Investment Risks
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Sep. 17, 2025 |
| Pictet AI & Automation ETF | Artificial Intelligence and Automation Companies Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Artificial
Intelligence and Automation Companies Risk.
The Fund invests primarily in the equity securities of artificial intelligence and automation
companies and, as such, is particularly sensitive to risks to those types of companies. These
risks include, but are not limited to, small or limited markets for such securities, changes
in business cycles, world economic growth, technological progress, rapid obsolescence, and
government regulation. Securities of artificial intelligence and automation companies, especially
smaller, start-up companies, tend to be more volatile than securities of companies that do
not rely heavily on technology. Rapid change to technologies that affect a company’s
products could have a material adverse effect on such company’s operating results.
Artificial intelligence and automation companies may rely on a combination of patents, copyrights,
trademarks and trade secret laws to establish and protect their proprietary rights in their
products and technologies. There can be no assurance that the steps taken by these companies
to protect their proprietary rights will be adequate to prevent the misappropriation of their
technology or that competitors will not independently develop technologies that are substantially
equivalent or superior to such companies’ technology. Artificial intelligence companies
typically engage in significant amounts of spending on research and development, and there
is no guarantee that the products or services produced by these companies will be successful. |
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| Pictet AI & Automation ETF | Risks Relating to Companies Focused on Robotics, Cybersecurity, Semiconductors and Software |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Risks
Relating to Companies Focused on Robotics, Cybersecurity, Semiconductors and Software.
The Fund may be particularly sensitive to the risks affecting companies focused on robotics,
cybersecurity, semiconductors and software. These risks include, but are not limited to,
small or limited markets for such securities, changes in business cycles, world economic
growth, rapidly changing technologies, rapid obsolescence of products and services, increasing
regulatory scrutiny, and changes in government regulatory requirements. Securities of such
companies, especially smaller, start-up companies, tend to be more volatile than securities
of companies that do not rely heavily on technology. Rapid change to technologies that affect
a company’s products could have a material adverse effect on such company’s operating
results. These companies may rely on a combination of patents, copyrights, trademarks and
trade secret laws to establish and protect their proprietary rights in their products and
technologies. |
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| Pictet AI & Automation ETF | Equity Securities Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity
securities are subject to changes in value, and their values may be more volatile than those
of other asset classes. The value of a security may decline for a number of reasons that
may directly relate to the issuer as well as due to general industry or market conditions.
Common stock is subordinated to preferred securities and debt in a company’s capital
structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends
and any liquidation payments in the event of an issuer’s bankruptcy. |
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| Pictet AI & Automation ETF | Foreign Securities Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Foreign
Securities Risk. The
Fund invests in foreign securities, which are generally riskier than U.S. securities. As
a result the fund may be subject to foreign risk, meaning that political events (such as
civil unrest, national elections and imposition of exchange controls), social and economic
events (such as labor strikes and rising inflation), natural disasters and public health
emergencies occurring in a country where the fund invests could cause the fund’s investments
in that country to experience losses. For these and other reasons, securities of foreign
issuers may be less liquid, more volatile and harder to value than U.S. securities. If the
Fund buys securities denominated in a foreign currency, receives income in foreign currencies,
or holds foreign currencies from time to time, the value of the Fund’s assets, as measured
in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the
U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that
a foreign government could restrict foreign exchange transactions or otherwise implement
unfavorable currency regulations. In addition, foreign securities may be subject to currency
exchange rates or regulations, the imposition of economic sanctions, tariffs or other government
restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement. |
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| Pictet AI & Automation ETF | Foreign Currency Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Foreign
Currency Risk. The Fund
may invest in non-U.S. dollar denominated securities of foreign issuers. Where a fund’s
NAV is determined in U.S. dollars and the fund invests in non-U.S. dollar denominated securities,
the fund’s NAV could decline if the currency of the non-U.S. market in which the fund
invests depreciates against the U.S. dollar, even if the value of the fund’s holdings,
measured in the foreign currency, increases. Among the factors that may affect currency values
are trade balances, the level of short-term interest rates, differences in relative values
of similar assets in different currencies, long-term opportunities for investment and capital
appreciation and political developments. Emerging markets may be susceptible to greater currency
fluctuations and greater volatility in currency exchange rates than more developed markets. |
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| Pictet AI & Automation ETF | Security Pricing Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Security
Pricing Risk. The risk
of uncertainty of price changes. Usually, the higher the volatility of an asset or instrument,
the higher its risk. The prices for securities in which the Fund invests may change significantly
in short-term periods. |
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| Pictet AI & Automation ETF | Investment Restrictions Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Investment
Restrictions Risk. The
risk arising from governmental capital controls or restrictions that may negatively impact
the timing and amount of capital being divested. In some cases, the Fund may not be able
to withdraw investments made in some countries. Governments may change restrictions on foreign
ownership of local assets, including but not limited to restrictions on sectors, individual
and aggregate trading quotas, percentage of control and type of shares available to foreigners.
