Pabrai Wagons ETF

What Pabrai Wagons ETF does

The Pabrai Wagons ETF (NYSE Arca: WAGN) is a US-domiciled, actively managed, non-diversified exchange-traded fund that pursues a concentrated value-investing strategy rooted in Mohnish Pabrai's "Dhandho" framework and a "few bets, big concentration, infrequent trading" approach. The fund is managed by Dhandho Funds LLC (operating as Pabrai Wagons Advisors), with Pabrai serving as sole portfolio manager; the strategy invests in a small number of high-conviction securities irrespective of benchmark sector weights. The ETF converted from the Pabrai Wagons Fund (a mutual fund structure launched September 29, 2023) on February 9, 2026, with US Bancorp Fund Services as administrator and Quasar Distributors, LLC as underwriter/distributor. The fund is headquartered in Austin, Texas and has an approximate team of 11 people.

The product serves retail investors, registered investment advisors, and institutional allocators seeking concentrated, long-term, fundamental value exposure with the operational convenience of an ETF wrapper (no minimums, intraday trading, traditional brokerage custody). The fund operates on a unitary fee structure of 0.90% of average net assets annually, charged against combined assets of the ETF and the related Pabrai private partnership, which together totaled approximately $1.2 billion in AUM as of June 30, 2026. Performance has been mixed: the fund returned 28.43% on a 1-year basis (versus 22.32% for the S&P 500 TR) but has trailed since inception with 12.87% annualized versus 24.15% for the benchmark. Distribution has been broadened internationally through Interactive Brokers, enabling access for investors in India (via LRS) and GCC countries, and the fund is available through major US brokerage platforms.

Name

Pabrai Wagons ETF

Legal name

Dhandho Funds LLC

Website

https://wagonsetf.com

Company type

Public

Founded year

2023

Operating status

Operating

Ownership category

akta.pro rank

Product category

Active Equity ETF

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Broad Market Equity ETFs (FSAAAFAA)

Keywords

• Active equity ETF
• Value investing fund
• Exchange-traded fund
• Global equity strategy
• Concentrated portfolio management

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices2 records

Markets served

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Management Fees: The fund charges a single, flat 0.90% annual management fee (unitary management fee). This is the sole revenue stream, calculated on total assets under management. The fee covers investment advisory services, portfolio management, and administrative expenses.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

The Pabrai Wagons ETF (NYSE Arca: WAGN) is an actively managed, long-only exchange-traded fund that seeks long-term capital appreciation by opportunistically investing in high-quality global businesses with durable competitive advantages at attractive valuations. Mohnish Pabrai serves as the sole portfolio manager, applying a concentrated, non-diversified value investing approach inspired by Warren Buffett's principles. The fund charges a single flat 0.90% annual unitary management fee with no minimum investment requirement.

Product overview

The Pabrai Wagons ETF (NYSE Arca: WAGN) is a single actively managed ETF product that seeks long-term capital appreciation through opportunistic investments in high-quality global businesses. The fund transitioned from a mutual fund structure (Pabrai Wagons Fund, launched September 29, 2023) to an ETF structure on February 9, 2026. It is managed by Mohnish Pabrai using a value investing approach focused on finding compounding machines with durable competitive advantages at attractive valuations. The fund is non-diversified and maintains a focused, concentrated portfolio with minimal overlap to traditional benchmarks like the S&P 500.

Differentiator

Problem solved

Functional benefit

Products and services

• Pabrai Wagons ETF (WAGN) An actively managed, long-only ETF listed on NYSE Arca (ticker: WAGN) that seeks long-term capital appreciation by opportunistically investing in high-quality global businesses with durable competitive advantages at attractive valuations. Mohnish Pabrai serves as sole portfolio manager applying a concentrated, non-diversified value investing approach.
• Pabrai Wagons Fund (Predecessor Mutual Fund) The predecessor mutual fund structure of the Pabrai Wagons Fund, which operated from September 29, 2023 and included Retail Class (WAGNX) and Institutional Class (WGNIX) shares. Converted to the Pabrai Wagons ETF on February 9, 2026.

