AdvisorShares Pure US Cannabis

MSOS • ARCA

AdvisorShares Pure US Cannabis is an exchange-traded fund on ARCA. As of Q3 2025, 167 institutional investors hold shares in this ETF, with total holdings valued at $206.7M. SUVRETTA CAPITAL MANAGEMENT, LLC is the largest holder with a position valued at $34.3M.

Overview

Overview of institutional ownership in MSOS as of Q3 2025

All Institutions

Institutions: 167
Value Held: $206.7M
Shares Held: 43.2M
Avg Position: $1.2M
Median Position: $122.0K

Hedge Funds

Hedge Funds: 21
Value Held: $87.1M
Shares Held: 18.2M
Avg Position: $4.1M
Median Position: $1.7M

Biggest Investors

Institutions with the largest positions in MSOS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Aaron Leonard Cowen CEO	$34.3M 1.04% of portfolio	7.2M shares	Q3 2025 Held for 2 months	$3.3B
J JANE STREET GROUP, LLC Institution	-	$18.1M 0.02% of portfolio	3.8M shares	Q4 2020 Held for 4y 11m	$84.1B
A AdvisorShares Investments LLC Institution	Noah Hamman CEO	$18.0M 2.99% of portfolio	3.8M shares	Q4 2021 Held for 3y 11m	$602.4M
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$14.4M 0.02% of portfolio	3.0M shares	Q4 2020 Held for 4y 11m	$67.9B
S Shay Capital LLC Institution	-	$9.0M 1.64% of portfolio	1.9M shares	Q4 2024 Held for 11 months	$548.9M
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	Kenneth Cordele Griffin CEO	$7.7M 0.01% of portfolio	1.6M shares	Q4 2020 Held for 4y 11m	$122.08B
T Two Seas Capital LP Hedge Fund•Event Driven	Sina Nmn Toussi CIO	$7.2M 0.43% of portfolio	1.5M shares	Q3 2025 Held for 2 months	$1.7B
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Hedge Fund•Global Macro	Nicholas Michael Squitieri CFO	$6.8M 0.37% of portfolio	1.4M shares	Q3 2025 Held for 2 months	$1.8B
Intrinsic Edge Capital Management LLC Hedge Fund•Multi-Strategy	Mark David Coe Managing Partner	$6.7M 1.02% of portfolio	1.4M shares	Q3 2025 Held for 2 months	$658.6M
R Rovida Advisors Inc. Institution	-	$5.7M 4.96% of portfolio	1.2M shares	Q1 2023 Held for 2y 8m	$115.9M

Net Capital Flow

Institutional buying and selling activity for MSOS in Q3 2025

Traded: +$90.4M
Buyers: 86
Sellers: 51
Total Bought: +$127.4M
Total Sold: −$37.0M
Avg Position: $1.1M

Biggest Buyers

Institution	Net Bought	Current Position
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	+$34.3M +7.2M shares	$34.3M 7.2M shares
J JANE STREET GROUP, LLC Institution	+$15.4M +3.2M shares	$18.1M 3.8M shares
S Shay Capital LLC Institution	+$9.0M +1.9M shares	$9.0M 1.9M shares
T Two Seas Capital LP Hedge Fund•Event Driven	+$7.2M +1.5M shares	$7.2M 1.5M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$6.9M +1.4M shares	$7.7M 1.6M shares
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Hedge Fund•Global Macro	+$6.8M +1.4M shares	$6.8M 1.4M shares
Intrinsic Edge Capital Management LLC Hedge Fund•Multi-Strategy	+$6.7M +1.4M shares	$6.7M 1.4M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$5.6M +1.2M shares	$14.4M 3.0M shares
B Birnam Oak Advisors, LP Hedge Fund•Event Driven	+$5.0M +1.0M shares	$5.0M 1.0M shares
CITIGROUP INC Institution	+$2.9M +605.6K shares	$2.9M 605.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
Quinn Opportunity Partners LLC Hedge Fund•Event Driven	−$13.6M −2.8M shares	$1.5M 321.1K shares
O Oasis Management Co Ltd. Institution	−$9.8M −4.1M shares	Sold Off 0 shares
Monaco Asset Management SAM RIA/Wealth	−$2.9M −595.0K shares	$2.5M 530.0K shares
M Murchinson Ltd. Institution	−$1.6M −671.3K shares	Sold Off 0 shares
IMC-Chicago, LLC RIA/Wealth	−$1.5M −318.9K shares	$1.2M 256.3K shares
A Advisor Group Holdings, Inc. Institution	−$1.3M −235.2K shares	$802.3K 146.1K shares
H HRT FINANCIAL LLC Institution	−$607.3K −126.8K shares	$455.5K 95.1K shares
K Kazazian Asset Management, LLC Hedge Fund•Long/Short	−$579.6K −121.0K shares	$2.6M 539.2K shares
Carrera Capital Advisors RIA/Wealth	−$560.4K −232.5K shares	Sold Off 0 shares
C CI Private Wealth, LLC RIA/Wealth	−$505.8K −105.6K shares	$177.8K 37.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MSOS in Q3 2025

