Frequently Asked Questions

What is the Pabrai Wagons ETF?
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The Pabrai Wagons ETF (NYSE ticker: WAGN) is an actively managed, long-only ETF that seeks long-term capital appreciation by opportunistically investing in great businesses around the world. Mohnish Pabrai is the sole portfolio manager and makes all investment decisions. The fund launched as a mutual fund on September 29, 2023 and converted to an ETF on February 9, 2026.
What is the objective of the Pabrai Wagons ETF?
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The Pabrai Wagons ETF seeks to achieve long-term capital appreciation. The ETF invests in a concentrated portfolio of high-quality global businesses with durable competitive advantages, great managers, and a long runway. We seek to buy these businesses at attractive valuations, typically when market dislocations create steep discounts to our estimate of intrinsic value. The Fund is built for long-term owners and is managed with patience and discipline.
Why did Mohnish launch the Pabrai Wagons ETF?
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Most of Mohnish’s 28 year career as a professional investor has been spent managing private funds that have been available primarily to institutional investors.The Pabrai Wagons ETF makes his strategy accessible to a much broader group of investors, with no minimum investment. The ETF structure in particular also offers several advantages, including greater transparency, improved tax efficiency, and enhanced liquidity.
How is the Pabrai Wagons ETF different from other funds?
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What sets the Pabrai Wagons ETF apart is its singular focus on finding great businesses trading at deep discounts to intrinsic value; typically, ones that are unloved or ignored by the broader market. The fund operates without geographic constraints; it may be invested entirely in the US, entirely outside of it, or anywhere in between, depending on where the best opportunities exist at any given time. The portfolio is constructed independently of any index. Overlap with the S&P 500 can be minimal to nonexistent as it is today (as of 2/28/2026).
How would you describe the current portfolio?
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We believe the current portfolio is unique in its construction and looks meaningfully different from most ETFs or mutual funds available today. It includes exposure to Turkish and Indian compounders alongside deep value opportunities in overlooked corners of the market in Kazakhstan, Mongolia, the US, Canada, and Europe. This breadth reflects our opportunity-driven approach: we go where the value is, regardless of whether a market is well known or widely followed.
What does it mean to "Circle the Wagons"?
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Our philosophy is simple: exceptional results often come from a small number of outstanding investments held for many years. The challenge is not only identifying those opportunities, but also having the discipline to keep them. Like the defensive formation used by American pioneers in the 1800s, the Fund aims to “circle the wagons” around its highest-conviction holdings, which we believe offer the greatest potential for long-term returns. If you’d like to learn more about this idea, we have a case study in our Investor Presentation.
What kinds of securities does the Pabrai Wagons ETF invest in?
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The Pabrai Wagons ETF invests in marketable securities – primarily common stocks. The Fund is opportunistic and is agnostic to industry and geography.
Why do you compare the fund to the S&P 500 when you barely overlap with it?
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The S&P 500 is included as a benchmark because ETFs that track it represent the most logical alternative for most investors. Over the long run, the Pabrai Wagons ETF aims to beat the S&P 500 on an after-fee basis.
What does it cost to invest in the Pabrai Wagons ETF?
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The Pabrai Wagons ETF charges a single, flat 0.90% annual management fee.
How do I buy shares of WAGN?
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The Pabrai Wagons ETF trades on the New York Stock Exchange under the ticker WAGN. It can be purchased through any brokerage account that supports ETF trading. Visit How To Invest for more information.
Is the Pabrai Wagons ETF available to international investors?
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The Pabrai Wagons ETF (NYSE ticker: WAGN) is listed on the New York Stock Exchange and is available for purchase in most countries. Visit the Global Availability page on our website for more information. Should you need it, the ETF's CUSIP is 74316P538 and ISIN is US74316P5382.
Can I ask Mohnish questions directly?
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Yes, Mohnish hosts quarterly shareholder Q&A calls where investors can submit questions directly to him. Recordings and transcripts of past calls are available in the Investor Resources tab. If you would like to be notified of shareholder call dates in the future, please visit Stay Updated.
What is Pabrai Wagons Advisors?
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Dhandho Funds LLC, which does business as Pabrai Wagons Advisors, is the Registered Investment Adviser of the Pabrai Wagons ETF. The firm is founded and managed by Mohnish Pabrai, a 28-year veteran investor overseeing more than $1.1 billion across value-focused strategies. The Firm builds concentrated portfolios of high-quality businesses worldwide and seeks to hold them for the long term.
If you have any other questions please contact at@wagonsetf.com.
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.

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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.
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ADDITIONAL INFORMATION
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