Quantifiable outcome

• 28.43% 1-year return (NAV) as of 6/30/2026, vs S&P 500 TR 22.32%
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and major.

• Quasar Distributors, LLCcoreChannel Partner/ Reseller/ Distributor · 9 February 2026Quasar Distributors, LLC serves as the distributor of the Pabrai Wagons ETF. The firm handles the distribution and is not affiliated with Dhandho Funds LLC or its affiliates. Aidan Townsend is a Registered Representative with Quasar Distributors, LLC.
• Dhandho Holdings / Dalal Street LLCcoreOthersDhandho Funds LLC (dba Pabrai Wagons Advisors) is the Registered Investment Adviser to the fund. Dalal Street LLC is an affiliated advisor. Both entities are part of Dhandho Holdings, the parent organization. Mohnish Pabrai manages $1.2 billion through these entities.
• Interactive BrokersmajorChannel Partner/ Reseller/ DistributorInteractive Brokers is the primary channel for international investors to access WAGN. Indian residents can invest via RBI Liberalised Remittance Scheme (LRS) with up to $250,000 per financial year. GCC country residents can also access the ETF through Interactive Brokers DIFC.

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Jensen Quality Growth ETF (JGRO): Jensen Quality Growth ETF is a focused, actively-managed ETF emphasizing high-quality compounders with multi-year holding periods — a close product peer in approach and target investor.
• Polen Capital Focus ETF (PCEF): Polen Capital Focus Growth ETF is a non-diversified, concentrated quality-growth ETF with a single portfolio team, comparable to WAGN in vehicle structure, concentration, and long-duration quality tilt.
• Gabelli Funds: Gabelli offers a suite of actively-managed equity ETFs and funds (e.g., GAMCO, Gabelli Small Cap Growth, Gabelli Financial Services Opportunities) run by another well-known value investor — directly comparable as a single-manager, value-tilted, brand-led active product line.
• Akre Focus ETF (AKRE): Akre Focus ETF is a concentrated, single-manager actively-managed ETF (Chuck Akre) that invests in high-quality compounders held for the long term — structurally the closest analog to Pabrai Wagons' Circle the Wagons philosophy in U.S. ETF form.
• Davis Select U.S. Equity ETF (DUSA): Davis Select U.S. Equity ETF is a long-tenured, actively-managed concentrated value/quality ETF from Davis Advisors, sharing WAGN's high-conviction, benchmark-agnostic stock-picking DNA.

Emerging players

• Aristotle Funds: Aristotle offers actively-managed equity ETFs and mutual funds with quality/value tilts (e.g., Aristotle Value ETF), competing for advisor wallet share alongside WAGN in the U.S. active ETF category.
• Pzena Investment Management: Pzena is a long-tenured, concentrated classic-value manager offering mutual funds (and ETF wrappers) targeting the same deep-value, contrarian investor as WAGN.
• Validea Market Legends ETF (VALX): Validea Market Legends ETF tracks strategies of legendary investors (including Buffett-inspired models), targeting the same "famous-investor" retail audience as WAGN with a rules-based, multi-strategy approach.

Broad incumbents

• Capital Group: Capital Group is a major incumbent active manager that has aggressively launched active equity ETFs; it competes for the same advisor/retail allocations as WAGN and demonstrates the scale benchmark for active ETF distribution.
• Berkshire Hathaway: Berkshire Hathaway is the canonical concentrated-value vehicle managed by Warren Buffett; Pabrai explicitly models himself as a Buffett disciple, making BRK the strategic analog for the Circle the Wagons philosophy even though it is not an ETF.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wagonsetf
• YouTubeyoutube.com/@PabraiWagonsETF
• Facebookfacebook.com/wagonsetf
• LinkedInlinkedin.com/company/wagonsetf

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pabrai Wagons ETF