Pabrai Wagons｜完整持仓报告｜2026-03-31

Pabrai Wagons ETF — Portfolio Holdings (as of March 31, 2026, Unaudited)

Portfolio Overview

Item	Market Value (USD)	% of Net Assets
Common Stocks (Cost $124,734,458)	142,456,021	95.0%
Real Estate Investment Trusts (Cost $4,269,479)	6,550,582	4.3%
Money Market Funds (Cost $3,457,417)	3,457,417	2.3%
Total Investments (Cost $132,461,354)	152,464,020	101.6%
Other Assets Less Liabilities	(2,471,122)	(1.6%)
Net Assets	149,992,898	100.0%

Common Stock Holdings Detail (by Industry/Country)

Air Freight & Logistics — 3.4%

Company	Country	Shares	Market Value (USD)
Reysas Tasimacilik ve Lojistik Ticaret AS	Turkey	12,394,000	5,109,260

Capital Markets — 12.3% (India)

Company	Shares	Market Value (USD)
Edelweiss Financial Services Ltd.	14,572,000	15,312,708
Nuvama Wealth Management Ltd.	257,235	3,148,967
Total		18,461,675

Consumer Finance — 4.8% (Kazakhstan)

Company	Shares	Market Value (USD)
Kaspi.KZ JSC - ADR	96,490	7,147,014

Consumer Staples Distribution & Retail — 4.4% (Turkey)

Company	Shares	Market Value (USD)
Gimat Magazacilik Sanayi Ve Ticaret AS	11,185,346	6,649,719

Energy Equipment & Services — 16.7%

Country/Company	Shares	Market Value (USD)
Switzerland
Transocean Ltd.	1,262,184	8,368,280
United States
Noble Corp. PLC	144,935	7,111,960
Valaris Ltd.	96,700	9,480,468
US Subtotal		16,592,428
Industry Total		24,960,708

Hotels, Restaurants & Leisure — 4.2% (Turkey)

Company	Shares	Market Value (USD)
TAB Gida Sanayi Ve Ticaret AS	1,160,447	6,298,305

IT Services — 0.3% (Poland)

Company	Shares	Market Value (USD)
Sygnity SA	24,107	448,086

Marine Transportation — 4.6% (Greece)

Company	Shares	Market Value (USD)
Danaos Corp.	61,176	6,890,865

Metals & Mining — 21.0%

Country/Company	Shares	Market Value (USD)
Mongolia
Mongolian Mining Corp.	4,975,756	6,605,828
United States
Alpha Metallurgical Resources, Inc.	39,479	8,103,854
Warrior Met Coal, Inc.	180,372	16,801,652
US Subtotal		24,905,506
Industry Total		31,511,334

Software — 14.1%

Country/Company	Shares	Market Value (USD)
Canada
Constellation Software, Inc.	4,054	7,116,546
Lumine Group, Inc.	442,912	7,055,517
Canada Subtotal		14,172,063
Netherlands
Topicus.com, Inc.	105,368	6,963,938
Industry Total		21,136,001

Transportation Infrastructure — 9.2% (Turkey)

Company	Shares	Market Value (USD)
TAV Havalimanlari Holding AS	1,999,000	13,843,054

Real Estate Investment Trusts — 4.3%

Type/Company	Country	Shares	Market Value (USD)
Industrial REITs
Reysas Gayrimenkul Yatirim Ortakligi AS	Turkey	9,955,921	6,550,582

Short-Term Investments — Money Market Funds — 2.3%

Fund	Shares	Market Value (USD)
First American Treasury Obligations Fund - Class X (7-Day Yield 3.59%)	3,457,417	3,457,417

Country Allocation (% of Net Assets)

Country	Market Value (USD)	%
United States	44,955,351	30.0%
Turkey	38,450,920	25.5
India	18,461,675	12.3
Canada	14,172,063	9.5
Switzerland	8,368,280	5.6
Kazakhstan	7,147,014	4.8
Netherlands	6,963,938	4.6
Greece	6,890,865	4.6
Mongolia	6,605,828	4.4
Poland	448,086	0.3
Other Assets Less Liabilities	(2,471,122)	(1.6)
Total	149,992,898	100.0%

Fair Value Hierarchy (March 31, 2026)

All holdings are classified as Level 1 (unadjusted quoted prices in active markets for identical assets/liabilities):

Category	Level 1	Level 2	Level 3	Total
Common Stocks	$142,456,021	$—	$—	$142,456,021
Real Estate Investment Trusts	6,550,582	—	—	6,550,582
Money Market Funds	3,457,417	—	—	3,457,417
Total Investments	$152,464,020	$—	$—	$152,464,020

Notes

• Percentages are based on net assets.
• ADR = American Depositary Receipt; JSC = Joint Stock Company; PLC = Public Limited Company; REIT = Real Estate Investment Trust.
• Industry classifications follow the GICS® standard (developed jointly by MSCI and S&P).
• Industries/countries marked (a) represent significant concentrations, making the fund's performance particularly sensitive to material changes in that industry/country.
• Securities marked (b) are non-income producing.
• Yield marked (c) refers to the 7-day annualized yield as of March 31, 2026.