Pabrai Wagons ETF Shareholder Call Replay - June 10, 2026

Disclosures: Opinions expressed are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. Nothing contained on this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may focus its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. The Fund is new with a limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size. Download the prospectus here: https://www.wagonsetf.com/ir Expense ratio of the fund is 0.90%. Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Cashflow: the amount of cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free Cash Flow: The cash a company has left after spending money to support and maintain its operations and capital assets. PLV Index (Platts Premium Low Volatility Index): A benchmark assessment for metallurgical coal pricing, specifically tracking the spot price of premium quality low-volatile hard coking coal. Replacement cost refers to the amount of money it would take to replace an asset with a similar one at current market prices, without deducting depreciation. Book value is a company's net worth; the value of its assets minus its liabilities. References to the performance record of Berkshire Hathaway, Warren Buffett, or Charlie Munger is in no way meant to suggest the Fund will have a similar record or performance in the future. Net Operating Loss (NOL) occurs when a business's expenses exceed its income, resulting in a financial loss that can offset future taxable income. Price-to-earnings ratio (P/E ratio) is a key valuation metric that compares a company's share price to its earnings per share (EPS). ROE stands for Return on Equity, a key metric that measures how efficiently a company generates profit from shareholders' equity. Dividend yield if the percentage of a company's stock price that is paid out annually in dividends, showing the income return you can expect from owning the stock. Link to Top Ten Holdings: https://www.wagonsetf.com/fund-summary Distributed by Quasar Distributors, LLC Chapters: 00:00 Introduction 02:28 Warrior vs. AMR 06:49 Offshore drilling businesses: Transocean, Noble, and Valaris 09:32 Constellation 11:41 Reysas 14:46 Gimat 18:36 TAV Airports 21:46 Kaspi 23:26 Edelweiss 24:57 Micron 32:24 Evolution in investing strategy 34:06 Cyclical commodity businesses: Saudi Aramco, Warrior & Transocean 36:24 Business moats 37:26 Portfolio concentration 39:20 US vs. Australian met coal 42:09 Dividends at PW ETF 43:00 Impact of Transocean - Valaris merger