Take the road less traveled.

We seek to invest in a handful of global compounding engines. The key is circling the wagons around the most compelling ones.
INVESTOR PRESENTATION
For more information on how to invest:
WAGN
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Replay of Dec 3, 2025 Investor Call
Investor Presentation
WAGNX
WGNIX
S&P 500
YTD*
-17.27%
-17.22%
1.06%
Since
Inception**
-1.06%
-0.65%
41.12%
*5/31/2025
**9/29/2023
As of February 9th, 2026, Pabrai Wagons Advisors has completed the conversion of the Pabrai Wagons Fund to the Pabrai Wagons ETF (ticker "WAGN").

The ETF will continue to be managed by the Advisor with no changes to its investment objectives, investment strategies, or fundamental investment restrictions.

Pabrai Wagons ETF NAV
Pabrai Wagons ETF Market Price
S&P 500 TR
3 MO.
6.23%
6.23%
2.66%
6 MO.
14.54%
14.54%
11.00%
YTD
3.98%
3.98%
17.88%
1 YR.
3.98%
3.98%
17.88%
3 YR
-----
-----
-----
5 YR
-----
-----
-----
10 YR
-----
-----
-----
SINCE INCEPTION*
(ANNUALIZED)
10.20%
10.20%
24.74%
Pabrai Wagons ETF NAV
3 MO.
6.23%
6 MO.
14.54%
YTD
3.98%
1 YR.
3.98%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
(ANNUALIZED)
10.20%
Pabrai Wagons ETF Market Price
3 MO.
6.23%
6 MO.
14.54%
YTD
3.98%
1 YR.
3.98%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
(ANNUALIZED)
10.20%
S&P 500 TR
3 MO.
2.66%
6 MO.
11.00%
YTD
17.88%
1 YR.
17.88%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
(ANNUALIZED)
24.74%
Performance as of 12/31/25.

*Inception Date is 9/29/23. Performance since inception is annualized.

Pabrai Wagons ETF NAV
Pabrai Wagons ETF Market Price
S&P 500 TR
1 MO.
10.24%
10.24%
1.45%
6 MO.
27.58%
27.58%
10.13%
YTD
10.24%
10.24%
1.45%
1 YR.
17.20%
17.20%
16.35%
3 YR
-----
-----
-----
5 YR
-----
-----
-----
10 YR
-----
-----
-----
SINCE INCEPTION*
(ANNUALIZED)
14.48%
14.48%
24.50%
Pabrai Wagons ETF NAV
1 MO.
10.24%
6 MO.
27.58%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
YTD
10.24%
1 YR.
17.20%
SINCE INCEPT.*
(ANNUALIZED)
14.48%
Pabrai Wagons ETF Market Price
1 MO.
10.24%
6 MO.
27.58%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
YTD
10.24%
1 YR.
17.20%
SINCE INCEPT.*
(ANNUALIZED)
14.48%
S&P 500 TR
1 MO.
1.45%
6 MO.
10.13%
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
YTD
1.45%
1 YR.
16.35%
SINCE INCEPT.*
(ANNUALIZED)
24.50%
Performance as of 1/31/26.

*Inception Date is 9/29/23. Performance since inception is annualized.
Pabrai Wagons Fund net asset value (nav)
FUND/INDEX
Pabrai Wagon Funds Retail (WAGNX)
Pabrai Wagon Funds Institutional (WGNIX)
S&P 500 TR
3 MO
-----
-----
-----
YTD
-----
------
-----
1 YR
-----
-----
-----
3 YR
-----
-----
-----
5 YR
-----
-----
-----
10 YR
-----
-----
-----
SINCE INCEPT.*
-----
-----
-----
FUND
Pabrai Wagon Funds Retail (WAGNX)
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
FUND
Pabrai Wagon Funds Institutional (WGNIX)
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
FUND
S&P 500 TR
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
FUND/INDEX
Pabrai Wagon Funds Retail (WAGNX)
Pabrai Wagon Funds Institutional (WGNIX)
S&P 500 TR
3 MO
-----
-----
-----
YTD
-----
-----
-----
1 YR
-----
-----
-----
3 YR
-----
-----
-----
5 YR
-----
-----
-----
10 YR
-----
-----
-----
SINCE INCEPT.*
-----
-----
-----
FUND
Pabrai Wagon Funds Retail (WAGNX)
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
FUND
Pabrai Wagon Funds Institutional (WGNIX)
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
FUND
S&P 500 TR
3 MO
-----
YTD
-----
1 YR
-----
3 YR
-----
5 YR
-----
10 YR
-----
SINCE INCEPT.*
-----
WAGN: Unitary Management Fee
0.90%
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 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 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.

The Pabrai Investment Fund II, LP

Performance of a $100,000 Investment vs. the S&P 500

As of September 30, 2025 (net of fees)

PIF2 ending value $1,369,100
S&P 500 ending value $742,600

Growth of $100,000 (2000–2025)

PIF2
S&P 500
$0 $500k $1.0M $1.5M $2.0M ’01 ’05 ’09 ’13 ’17 ’25

Example disclosure text goes here. Replace this with your own performance commentary and compliance wording (e.g. start dates, methodology, and notes about reinvested dividends).

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.
This fund is an actively-managed ETF that does not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio manager considers, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund’s performance may suffer.
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.