About the Pabrai Wagons ETF

We believe exceptional investment performance is usually the product of only a few great investments held for a very long time; the trick is to not only find the great investments, but also not sell them. Reminiscent of the defensive maneuver of American pioneers in the 1800s, the Fund will “circle the wagons” around its highest conviction holdings, which it believes will have the highest potential for investment returns. If the Fund needs to sell securities to meet cash needs, it will generally avoid selling these high conviction securities first.
Investor Presentation
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
1
BUSINESS
  • Enduring, predictable high ROEs* and FCF**
  • Identifiable, sustainable competitive advantages
  • Pricing power in excess of costs, inflation protection
  • Easy to understand
  • Normally avoid return-regulated industries
  • Strong balance sheets
2
MANAGEMENT
  • Management with exceptional skill, integrity, and passion
  • Treat shareholders like partners
  • Indifferent to Wall Street’s short-term focus
  • Lean corporate culture fosters independence, accountability
  • Compensation rationally determined
3
REINVESTMENT
  • Pattern of disciplined reinvestment
  • Extensive opportunities to reinvest FCF organically or through acquisitions
COMPOUNDING MACHINE
These three areas of analysis – business, management, and reinvestment – are the key components of what we call our “three-legged stool.” When we find a business that satisfies all three of our requirements, we refer to it as a “compounding machine,” and we seek to purchase shares at a modest valuation.

We know from experience that these businesses are rare.
Circle the Wagons: Key Principles
1.
Do not cut the flowers and water the weeds.
Hold on to the great businesses for dear life!
2.
Do not pay fancy prices for great businesses.
3.
Focus on the great businesses with great people and long runways.
Wide moats
Proven ability to reinvest capital at high rates without accounting gimmicks or much leverage
Investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. The Fund is new with limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size. Download the prospectus.
Before you invest in the Pabrai Wagons ETF, please refer to the Statutory Prospectus and Summary Prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 1-800-617-0004. The prospectus should be read and considered carefully before you invest or send money.
Exchange-Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
The Pabrai Wagons ETF is distributed by Quasar Distributors, LLC. Dhandho Funds, dba Pabrai Wagons Advisors, is the Advisor to the Pabrai Wagons ETF.
ABOUT THE PABRAI WAGONS ETF
The Pabrai Wagons ETF (ticker "WAGN") is the successor to the Pabrai Wagons Fund, a mutual fund that commenced operations on September 29, 2023. WAGN is non-diversified and maintains a focused portfolio of investments.
ADDITIONAL INFORMATION
For additional information about Pabrai Wagons Advisors, please visit us.
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