The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in securities of “Cleaner Planet” companies. Cleaner Planet companies are global companies that contribute and benefit from the structural change towards a more sustainable economy including companies that have a distinct environmental and/or social impact objective, measured by the proportion of the company (e.g. sales, EBITDA, enterprise value, Capex, or other relevant metrics) that contributes positively to activities such as energy efficiency, renewable energy, pollution control, water supply & technology, sustainable buildings, waste management & recycling, sustainable agriculture & forestry, circular economy, dematerialized economy, or enabling technologies and infrastructure that support the aforementioned activities. Pictet Asset Management SA., the Fund’s investment adviser (“Pictet AM SA” or the “Adviser”), expects the Fund to have significant exposure to securities of issuers in the information technology, industrials and utilities 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 at least 80% of its net assets (plus borrowings for investment purposes) in securities of “Cleaner Planet” companies. Pictet Asset Management SA., the Fund’s investment adviser (“Pictet AM SA” or the “Adviser”), expects the Fund to have significant exposure to securities of issuers in the information technology, industrials and utilities 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 Fund’s investment objective by outperforming (net of fees) the MSCI All Country World Index net total return USD over a full market cycle. The Fund’s 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 Cleaner Planet 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 company’s exposure to the Fund’s theme (i.e., Cleaner Planet), liquidity, and volatility. The second step involves targeted fundamental analysis where the Adviser takes into account the “company factor” which includes the company’s business franchise, management quality, and financial attractiveness, integrating sustainability factors in each company assessment. The third step is portfolio construction where stocks are weighed based on the research and highest convictions of the portfolio managers and risks such as 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 Adviser’s conviction level is deteriorating. Ultimately, it is at the discretion of the Adviser to determine when to sell a security.

In managing the Fund’s assets, the Adviser invests in equity securities and equity-like transferable securities, including 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 invests in equity securities or depositary receipts of companies located in both developed and emerging market countries. The Fund may invest in equity securities of 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 Fund’s 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 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.