PBWN — Portfolio Building Block World Ex US Industrials ETF

PBWN Fund Overview

PBWN — Portfolio Building Block World Ex US Industrials ETF is a US ETF managed by Tidal Trust IV, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Tidal Trust IV
• Category: Commodity
• Ticker: PBWN
• SEC CIK: 0002043390
• SEC series ID: S000104544
• Share class ID: C000275164

PBWN Investment Objective and Strategy

Portfolio Building Block World Ex US Industrials ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust IV.

Investment objective

The Portfolio Building Block World Ex US Industrials ETF (the Fund) seeks to track the performance, before fees and expenses, of the BITA Global Industrials ex US Select Index (the Index).

Principal investment strategy

Overview The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index is constructed using a rules-based methodology that identifies companies listed in developed market countries, excluding the United States, that operate across the industrials sector value chain, as classified by BITA GmbH (the Index Provider). Index Overview: The Indexs initial universe consists of all publicly listed equity securities for which sufficient relevant information is available from public sources. The initial universe is screened using the following criteria, which are based on each companys financial information for the most recent quarter: A. Industrials Sector Value Chain: To be eligible for inclusion, a company must be classified as operating within the industrials sector according to a rules-based methodology defined by the Index Provider.

This classification is determined by applying the following predefined criteria: According to BITAs thematic data methodology, to be eligible companies must have a Thematic Exposure Score of at least 50%. A companys total Thematic Exposure Score is equivalent to the sum of the revenue derived by the company from relevant products, services, and business activities (PSA), as a proportion of the companys total revenue. BITA approaches the construction and research of Themes through the mapping of PSA into a set of granular Sub-Themes designed to facilitate the construction of heavily focused index and data products. The universe includes companies whose PSA are integral to the industrials ecosystem. These companies operate across the following Sub-Themes: ? Capital Goods Manufacturing & Engineering : Companies engaged in the design, engineering, and production of long-life assets used to produce other goods or provide services.

This includes aerospace and defense contractors involved in aircraft and defense systems; manufacturers of heavy machinery for agriculture, construction, and industrial automation; and producers of electrical equipment and power systems. It also covers firms in the building products sector and heavy construction engineering essential for infrastructure projects. ? Transportation & Logistics Networks : Companies that provide essential services for the physical movement of goods, resources, and passengers globally. This encompasses air freight and logistics providers managing complex intercontinental supply chains; marine transportation companies handling bulk commodities, tankers, and container shipping; railroad operators; and road transportation fleets. Passenger airlines and companies providing airport and terminal services are also included.

? Commercial & Industrial Services : Companies focused on providing specialized support functions necessary for the efficient operation of businesses, governments, and industrial facilities. This includes environmental and facilities services such as waste management, recycling solutions, and site maintenance; diversified support services like industrial staffing and security; and professional services, including research, consulting, and B2B data processing related to industrial operations. B. Market Capitalization : Companies must have a free-float market capitalization (i.e., the total market value of a companys shares that are readily available for public trading, excluding shares held by insiders or controlling shareholders) of at least $10 billion. C. Country and Exchange Requirements : To be eligible for inclusion, a companys shares must be listed on one of the following stock exchanges (listed alphabetically by country): Australia (Australian Stock Exchange); Austria (Vienna Stock Exchange); Belgium (Euronext Brussels); Canada (Canadian Securities Exchange, Toronto Stock Exchange, and TSX Venture Exchange); Denmark (Nasdaq Copenhagen); Finland (Nasdaq Helsinki); France (Euronext Paris Exchange); Germany (Deutsche Borse); Hong Kong (Hong Kong Stock Exchange); Ireland (Euronext Irish Stock Exchange); Israel (Tel-Aviv Stock Exchange); Italy (Borsa Italiana); Japan (Tokyo Stock Exchange); Netherlands (Euronext Amsterdam Stock Exchange); New Zealand (New Zealand Stock Exchange); Norway (Euronext Oslo Brs); Portugal (Euronext Lisbon); Singapore (Singapore Exchange); Spain (Bolsas y Mercados Espanoles); Sweden (Nasdaq Stockholm); Switzerland (SIX Swiss Exchange); and United Kingdom (London Stock Exchange).

D. Ordinary Shares : The Index includes only ordinary shares of eligible companies. Ordinary shares represent ownership in a company and typically give shareholders the right to vote and receive dividends. Companies that meet the foregoing screens are included in the Index. The Index is expected to be comprised of 104 constituents; however, the number of constituents will vary over time. The Index is reconstituted and rebalanced quarterly (reconstitution means the Index is updated with new eligible companies based on current data; rebalancing means the weights of the companies in the Index are adjusted). In addition, the Index Provider may determine to substitute an Index constituent or make an extraordinary adjustment to the Index if it determines an extraordinary event has occurred. The determination date for regular adjustments takes place on the first Friday of the rebalancing month.

On each determination day, Index constituents are weighted according to their free-float market capitalization. In addition, the Index methodology includes the following capping constraints to limit the amount that an issuer or issuers can make up of the Index: (1) no single issuer may exceed 25% of the Index weight; and (2) all issuers with individual weights above 4.5% may not, in the aggregate, exceed 45% of the total Index weight. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. It is expected that the Index will be concentrated in one or more of the industries that comprise the industrials sector. The Index is owned, calculated, administered, and disseminated by the Index Provider. The Index Provider is not affiliated with the Funds investment adviser, Tidal Investments LLC (the Adviser).

The Funds Investment Strategy Under normal circumstances, the Fund will invest at least 80% of the Funds net assets (plus borrowings for investment purposes) in component securities that make up the Index. The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Adviser believes it is in the best interests of the Fund.

For example, representative sampling may be used when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index. The Fund will invest in listed equity securities, which may include common stocks, business trust shares, American Depositary Receipts (ADRs), which are securities listed on US exchanges that represent shares of foreign companies, and other equity investments or ownership interests in business enterprises. The Fund is classified as non-diversified, which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund.

PBWN Costs and Fees

PBWN costs about $14 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.14%
• Gross expense ratio: 0.14%

PBWN Debt Constituents

No individual debt constituents are reported in Portfolio Building Block World Ex US Industrials ETF's latest SEC N-PORT filing.

PBWN Prospectus and SEC Filings

Official Portfolio Building Block World Ex US Industrials ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-05-19

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.