Cannabis ETFs: Exchange-Traded Fund Coverage
Cannabis ETF coverage for public equity investors seeking diversified exposure to the cannabis sector without picking individual tickers. Full breakdown of MSOS, YOLO, CNBS, THCX, and adjacent cannabis exchange-traded funds, with holdings, expense ratios, and performance.
Major cannabis ETFs CIN covers
- MSOS (AdvisorShares Pure US Cannabis ETF): Largest cannabis ETF by AUM, pure-play US multi-state operator exposure via swaps (bypasses the US federal illegality constraint)
- YOLO (AdvisorShares Pure Cannabis ETF): Global cannabis exposure including US MSOs, Canadian LPs, and ancillary businesses
- CNBS (Amplify Seymour Cannabis ETF): Actively managed global cannabis ETF
- THCX (Cambria Cannabis ETF): Global cannabis exposure with tighter concentration
- MJ (ETFMG Alternative Harvest ETF): One of the oldest cannabis ETFs, global holdings
How cannabis ETFs work
Because US cannabis remains federally illegal, US-listed cannabis ETFs cannot directly hold US MSO stocks (which are listed on OTC and CSE). MSOS solved this by using total return swaps that reference the MSO cohort synthetically. Other cannabis ETFs (YOLO, CNBS, THCX, MJ) hold a mix of Canadian LPs (which are legal Nasdaq/NYSE listings), ancillary businesses, and non-US operators, giving broader sector exposure but less MSO concentration.
Cannabis ETFs are useful for public equity investors who want diversified sector exposure without evaluating 494 individual tickers. They also fit into brokerage accounts (IRAs, taxable) that may not allow OTC or CSE trading directly.
Cannabis ETF holdings and analysis
CIN tracks cannabis ETF holdings against our 494-ticker universe, showing you which underlying names an ETF holds and at what weight. Compare cannabis ETF performance against equal-weight cannabis benchmarks and single-name MSO baskets on our research dashboard.
For the underlying MSO stocks these ETFs proxy, see our MSO hub. For live cannabis stock prices across the full universe, use cannabis stock prices.
Track cannabis ETF performance
Daily performance data, holdings breakdowns, and expense ratios for every major cannabis ETF.
Open the ETF dashboard →Frequently asked questions
What is the best cannabis ETF?
The best cannabis ETF depends on your investment thesis. MSOS (AdvisorShares Pure US Cannabis ETF) is the largest cannabis ETF by AUM and offers pure US multi-state operator exposure via total return swaps. YOLO (AdvisorShares Pure Cannabis ETF) blends US MSOs and Canadian licensed producers. CNBS (Amplify Seymour Cannabis ETF) is actively managed with global exposure. MJ (ETFMG Alternative Harvest ETF) is one of the oldest cannabis ETFs with a broader global mix. CIN publishes holdings and performance data for each.
What is MSOS ETF?
MSOS is the AdvisorShares Pure US Cannabis ETF. It is the largest cannabis ETF by assets under management and the primary vehicle for institutional investors seeking US multi-state operator exposure. Because MSOs cannot list on NYSE or Nasdaq, MSOS uses total return swap agreements referencing the MSO cohort synthetically. Top holdings typically include Curaleaf, Green Thumb Industries, Trulieve, and Verano.
How is MSOS different from MJ or YOLO?
MSOS is pure-play US MSO exposure via swap agreements, giving concentrated exposure to the domestic multi-state operator cohort. MJ (ETFMG Alternative Harvest) holds a broader mix of Canadian licensed producers, ancillary companies, and international cannabis firms through direct stock ownership. YOLO (AdvisorShares Pure Cannabis) blends US MSO swap exposure with directly held Canadian and international cannabis names. Investors choosing between them are choosing US MSO concentration versus diversified global cannabis exposure.
Why do cannabis ETFs use swap agreements?
Because US cannabis remains federally illegal, US-listed ETFs cannot directly hold US MSO stocks (which trade on OTC and CSE). Total return swap agreements let a Nasdaq-listed ETF like MSOS gain synthetic exposure to the MSO cohort without directly owning the underlying shares. The trade-off is counterparty risk and swap fees that fluctuate with interest rates.
Are cannabis ETFs a safe investment?
Cannabis ETFs are less risky than single-name cannabis stocks because they diversify across the sector, but they are still high-volatility investments. The sector is exposed to federal regulatory risk (DEA scheduling, SAFE Banking), state-level policy shifts, Section 280E tax drag on MSOs, and thin liquidity in underlying OTC and CSE names. Cannabis ETFs suit investors with high risk tolerance seeking thematic sector exposure.
What are the fees on cannabis ETFs?
Cannabis ETF expense ratios are higher than broad-market ETFs. MSOS charges 0.80 percent net expense ratio plus swap financing costs. MJ charges roughly 0.75 percent. YOLO, CNBS, and THCX charge in the 0.75 to 0.85 percent range. Compare against direct-ownership costs (brokerage commissions, spread, tax complexity) when evaluating.
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