Portfolio Parameters
- Not more than 25% of the total assets of the Pabrai Wagons ETF (the "Fund") will be invested in the securities of a single issuer.
- Not more than 25% of the Fund's total assets will be invested in any one industry or groups of industries.
- With respect to 50% of the Fund’s total assets, not more than 5% of the Fund’s total assets will be invested in the securities of a single issuer and the Fund will not own more than 10% of the outstanding voting securities of a single issuer.
Portfolio Position Sizing
- The Fund “circles the wagons” around its highest conviction holdings, which it believes will have the highest potential for investment returns.
- The Fund generally does not trim winning positions if there has been no change in conviction.
Top Ten Holdings
As of XX/XX/XXXX
* Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Fund Facts
| Ticker | WAGN |
|---|---|
| CUSIP | 74316P538 |
| ISIN | US74316P5382 |
| Primary Exchange | NYSE |
| Inception Date | 9/29/23 |
| Expense Ratio | 0.90% |
| Benchmark | S&P 500 TR |
| Fund Assets (as of XX/XX/XXXX) | - |
| 30 Day Median Bid/Ask Spread (as of XX/XX/XXXX) | - |
Performance
| 1 Mo. | YTD | 1 Yr. | Since Inception* (Annualized) |
|
|---|---|---|---|---|
| Pabrai Wagons ETF NAV | 10.24% | 10.24% | 17.20% | 14.48% |
| Pabrai Wagons ETF Market | 10.24% | 10.24% | 17.20% | 14.48% |
| S&P 500 TR | 1.45% | 1.45% | 16.35% | 24.50% |
Performance as of 1/31/26
| 3 Mo. | YTD | 1 Yr. | Since Inception* (Annualized) |
|
|---|---|---|---|---|
| Pabrai Wagons ETF NAV | 6.23% | 3.98% | 3.98% | 10.20% |
| Pabrai Wagons ETF Market | 6.23% | 3.98% | 3.98% | 10.20% |
| S&P 500 TR | 2.66% | 17.88% | 17.88% | 24.74% |
Performance as of 12/31/25
* Inception Date is 9/29/23
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.
The Pabrai Wagons ETF is the successor to the Pabrai Wagons Fund (the “Predecessor Fund”), which operated as a mutual fund. The Predecessor Fund commenced operations on September 29, 2023. The Pabrai Wagons ETF is the successor to the accounting and performance history of the Institutional Share Class of the Predecessor Fund. Any historical information provided for the Pabrai Wagons ETF that relates to the periods prior to February 6, 2026, is that of the Predecessor Fund. The Pabrai Wagons ETF began trading on NYSE Floor February 9, 2026.
The S&P 500 Index is an index of 500 large capitalization companies selected by Standard & Poor’s Financial Services LLC. One cannot invest directly in an index.
Historical Premium/Discount
As of 2/9/26