What is the primary distinction between MSOS and YOLO regarding their investment focus?

The primary distinction lies in their geographical exposure. MSOS, the Advisorshares Pure US Cannabis ETF, concentrates exclusively on United States-based cannabis companies. In contrast, YOLO, the Advisorshares Pure Cannabis ETF, provides broader exposure that includes both Canadian and US cannabis firms. While both target the cannabis sector, YOLO offers a more international perspective. This difference significantly impacts the types of regulatory, market, and operational risks each fund absorbs, influencing how investors perceive the sector's global landscape versus a purely domestic US view.

How do expense ratios impact the long-term return of these funds?

Expense ratios represent the annual fee deducted from a fund's assets. MSOS has a higher expense ratio of 0.97% compared to YOLO's 0.51%, a difference of 0.46 percentage points. Over time, this fee gap can subtly erode returns for MSOS holders if performance is otherwise identical. Investors should note that these fees reduce the net asset value continuously. While the difference per unit might seem small initially, compounding over several years makes cost efficiency a critical factor when comparing two funds with similar sector exposures but different cost structures.

What does the lack of index tracking data imply for these ETFs?

The 'not available' status for index tracking data implies that standard benchmarking details are missing from the provided financial records. Typically, ETFs track a specific index, but without this data, investors cannot verify tracking error or the methodology used to select holdings. This absence requires users to rely solely on the disclosed top holdings and expense ratios for analysis. It also suggests that the funds may use active management strategies or proprietary indices, where the underlying structure is not publicly detailed in the summary, limiting transparency compared to standard passive index funds.

How does portfolio concentration differ between MSOS and YOLO?

Portfolio concentration varies significantly between the two funds. MSOS features a more diversified approach with its single largest holding, TRLV, accounting for 11.47% of assets. In contrast, YOLO exhibits extreme concentration, with its top holding, MSOS itself, comprising 22.48% of the fund. This means YOLO is heavily dependent on the performance of a few large positions, creating higher single-stock risk. Investors favouring broader diversification within the sector might find MSOS's structure less volatile, whereas YOLO's concentration amplifies the impact of specific company performance on the total fund value.

What are the liquidity implications of the differing asset bases?

Asset base size directly influences liquidity and fund viability. MSOS holds $976 million in net assets, providing a substantial buffer and typically smoother trading volumes. Conversely, YOLO has just $36 million in net assets, which may raise concerns about liquidity, wider bid-ask spreads, and the fund's long-term viability. Larger funds like MSOS are generally more resilient to redemption pressures. For beginners, understanding this disparity is crucial, as smaller funds might experience more volatility in share price unrelated to the underlying assets, simply due to lower trading activity and market depth.

Why does YOLO hold MSOS and what does that mean for investors?

YOLO holding MSOS as its top position at 22.48% creates a nested investment structure. This means that by investing in YOLO, an investor is gaining exposure not just to individual companies but also to the performance of another ETF, MSOS. This adds a layer of complexity to the risk profile. If MSOS performs poorly due to its US-focused strategy, it directly drags down YOLO's performance. This cross-holding highlights the interconnected nature of the cannabis ETF space, where one fund's success is partially tied to the management and holdings of a competitor.

How should investors interpret the shared holding of TRLV in both funds?

TRLV appears as a top holding in both funds, representing 11.47% in MSOS and 16.19% in YOLO. This shared exposure indicates that TRLV is considered a significant player in the cannabis sector by both fund managers. However, the differing weights suggest varied conviction levels; YOLO allocates more heavily to TRLV than MSOS does. Investors analysing these funds should note that despite this overlap, the rest of their portfolios diverge. The shared holding provides a common point of comparison, but it does not imply that the funds are interchangeable or carry similar overall risk profiles.

What do the inception dates tell us about the track records?

The inception dates reveal different lengths of operational history. YOLO was launched on April 17, 2019, offering a longer track record for performance evaluation across various market cycles. MSOS was established later, on September 1, 2020. Consequently, MSOS has a more limited history, potentially reflecting a narrower set of economic conditions. When comparing these funds, the longer history of YOLO allows for a more extended look at how it handled the cannabis market's volatility, although its smaller size and high concentration present distinct challenges regardless of its longevity.

How does the dividend yield impact income-seeking investors?

Both MSOS and YOLO report a dividend yield of 0.00%, indicating they do not distribute regular income to shareholders. For income-seeking investors, this means these ETFs are purely growth-oriented or sector-exposure plays rather than yield generators. Investors holding these funds must rely on capital appreciation for returns, or on the funds' internal reinvestment of any dividends received from underlying holdings. This characteristic is common in speculative sectors like cannabis, where companies often reinvest all earnings into development, leaving little for distribution to the funds or their shareholders.

