Core Viewpoint - The AdvisorShares Pure Cannabis ETF (YOLO US) aims for long-term capital appreciation by focusing on cannabis-related equities and derivatives while adhering to cannabis laws [1] Investment Strategy - The ETF invests at least 80% of net assets in issuers that derive 50% or more of their revenue from marijuana or hemp businesses, including derivatives with similar economic exposure [1] - The portfolio primarily includes mid- and small-cap common and preferred stocks, an affiliated US-focused cannabis ETF, and total return swaps referencing cannabis equities [1] - The investable universe encompasses sectors such as agriculture, biotechnology, pharmaceuticals, real estate, retail, and financial services, along with firms expected to generate future cannabis-related revenues or DEA-registered companies conducting lawful cannabinoid research [1] Portfolio Construction - The portfolio is non-diversified and concentrates at least 25% in the pharmaceuticals, biotechnology, and life sciences industry group [1] - Selection is driven by research tools and a bottom-up assessment of market position, growth potential, and valuation, while selling decisions are based on relative opportunity or position-size limits [1]

Core Insights - Thermo Fisher Scientific Inc. (TMO) is a leading biotechnology and life sciences company with a market cap of $220 billion, providing a wide range of products and services for research, diagnostics, and laboratory operations [1][2] Financial Performance - TMO shares have retreated 2.2% from their 52-week high of $610.97, but have surged 21.8% over the past three months, outperforming the Health Care Select Sector SPDR Fund (XLV), which declined by 16.6% during the same period [3] - Year-to-date, TMO is up 14.9%, lagging behind XLV's 15.4% rise, while over the past 52 weeks, TMO shares have increased by 16.3%, surpassing XLV's 9.2% increase [4] Recent Developments - On November 24, Thermo Fisher priced a €2.1 billion ($2.4 billion) euro-denominated bond offering, which includes €1.0 billion floating-rate notes due 2027 and €1.1 billion ($1.3 billion) fixed-rate notes due 2035, aimed at funding general corporate purposes [5] - Following the bond offering announcement, Thermo Fisher's shares rose by 2% in the next trading session [5] Competitive Landscape - IDEXX Laboratories, Inc. (IDXX) has outperformed Thermo Fisher, with shares up 85.4% year-to-date and 78.9% over the past 52 weeks [6]