AVGV vs WAGN

AVGVAAvantis All Equity Markets Value ETF 9

WAGNDPabrai Wagons ETF

In short

AVGV One ticker for the world's value stocks: AVGV stacks six Avantis value funds into a 60% US, 30% developed, 10% emerging mix, small caps included, for 0.26% all in.

WAGN Mohnish 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

AVGV The fund seeks long-term capital appreciation through a fund-of-funds structure investing in other Avantis ETFs. Those underlying funds are broadly diversified equity portfolios that select or overweight securities expected to offer higher returns or better risk characteristics than a passive market-cap-weighted index.

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

Why people hold it

• AVGV Holds US large, mid and small value plus developed and emerging value in one ticker, at 60/30/10 target weights the managers can flex within stated ranges.sec.gov
• The 0.26% headline covers the underlying Avantis funds too, and sits below the category median and below SFGV's 0.33% net of a waiver through March 31, 2027.sec.gov
• Small and mid caps ride alongside large caps, so the value tilt reaches corners of the market a large-cap-only value fund leaves out.sec.gov

• WAGN Runs 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
• Not 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 2
• No 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.b-cdn.net
• Now 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

• AVGV Value and size tilts are built in, so results can diverge from a market-cap global index for long stretches.sec.gov
• Every holding is an Avantis fund, so one firm's definition of value and one team's allocation calls drive the whole portfolio.sec.gov
• Around 40% of the target sits outside the US, bringing currency moves and emerging market risk; the fund also only launched in 2023.sec.gov

• WAGN Boutique 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%).
• One brain, one portfolio. The prospectus states the fund depends heavily on Mohnish Pabrai and could not continue to operate in his absence.b-cdn.netb-cdn.net 2
• Non-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.b-cdn.netwagonsetf.com

Full AVGV profile⁠

Full WAGN profile⁠