Frequently Asked Questions

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.

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.

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.

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 5/31/2026).

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.

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.

The Pabrai Wagons ETF invests in marketable securities – primarily common stocks. The Fund is opportunistic and is agnostic to industry and geography.

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.

The Pabrai Wagons ETF charges a single, flat 0.90% annual management fee.

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.

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.

EU/UK-based investors may be able to request to be categorized as “Professional Clients” by their brokerage platform or advisor. If approved, that classification may allow them to invest in a U.S.-domiciled ETF such as the Pabrai Wagons ETF. Please ask your advisor or brokerage platform whether you qualify and whether the ETF is available to you. 

For other EU/UK retail investors, we understand there are certain regulatory requirements that must be satisfied before a U.S.-domiciled ETF can be made available to investors residing in the EU/UK. We are evaluating the feasibility of meeting those requirements and will share any updates regarding ETF availability. If you would like to be notified of any changes, please fill out our Stay Updated form.

To get the tax treatment of a regulated investment company, WAGN is required to issue a distribution each year in December and that distribution includes nearly all of the ordinary income, dividend income as well as net realized capital gains. We try our best to reduce capital gains where possible through tax loss harvesting if we can. We also get some efficiencies from in-kind redemptions if we have them. Many shareholders choose to reinvest their distributions automatically in shares of the ETF. That is something you need to do specify with your broker. Although we have distributions in December, when we receive dividends throughout the year from our businesses, we do reinvest them where we can.

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.

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 $1.3 billion across value-focused strategies (as of 5/31/2026). The Firm builds concentrated portfolios of high-quality businesses worldwide and seeks to hold them for the long term.