New Positions: 19
New Value: $57.6M
Exited Positions: 22
Exited Value: $14.2M

New Positions

Institution	Position Value
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	$34.3M 7.2M shares
T Two Seas Capital LP Hedge Fund•Event Driven	$7.2M 1.5M shares
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Hedge Fund•Global Macro	$6.8M 1.4M shares
B Birnam Oak Advisors, LP Hedge Fund•Event Driven	$5.0M 1.0M shares
S Simplify Asset Management Inc. Institution	$2.1M 444.4K shares
M MOORE CAPITAL MANAGEMENT, LP Hedge Fund•Global Macro	$479.0K 100.0K shares
VestGen Advisors, LLC RIA/Wealth	$372.0K 77.0K shares
D Dynamic Technology Lab Private Ltd Institution	$215.9K 45.1K shares
CHILDRESS CAPITAL ADVISORS, LLC RIA/Wealth	$186.2K 38.9K shares
Beacon Pointe Advisors, LLC RIA/Wealth	$163.4K 34.1K shares

Exited Positions

Institution	Previous Position
O Oasis Management Co Ltd. Institution	$9.8M 4.1M shares
M Murchinson Ltd. Institution	$1.6M 671.3K shares
Carrera Capital Advisors RIA/Wealth	$560.4K 232.5K shares
Warren Averett Asset Management, LLC RIA/Wealth	$501.4K 208.0K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$388.1K 161.0K shares
F Freestone Capital Holdings, LLC RIA/Wealth	$363.1K 150.7K shares
E EVERGREEN CAPITAL MANAGEMENT LLC Institution	$296.5K 123.0K shares
T Tejara Capital Ltd Institution	$233.8K 97.0K shares
P Prentice Capital Management, LP Hedge Fund•Long/Short	$115.4K 47.9K shares
Summit Trail Advisors, LLC RIA/Wealth	$76.3K 31.7K shares

Options Activity

Institutions with the largest Call and Put options positions in MSOS as of Q3 2025

Call Positions: 25
Call Value: $104.1M
Put Positions: 10
Put Value: $21.2M

Call Positions

Institution	Position Value
T Two Seas Capital LP Hedge Fund•Event Driven	$17.1M 35.8K contracts
CITIGROUP INC Institution	$13.8M 28.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$13.6M 28.4K contracts
Frigate Ventures LP RIA/Wealth	$12.0M 25.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$8.4M 17.6K contracts
W WOLVERINE TRADING, LLC Institution	$7.3M 13.7K contracts
N NOMURA HOLDINGS INC Institution	$5.7M 11.9K contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	$4.6M 9.6K contracts
S Sender Co & Partners, Inc. Institution	$4.4M 9.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.7M 7.8K contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$9.7M 20.3K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.5M 13.6K contracts
S SCOGGIN LLC Hedge Fund•Event Driven	$2.4M 5.0K contracts
W WOLVERINE TRADING, LLC Institution	$1.3M 2.4K contracts
N NOMURA HOLDINGS INC Institution	$532.6K 1.1K contracts
J JANE STREET GROUP, LLC Institution	$413.9K 864.0 contracts
D DRW Securities, LLC Institution	$233.6K 481.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$52.2K 109.0 contracts
B Belvedere Trading LLC Institution	$4.8K 10.0 contracts
HighTower Advisors, LLC RIA/Wealth	$4.7K 60.0 contracts

Most Committed Institutions

Institutions with MSOS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
R Rovida Advisors Inc. Institution	-	4.96% $5.7M	1.2M shares	Q1 2023 Held for 2y 8m	$115.9M
K Kazazian Asset Management, LLC Hedge Fund•Long/Short	George Nanidzhanyan Managing Partner	3.12% $2.6M	539.2K shares	Q1 2025 Held for 8 months	$82.7M
A AdvisorShares Investments LLC Institution	Noah Hamman CEO	2.99% $18.0M	3.8M shares	Q4 2021 Held for 3y 11m	$602.4M
R RAFFLES ASSOCIATES LP Hedge Fund•Value	Paul H. O'Leary Managing Partner	2.12% $2.2M	460.0K shares	Q2 2024 Held for 1y 5m	$103.8M
S SCOGGIN LLC Hedge Fund•Event Driven	Todd Matthew Jablonsky CFO	1.91% $4.8M	1.0M shares	Q4 2022 Held for 2y 11m	$250.2M
S Shay Capital LLC Institution	-	1.64% $9.0M	1.9M shares	Q4 2024 Held for 11 months	$548.9M
B Birnam Oak Advisors, LP Hedge Fund•Event Driven	Christopher Lord Delong CEO	1.23% $5.0M	1.0M shares	Q3 2025 Held for 2 months	$407.3M
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Aaron Leonard Cowen CEO	1.04% $34.3M	7.2M shares	Q3 2025 Held for 2 months	$3.3B
Intrinsic Edge Capital Management LLC Hedge Fund•Multi-Strategy	Mark David Coe Managing Partner	1.02% $6.7M	1.4M shares	Q3 2025 Held for 2 months	$658.6M
Monaco Asset Management SAM RIA/Wealth	Kirstin Lynn Hark Director	0.99% $2.5M	530.0K shares	Q4 2021 Held for 3y 11m	$256.5M

Hedge Fund Spotlight

Discover hedge funds investing in MSOS

INTREPID CAPITAL MANAGEMENT INC

Hedge Fund • Value

Portfolio ManagerMark Forrest Travis

Portfolio Value: $204.1M
Positions: 104
Last Reported: Q3 2025

Sector Allocation

Position in AdvisorShares Pure US Cannabis

Market Value: $183.2K
Shares Held: 38.3K
Portfolio Weight: 0.09%
Owned Since: 2023-Q2

Top Holding	Sector	Market Value	Weight
1 Dimensional US High Profitability DUHP	ETF ETF	$17.2M	8.43%
2 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$9.1M	4.48%
3 Sprott Physical Gold and Silver Trust CEF	Unknown Unknown	$8.3M	4.06%