Got this message about Monish Pabrais wagon fund becoming an etf. The performance has not been great, but it does have exposure to some investments overseas (like Reysas and Edelweiss) that I found intriguing but difficult to invest in directly. Expense ratio is high.
I might by a few shares. Anyone else invested or thinking of dipping their toes in?
“Hope all is well. On February 9, 2026, the Pabrai Wagons Fund (the “Fund”) will convert from a mutual fund into an Exchange-Traded Fund called the Pabrai Wagons ETF (ticker: WAGN). For more information please see the Combined Information Statement & Prospectus dated December 29, 2025.
Ahead of the conversion, effective January 24, 2026, the retail share class of the mutual fund with the ticker WAGNX was consolidated into a single institutional share class with the ticker WGNIX. You can add to your position in the Fund by purchasing shares of WGNIX until February 2, 2026, when transactions will be frozen until after the conversion is complete on February 9, 2026.
We believe the ETF can offer lower fees, more transparency, better tax efficiency and wider availability. Importantly, the core of what you’re invested in isn’t changing. Here’s what you need to know:
Management: Mohnish Pabrai will continue to manage the ETF with the exact same investment goals and strategies.
Expenses: We are moving to a single share class with a 0.90% unitary management fee\* for all investors.
Tax Impact: The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes. Shareholders generally will not recognize a taxable gain or loss because of the reorganization, except with respect to any cash received in lieu of fractional shares.
If you hold your shares in a standard brokerage account, no action is necessary. Your mutual fund shares are expected to convert automatically into ETF shares over the weekend of February 6, 2026.
Investing in an ETF is different than investing in a mutual fund. We have put together a quick guide: “How to Place ETF Trades” on wagonsfund.com to clarify this process.
\*The ETF will still be responsible for paying certain other expenses not covered by the unitary fee and that amount will eventually be disclosed in the prospectus, once available.”