97% a year, or $99 in the first year in the SEC's standard $10,000 example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want doubled one-day exposure to US cannabis stocks through MSOS and can check their positions every trading day.
- Traders with a short-term view on cannabis news, such as legislative changes, who accept that daily losses are also doubled.
- People who understand swaps and counterparty risk and keep positions small enough to absorb a quarterly drop like the 80% loss in late 2024.
Look elsewhere if
- Buy-and-hold and retirement investors: it lost 96% over the three years to October 27, 2026, and its daily resets can wear down long-term returns.
- Anyone seeking income: the fund has made no distributions.
- Investors who want diversification: it is non-diversified and tied to one niche US industry through a single underlying fund.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MSOX a good long-term investment?
MSOX isn't designed for long-term holding. Its prospectus says it doesn't try to meet its 2x goal over any period longer than one day. Its long-term record shows the risk. As of December 31, 2025, its average annual return since its 2022 launch was -75.54%, while the S&P 500 returned 17.98% a year. Based on prices through October 27, 2026, it lost 71.5% over one year and 96% over three years.
What's the difference between MSOX and MSOS?
MSOS owns US cannabis company stocks, plus swaps on those stocks, and aims for long-term growth. MSOX holds swaps on MSOS and aims for twice MSOS's return each day. AdvisorShares runs both funds. Because MSOX resets its leverage daily, its return over months can differ sharply from double MSOS's return, and usually comes out worse in choppy markets. MSOX's expense ratio is 0.97%.
Does MSOX pay dividends?
No. MSOX has made no distributions, so it offers no regular income. Its return comes only from changes in its share price. Unlike most ETFs, it redeems shares for cash, and its prospectus warns that this may force it to sell holdings and realize capital gains. Those gains could be passed on to shareholders as a taxable distribution, even in years when the share price falls.
What is the MSOX expense ratio?
MSOX's net expense ratio is 0.97% a year, according to the prospectus filed October 28, 2026. That figure includes a 0.85% management fee and reflects a 0.23% fee waiver. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs come to about $99 after one year, $358 after three, $638 after five and $1,434 after ten.
Can MSOX go to zero?
Yes, a near-total loss is possible. The prospectus warns that leverage raises the risk of losing an entire investment. It also says a one-day drop in MSOS approaching 50% could wipe out the fund's value. The fund has come close already: it fell 99.7% between August 29, 2022 and October 19, 2026. Because it relies on swaps, a counterparty that fails to pay is another risk.