Important Information About Placing Orders For the Pabrai Wagons ETF

The Pabrai Wagons Fund mutual fund will be converting to an ETF called the Pabrai Wagons ETF (ticker: WAGN). The ETF will go live on February 9, 2026. For important information about the ETF and the reorganization, please see the Combined Information Statement & Prospectus dated December 29, 2025.

‍

Investing in the Pabrai Wagons ETF (ticker: WAGN) is different than investing in the mutual fund

When you invest in a mutual fund, your buy or sell order typically executes once per day at the fund’s net asset value (NAV) calculated after the market close. You do not choose the execution price.

The Pabrai Wagons ETF (ticker: WAGN) is different. It is bought and sold throughout the day on a stock exchange, the same way you would buy or sell a stock. That means you choose how you want your order priced.

Because the price of an ETF can move throughout the day, we generally encourage investors to use a limit order when investing in WAGN.

‍

Why we suggest a limit order for WAGN

A market order tells your broker: “Execute immediately at the best available price.” In fast-moving markets, the execution price may be different than what you expected when you clicked submit.

A limit order tells your broker: “Execute only at this price or better.”

• When you are buying, a limit order helps you control the maximum price you are willing to pay.
• When you are selling, a limit order helps you control the minimum price you are willing to accept.

A limit order may not execute if WAGN does not reach your price.

‍

Step-by-step: How to place a WAGN limit order

Step 1: Look up the current price information

1. Go to Yahoo Finance and search for WAGN.
2. On the WAGN page, note either
   
   • The previous day's close (the "last close" price), and/or
   • The current price shown on the page

Step 2: Pick one of two simple limit-price approaches (You have two straightforward options. Either is fine.)

Approach A: Set the limit price at the last close

• Use the previous day’s closing price as your limit price.
• This is simple, but it may not execute if WAGN is currently above (for a buy) or below (for a sell) that level.

Approach B: Set the limit price at the current price

• Use the current price shown on Yahoo Finance as your limit price.
• This is also simple, but it still may not execute if the price moves while your order is being processed.

Step 3: Enter your order at your brokerage.

1. Select WAGN.
2. Choose Buy or Sell.
3. Select Order Type: Limit.
4. Enter the number of shares (or dollar amount, if your broker supports it).
5. Enter your limit price using Approach A or B
6. Choose Time in force:
   
   • Day: the order expires at the end of the day if it does not execute.
   • GTC (Good-Til-Canceled): the order stays open until it executes or you cancel it, subject to your broker's rules
7. Review and submit.

‍

Step 4: If the order does not execute, adjust if needed.

If your order does not execute, you can:

• Adjust your limit price and submit, or
• Cancel and try again later

In other words, investing in WAGN works like investing in a stock: if you want execution, you may need to move your limit price closer to where the market is at that moment.

‍

Important Note

This information is for educational purposes only and is not investment, legal, or tax advice. All investing involves risk, including the risk of loss. Please review your brokerage platform’s order-entry screens and disclosures and consider consulting a financial professional for guidance specific to your situation.