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)	$37
Currency	USD
Expense ratio	103 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	17
Wgt avg mkt cap (mns)	$306
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	11.5%
Small cap (<$2bn)	88.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	97.4 %
ADVISORSHARES PURE US CANNABIS ETF	56.1 %
VILLAGE FARMS INTERNATIONAL, INC.	15.2 %
HIGH TIDE, INC.	8.4 %
CHARLOTTE'S WEB HOLDINGS, INC.	4.0 %
ORGANIGRAM GLOBAL INC	3.5 %
SNDL INC ORDINARY SHARES	3.2 %
CRONOS GROUP INC	3.1 %
AURORA CANNABIS INC	1.6 %
RUBICON ORGANICS INC	1.5 %
TILRAY BRANDS INC	0.9 %

TOP COUNTRY EXPOSURE
	CANADA	30.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.4%	58.5%	-30.7%	--	-23.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.43	5%
MSCI EAFE	0.92	4%
MSCI Emg. Mkts.	0.82	5%

Technical Indicators
Recent close	$3.13
30d moving avg.	$3.06
Annualized volatility	59.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	35
Turnover	0.3%
Bid/Ask (% of price)	2.99%
ADV underlying (mns)	$101

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 13 potential alternatives to the AdvisorShares Pure Cannabis ETF 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:

103 bp

ALTAR Score™:

-5.7%

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 (%)
BSVO	EA Bridgeway Omni Small-Cap Value ETF	0.0	47	56	7.7	+13.4
AVSC	Avantis U.S Small Cap Equity ETF	0.0	25	78	4.7	+10.3
AVUV	Avantis U.S. Small Cap Value ETF	0.0	25	78	8.0	+13.6
EES	WisdomTree U.S. SmallCap Fund	0.0	38	65	7.9	+13.6
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	82	2.9	+8.5
WSML	iShares MSCI World Small-Cap ETF	0.0	15	88	5.3	+11.0
DFAI	Dimensional International Core Equity Market ETF	0.0	18	85	6.1	+11.7
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	99	6.0	+11.7
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	96	6.6	+12.2
DFIS	Dimensional International Small Cap ETF	0.0	39	64	6.1	+11.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	94	4.9	+10.5
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	80	6.3	+11.9
DXIV	Dimensional International Vector Equity ETF	0.0	34	69	6.6	+12.3

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%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

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VALUATION METRICS

	2024	2025E	2026E
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 ETF
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	-23.1	%
Divided by: Fwd. P/BV	5.0	x
Less: Expense ratio	103	bp
Equals: ALTAR Score	-5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.58

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.