WAGN

The Pabrai Wagons ETF is an actively-managed ETF that does not seek to replicate the performance of a specified index. It aims to achieve long-term capital appreciation by investing in a focused, non-diversified portfolio of high-conviction holdings, primarily in small- and medium-capitalization companies. The Fund may invest in both growth and value companies. In selecting investments, the portfolio manager can also invest where it is deemed appropriate in companies having special situations and whose shares are out of favor, but appear to have prospects for above-average growth and recovery over an extended period of time. The Fund may invest up to 100% of its total assets in securities issued by foreign issuers, including in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), Exchange Traded Funds ("ETFs"), and directly in foreign equity securities. The Fund's non-U.S. investments may include equity securities issued by companies that are established or operating in emerging market countries and up to 100% of the Fund's total assets may be invested in securities of companies located in emerging markets. The Fund may also invest in preferred stocks, and other equity-like instruments.