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Launched · SEC filings

Pabrai Wagons ETF

WAGNNYSE ArcaD

$15.57+0.12 (+0.78%)

At close: Oct 13, 2026, 4:00 PM

D34/ 100

Rank 12 of 15 in Global Active Value

D34/100Rank 12 of 15inGlobal Active Value
Intraday session: up, 57 prints from 15.45 to 15.57. Range 15.44 to 15.61. Use the arrow keys to read each point.15.4715.5015.5315.5515.6010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$293M
1Y total return
—
Yield · Last 12 months
—
Holdings
23
Avg volume · 30D
0.2M sh
NAV per share
$15.26
52W range
low $13.59high $16.46
Launched
Filings
SEC EDGAR

The ETF.net WAGN Grade

Based on 4 of 6 pillars

D

Score 34 out of 100

Category
Global Active Value⁠
Rank
12 of 15
Six-pillar profile for WAGN. Scores out of 100: Cost 32, Risk 21, Mission not scored, Tradability 45, Holdings not scored, Durability 57. Strongest: Durability (57). Weakest: Risk (21). Based on 4 of 6 pillars.

Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D32 out of 100
    Rank 10 of 15

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F21 out of 100
    Rank 12 of 13

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 11 of 15

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 9 of 15

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 Oct 13, 2026
Asset class
Stocks
Holdings
23
Top-10 weight
67%
Largest holding
Reysas Gayrimenkul Yatirim Ortakligi AS14.8%

Geography

  • United States37.78%
  • Switzerland13.37%
  • Turkey9.30%
  • Kazakhstan8.04%
  • United Kingdom8.04%
  • Greece8.02%
  • Canada6.97%
  • India5.87%
  • Other countries (1)2.62%

Developed 46% · Emerging 54% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Reysas Gayrimenkul Yatirim Ortakligi AS14.80%44,778,253$44M7
002HCCWarrior Met Coal Inc8.01%254,389$24M126
003RIGTransocean Ltd7.75%4,128,872$23M84
004—Edelweiss Financial Services Ltd6.78%14,572,000$20M1
005TAVHL.ISTAV Havalimanlari Holding AS5.39%2,978,173$16M41
006—Gimat Magazacilik Sanayi Ve Ticaret AS5.33%16,569,896$16M1
007VALValaris Ltd4.72%165,637$14M126
008KSPIKaspi.KZ JSC4.66%143,178$14M20
009DACDanaos Corp4.65%84,911$14M8
010NENoble Corp PLC4.60%319,529$14M112
011AMRAlpha Metallurgical Resources Inc4.58%73,541$14M104
012ODL.OLOdfjell Drilling Ltd4.55%1,254,374$14M36
013CSU.TOConstellation Software Inc/Canada4.04%5,735$12M91
014—Lumine Group Inc3.87%746,611$12M2
015—TAB Gida Sanayi Ve Ticaret AS3.57%2,368,623$11M7

Showing 1–15 of 23 holdings

WAGN Performance

Launched Sep 29, 2023

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
WAGN$11,091
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. WAGN $11,091. SPY $10,332. Use the arrow keys to read each point.$9,496$10,700$11,903Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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−0.6%
3 months+10.9%
1 yearHistory unavailable—
3 yearsHistory unavailableper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+7.8%

History from Feb 9, 2026

WAGN in the news

Filtered to WAGN · Global Active Value

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.

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