What risks are associated with YOLO's smaller asset base?

YOLO's net assets of $36 million pose specific structural risks. Small asset bases can lead to higher management fees per unit of asset, although YOLO's expense ratio is lower. More critically, low assets under management can result in thinner trading volumes, causing wider bid-ask spreads and making it difficult to enter or exit positions at fair prices. There is also a theoretical risk of fund closure if assets decline further. Beginners should weigh these liquidity concerns against the potential for higher upside, recognising that market viability is a key component of risk in smaller ETFs.

How do the expense ratios compare in absolute terms for a $1,000 investment?

For a $1,000 investment, the expense ratio difference results in varying annual costs. At 0.97%, MSOS would cost approximately $9.70 per year, whereas YOLO's 0.51% expense ratio equates to roughly $5.10 per year on the same amount. This $4.60 annual difference might appear negligible, but it accumulates over time. Investors should view these fees as a guaranteed deduction from potential returns, regardless of market performance. The lower cost of YOLO offers a slight mechanical advantage in net cost efficiency, assuming all other factors like performance and tax treatment remain equal.

What should beginners note about the educational nature of this comparison?

This comparison is strictly educational and does not constitute financial advice. Beginners should use this data to understand how fees, asset sizes, and holding concentrations influence ETF structures. The figures provided are snapshots from Yahoo Finance as of September 22, 2026, and market conditions change rapidly. Investors must conduct their own due diligence and consider their personal risk tolerance, investment horizon, and financial goals before making any decisions. Past performance, even if available, is not indicative of future results in the volatile cannabis sector.

MSOS vs YOLO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Advisorshares Pure US Cannabis ETF (MSOS) and Advisorshares Pure Cannabis ETF (YOLO). Review their expense ratios of 0.97% and 0.51%, analyse shared holdings such as TRLV, and understand how each fund tracks its market. Index tracking details are not available for both funds. Educational content, not financial advice.

Compare Advisorshares Pure US Cannabis ETF (MSOS) and Advisorshares Pure Cannabis ETF (YOLO). Review their expense ratios of 0.97% and 0.51%, analyse shared holdings such as TRLV, and understand how e...

Fund Snapshot

Key Fund Metrics

MSOS

Metric

YOLO

0.97%

Expense Ratio

0.51%

0.00%

Dividend Yield

0.00%

$976.02M

Net Assets

$35.81M

106

Holdings

20

Sep 1, 2020

Inception Date

Apr 17, 2019

–

Index Tracked

–

Miscellaneous Sector

Fund Category

Miscellaneous Sector

YOLO costs about $46.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	MSOS	YOLO
TRLVTrulieve Cannabis Corp.	11.47%	16.19%

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Investment Analysis

MSOS

Pros

Moderately large asset base provides a more established presence than the smaller fund
Single largest holding weight of 11.47% allows for better diversification than the other fund
Lower concentration in any one stock compared to the other fund's top holding of 22.48%

Considerations

High expense ratio of 0.97% erodes investor returns significantly
No dividend yield provides no regular income stream to investors
Fund has a relatively short inception date, with limited long-term track record

YOLO

Pros

Lower expense ratio of 0.51% improves net cost efficiency for investors
Longer inception date provides a more extended track record for evaluation
Exposure to a broader range of companies including Canadian and US cannabis firms

Considerations

Very small net assets of $36 million may raise concerns about liquidity and viability
Extremely high concentration in top holding MSOS at 22.48%, creating significant single-stock risk
No dividend yield provides no regular income stream to investors

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About MSOS and YOLO

MSOS (MSOS)

YOLO (YOLO)

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Which Baskets Do They Appear In?

Cannabis Reclassification | Schedule III Tax Relief

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MSOS vs YOLO

Fund Snapshot

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Investment Analysis

MSOS

Pros

Considerations

YOLO

Pros

Considerations

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About MSOS and YOLO

Which Baskets Do They Appear In?

Cannabis Reclassification | Schedule III Tax Relief

Which Baskets Do They Appear In?

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Fund Snapshot

About MSOS and YOLO

Which Baskets Do They Appear In?

Cannabis Reclassification | Schedule III Tax Relief

Which Baskets Do They Appear In?

Cannabis Reclassification | Schedule III Tax Relief

Related Market Insights

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HODL vs YOLO