Morgan Stanley increases ownership stake in AdvisorShares Pure US Cannabis ETF

Morgan Stanley increased its position in the AdvisorShares Pure US Cannabis ETF by 480,168 shares during the first quarter to a total of 1.59 million shares as of March 31, according to a filing on Tuesday. With a 3.2% stake, Morgan Stanley now ranks as the third largest institutional holder of the ETF, which launched in late 2020 as the first U.S.-listed actively managed ETF to provide exposure solely to American cannabis and hemp companies, including multi-state operators (MSOs). Susquehanna Financial Group reduced its stake by 587,512 shares during the same period to bring its position to 1.48 million shares and Jane Street Capital LLC acquired just under 777,00 shares to bring its holdings up to 988,879 shares. Eminence Capital LP holds the largest institutional position in the AdvisorShares Pure US Cannabis ETF with just under 2.75 million shares for a stake of 5.53% in the ETF, as of March 31. The AdvisorShares Pure US Cannabis ETF dropped 5.2% in the big selloff on Wednesday, and is down 48.3% so far this year.

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