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WAGN

GradeDNew York Stock Exchange Arca

Pabrai Wagons ETF

Active Equity · Pabrai · Inception 2023-09-29 · SEC filings

$15.40−0.06 (−0.36%)

As of Sep 23, 2026, 2:23 PM EDT

History starts Feb 9, 2026.History starts Feb 9, 2026.
Intraday session: down, 36 prints from 15.46 to 15.40. Range 15.40 to 15.57. Use the arrow keys to read each point.$15.45$15.50$15.5510 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$286M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0.2M sh
NAV per share
$15.14
52W range
low $13.59high $16.46

The ETF.net WAGN Grade

D

39/ 100

Rank 11 of 15 in Global Active Value⁠

Confidence Low

Six-pillar profile for WAGN. Scores out of 100: Cost 32, Risk 22, Mission not scored, Tradability 71, Holdings not scored, Durability 44. Strongest: Tradability (71). Weakest: Risk (22). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 32
    Category rank11/15 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 22
    Category rank12/13 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank3/15 · top 20%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank10/15 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on WAGN

ETF.net Research

DMohnish Pabrai's playbook in an ETF wrapper: a handful of high-conviction global businesses, bought during dislocations and held for years. Converted from his 2023 mutual fund, it's a concentrated value bet, not a diversified world index.

Stated mandate

The Fund's stated objective is long-term capital appreciation.

Why people hold it

  1. 01Runs like Pabrai's private partnerships: a focused book of high-quality global businesses the fund "circles the wagons" around and aims to hold for the long term.wagonsetf.com
  2. 02Not a blank slate. WAGN is the successor to the Pabrai Wagons Fund, a mutual fund that began operations in September 2023 and reorganized into an ETF in February 2026.wagonsetf.comwagonsetf.com
  3. 03No home bias: the prospectus permits up to 100% of assets in companies located outside the US, including emerging markets, so the shortlist isn't capped at Wall Street.wagonsfund.b-cdn.net
  4. 04Now trades intraday on NYSE Arca, and it changes hands more easily than its size in the boutique-active corner would suggest.wagonsetf.com

Worth knowing

  1. 01Boutique pricing: 0.90% a year, above the typical actively managed global stock fund and many times index-based rivals like GSWO (0.15%) or AVGE (0.25%).
  2. 02One brain, one portfolio. The prospectus states the fund depends heavily on Mohnish Pabrai and could not continue to operate in his absence.wagonsfund.b-cdn.netwagonsfund.b-cdn.net
  3. 03Non-diversified by design: a few names can dominate, 25%+ can sit in one sector, and cash can stay large for extended stretches. Expect a bumpier ride than a world index.wagonsfund.b-cdn.netwagonsetf.com

WAGN Holdings

As of Sep 22, 2026, 2:37 PM
Asset class
Stocks
Holdings
—
Top-10 weight
68%
Largest holding
Reysas Gayrimenkul Yatirim Ortakligi AS15.1%

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Reysas Gayrimenkul Yatirim Ortakligi AS15.11%43,856,465$43M8
002HCCWarrior Met Coal Inc7.88%254,389$23M125
003RIGTransocean Ltd7.88%4,128,872$23M59
004—Edelweiss Financial Services Ltd7.43%14,572,000$21M1
005TAVHL.ISTAV Havalimanlari Holding AS5.93%2,978,173$17M43
006—Gimat Magazacilik Sanayi Ve Ticaret AS5.47%16,569,896$16M1
007DACDanaos Corp4.75%84,911$14M7
008NENoble Corp PLC4.60%296,867$13M69
009ODL.OLOdfjell Drilling Ltd4.58%1,201,074$13M36
010KSPIKaspi.KZ JSC4.57%135,178$13M20
011VALValaris Ltd4.55%158,787$13M130
012CSU.TOConstellation Software Inc/Canada3.99%5,735$11M93
013—Lumine Group Inc3.97%746,611$11M2
014—TAB Gida Sanayi Ve Ticaret AS3.85%2,368,623$11M7
015AMRAlpha Metallurgical Resources Inc3.78%61,541$11M107

Showing 1–15 of 20 holdings

WAGN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

WAGN$10,611
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. WAGN $10,611. SPY $10,415. Use the arrow keys to read each point.$9,272$10,319$11,366Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for WAGN. Periods over one year show the average yearly return.
PeriodWAGN
Year to dateHistory unavailable—
1 month−2.5%
3 months+6.1%
1 yearHistory unavailable—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for WAGN
YearReturn barWAGN
2026 YTD+7.9%

History from Feb 9, 2026

WAGN in the news

ETF.net Research hasn’t filed on WAGN yet — coverage lands here as it’s written.

WAGN Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

WAGN Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
No data available
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.43
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

WAGN Cost

Expense ratio0.90%
  • The middle half of Global Active Value funds
  • Median 0.85%

10 of the 15 Global Active Value funds charge less.

WAGN costs $90.00 a year on $10,000. The median Global Active Value fund costs $85.00.