AdvisorShares Pure Cannabis ETF

AdvisorShares Pure Cannabis ETF (YOLO) is an actively managed fund that picks stocks of cannabis and hemp companies. As of June 30, 2026, about 23% of its assets sat in its sister fund, AdvisorShares Pure US Cannabis ETF (MSOS). It is highly concentrated, with 85% in its top 10 holdings. It costs 1.10% a year, versus 0.76% for Amplify Alternative Harvest ETF (MJ), and it once fell 94.7% from its 2021 peak.

• Over the year to Oct 27, 2026, YOLO returned -21.1%.
• Its 5-year annualized return was -28.5%.
• Its worst full calendar year was 2022 (-72.2%); its best was 2025 (+36.4%).
• The deepest fall in its price history was 94.7% (Feb 10, 2021 to Apr 8, 2025), not yet recovered.

As of Jun 30, 2026, the fund held 18 securities; the ten largest made up 85.26% of assets, and 11.05% sat in cash and money-market holdings.

• Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +20.87%, -4.85%, -5.15%.

YOLO does not track an index. Its adviser, AdvisorShares, picks the holdings itself. Under normal conditions, at least 80% of net assets go to companies that earn at least half their net revenue from marijuana and hemp, or to derivatives that mimic those stocks. The fund mainly buys small and mid-sized companies, and it may also buy IPOs (newly listed shares) and micro-caps. The manager looks for market leaders or companies well placed to grow, uses outside analyst ratings, and drops stocks it views as overvalued. Portfolio turnover was 59%, which means the fund's yearly trading equaled more than half the portfolio.

The fund owns cannabis companies directly only where national and local laws, including US federal law, allow it. For US exposure it holds a sister fund, AdvisorShares Pure US Cannabis ETF (MSOS). MSOS invests in US cannabis stocks and in total return swaps, which are contracts in which a dealer pays the fund the return of chosen securities. As of June 30, 2026, MSOS made up 23% of YOLO's assets and cash about 11%. YOLO held no swaps directly.

The fund is non-diversified, so it can put large amounts in single companies. It also keeps more than 25% of its assets in one industry group: pharmaceuticals, biotechnology and life sciences. As of June 30, 2026, its largest direct stakes were Curaleaf (15.1%), Trulieve (13.1%) and Village Farms (10.5%).

• YOLO charges 1.1% a year, versus an average of 0.76% for the similar funds below.
• Of that, 0.33% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.35% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $112 in the first year and $1,705 over 10 years (assuming a 5% annual return).

YOLO is a concentrated, actively managed bet on one volatile industry, so at most it could fill a small corner of a portfolio.

YOLO could add a small stake in cannabis companies, but its record shows how painful that stake can be. The fund launched in 2019, so it missed the 2008 crisis. Its price data starts after the 2020 crash. In the 2022 bear market it fell 68.8% between January 3 and September 27, 2022, and it lost 72.16% for the full year. Its deepest drop was 94.7%, from February 10, 2021, to April 8, 2025, and it had not recovered as of October 27, 2026. Anyone forced to take money out during a stretch like that would have locked in large losses.

It paid no distributions in the year to October 27, 2026, so it offers no income. It costs 1.10% a year, or $112 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.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).