Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in global equity securities of artificial intelligence (AI) and automation companies. In selecting investments for the Fund, Pictet Asset Management S.A., the Funds investment adviser (the Adviser), focuses on companies that have a distinct link to artificial intelligence and/or automation as measured by the proportion of the company (e.g., sales, EBITDA, enterprise value, Capex, or other relevant metrics) that contributes to and benefits from the value chain in artificial intelligence, robotics, cybersecurity, semiconductors, and software; this includes companies that produce the essential hardware and services, as … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in global equity securities of artificial intelligence (AI) and automation companies. In selecting investments for the Fund, Pictet Asset Management S.A., the Funds investment adviser (the Adviser), focuses on companies that have a distinct link to artificial intelligence and/or automation as measured by the proportion of the company (e.g., sales, EBITDA, enterprise value, Capex, or other relevant metrics) that contributes to and benefits from the value chain in artificial intelligence, robotics, cybersecurity, semiconductors, and software; this includes companies that produce the essential hardware and services, as well as those providing technologies that enable robots to sense, process, communicate, and act; companies that redefine, optimize and automate enterprise workflows; companies that change the way we interact with each other and consume, and those that develop robotics and automation solutions aimed at consumer and service applications for everyday life (AI and Automation Companies). The Fund is expected to have significant exposure to securities of issuers in the information technology, industrials, communication services, and consumer discretionary sectors. Further, the Fund will, in the aggregate, invest more than 25% of its assets in securities of companies in the industries comprising the information technology sector. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus borrowings for investment purposes) in global equity securities of artificial intelligence (AI) and automation companies. The Fund is expected to have significant exposure to securities of issuers in the information technology, industrials, communication services, and consumer discretionary sectors. Further, the Fund will, in the aggregate, invest more than 25% of its assets in securities of companies in the industries comprising the information technology sector. The Adviser seeks to achieve the Funds investment objective by outperforming (net of fees) the MSCI All Country World Index net total return USD over a full market cycle. The Funds investment process includes two stages. In the first stage, the Adviser employs a selection process to create the investable universe for the Fund based on a proprietary thematic screen that selects AI and Automation Companies based on the criteria described above. In the second stage, the Adviser employs a three-step process to create the final portfolio. The first step involves an initial assessment based on the theme factor, which considers a companys exposure to artificial intelligence and automation, liquidity, and volatility. The second step involves targeted fundamental analysis where the Adviser takes into account the company factor, which includes the companys business franchise, management quality, and financial attractiveness, integrating sustainability factors in each companys assessment. The third step is portfolio construction, where stocks are weighed based on the research and highest convictions of the portfolio managers, taking into account the theme factor, company factor, and factor risks, industry risks, and macro risks. The final portfolio is a combination of the highest convictions resulting from the investment process. The Adviser generally sells portfolio investments when a price target (where defined) has been reached, or if the Advisers conviction level is deteriorating. Ultimately, it is at the discretion of the Adviser to determine when to sell a security. In managing the Funds assets, the Adviser invests in exchange-listed securities of companies located in developed and emerging market countries around the world. The securities the Fund invests in include common and preferred stocks, securities convertible or exchangeable into common stocks, warrants, rights to purchase common stocks, real estate investment trusts (REITs), participation certificates, and depositary receipts (including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs)). The Fund may invest in companies of any market capitalization. The Fund may invest in the common stock of and other interests (e.g., warrants) in special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (collectively, SPACs). The Fund may also invest in debt securities of companies in developed and emerging market countries. The investment process considers relevant sustainability factors which may have a positive or a negative effect on the returns of the Funds portfolio. Sustainability factors include risks and opportunities covering topics on climate transition and adaptation as well as environmental, social and governance aspects of companies, including transition risks (arising from the shift to a low-carbon economy), physical risks (stemming for example from global warming, extreme weather events, wildfires), environmental risks (such as resource depletion and pollution), social risks (including poor labor standards and human rights violations), and governance risks (resulting from weak corporate structures such as malfunctioning boards, inadequate remuneration structures, abuses of minority shareholders or bondholders rights, deficient controls, aggressive tax planning and accounting practices, or lack of business ethics). These risks and opportunities are addressed through a combination of portfolio management decisions, exclusion of issuers associated with controversial conduct or activities, and active ownership activities. Sustainability factors deemed material to the Fund are at the discretion of the Adviser. In addition, other key ESG features of the Fund are: ? The Fund adopts an exclusion policy for direct investments deemed incompatible with the Advisers approach to responsible investment and excludes issuers that: (i.) are involved in the production nuclear weapons in countries that are not signatories to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), and in the production of other controversial weapons; (ii.) derive a significant portion of their revenue from activities detrimental to society or the environment such as thermal coal extraction; and (iii.) in the Advisers view, severely violate the UN Global Compact principles on human rights, labor standards, environmental protection and anti-corruption. ? The Adviser ensures that voting rights are exercised methodically; and ? The Adviser may engage with issuers in order to positively influence ESG practices. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the 1940 Act), and may invest in the securities of a smaller number of issuers than a diversified fund. Show less