The Fund may not be able to implement their strategies due to restrictions. |
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| Pictet AI & Automation ETF | Rights and Warrants Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Rights
and Warrants Risk. A
right is a privilege granted to existing shareholders of a corporation to subscribe to shares
of a new issue of common stock before it is issued. Warrants are securities that are usually
issued together with a debt security or preferred stock and that give the holder the right
to buy a proportionate amount of common stock at a specified price. A warrant or a right
may become worthless unless exercised or sold before expiration. For example, if the market
price of the common stock related to the warrant or right does not exceed the exercise price
during the life of the warrant or right, the warrant or right will expire worthless. Warrants
and rights have no voting rights, pay no dividends and have no rights with respect to the
assets of the corporation issuing them. The percentage increase or decrease in the value
of a warrant or right may be greater than the percentage increase or decrease in the value
of the underlying common stock. |
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| Pictet AI & Automation ETF | Real Estate Investment Trusts (REITs) Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (REITs) Risk.
There are special risk considerations associated with investing in the real estate industry
securities such as REITs and the securities of companies principally engaged in the real
estate industry. These risks include: the cyclical nature of real estate values, risks related
to general and local economic conditions, overbuilding and increased competition, increases
in property taxes and operating expenses, demographic trends and variations in rental income,
changes in zoning laws, casualty or condemnation losses, environmental risks, regulatory
limitations on rents, changes in neighborhood values, related party risks, changes in the
appeal of properties to tenants, increases in interest rates and other real estate capital
market influences. Generally, increases in interest rates will increase the costs of obtaining
financing, which could directly and indirectly decrease the value of an ETF investing in
the Real Estate Industry. |
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| Pictet AI & Automation ETF | Depositary Receipts Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Depositary
Receipts Risk.
Depositary receipts (such as ADRs, GDRs and EDRs) are instruments that represent shares in
companies trading outside the markets in which the depositary receipts are traded. Accordingly,
whilst the depositary receipts are traded on Recognized Exchanges, there may be other risks
associated with such instruments to consider for example the shares underlying the instruments
may be subject to political, inflationary, exchange rate or custody risks. |
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| Pictet AI & Automation ETF | Sustainability & ESG Data Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Sustainability
& ESG Data Risk.
The risk arising from any environmental, social or governance events or conditions that,
were they to occur, could cause a material negative impact on the value of the investment. |
The set of sustainability risks below are
relevant to the Adviser’s investment strategies, as the Fund integrates sustainability risks. When selecting and monitoring investments,
these sustainability risks are systematically considered along with all other risks deemed relevant for the Fund, taking into account
its investment policy / strategy.
| o | Transition
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the transition to a low carbon economy due to their involvement in exploration, production,
processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials,
processes, products and services. Transition risk may result from several factors, including
rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements,
reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory,
technological and market demand changes. Transition risks may negatively affect the value
of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures,
operating and financing costs. |
| o | Physical
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the physical impacts of climate change. Physical risk includes acute risks arising from
extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic
risks arising from gradual changes in the climate, such as changing rainfall patterns, rising
sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Environmental
Risk. The risk posed by the exposure to issuers that may potentially be causing or affected
by environmental degradation and/or depletion of natural resources. Environmental risk may
result from air pollution, water pollution, waste generation, depletion of freshwater and
marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may
negatively affect the value of investments by impairing assets, productivity or revenues,
or by increasing liabilities, capital expenditures, operating and financing costs. |
| o | Social
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by social factors such as poor labor standards, human rights violations, damages to public
health, data privacy breaches, or increased inequalities. Social risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Governance
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by weak governance structures. For companies, governance risk may result from 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. For countries, governance risk may include governmental instability, bribery
and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively
affect the value of investments due to poor strategic decisions, conflicts of interest, reputational
damages, increased liabilities or loss of investor confidence. |
| o | ESG
Data Risk. ESG information from third-party data providers may be incomplete, inaccurate,
or unavailable. As a result, there is a risk that the Adviser may incorrectly assess a security
or issuer, resulting in the incorrect inclusion or exclusion of a security in the Fund’s
portfolio. Incomplete, inaccurate, or unavailable ESG data may also act as a methodological
limitation to a non-financial investment strategy (such as the application of ESG criteria
or similar). The Adviser will seek to mitigate this risk through its own assessment. In the
event that the ESG characteristics of a security held by the Fund change, resulting in the
security being sold, neither the Fund, nor the Adviser accept liability in relation to such
change. |
As with the use of any considerations involved
in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of
issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these
considerations.
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| Pictet AI & Automation ETF | Emerging Markets Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Emerging
Markets Risk. Investing
in securities of issuers located in emerging market countries generally is riskier than investing
in securities of issuers located in foreign developed countries due to lower liquidity, market
manipulation concerns, limited reliable access to capital, and differing company organizational
structures. Emerging market countries may have unstable governments and/or economies that
are subject to sudden change. These changes may be magnified by the countries’ emergent
financial markets, resulting in significant volatility to investments in these countries.
These countries also may lack the legal, business and social framework to support securities
markets. Additionally, certain jurisdictions do not provide the Public Company Accounting
Oversight Board (PCAOB) with sufficient access to inspect audit work papers and practices,
or otherwise do not cooperate with U.S. regulators, potentially exposing investors in U.S.
capital markets to significant risks. Differences in regulatory, accounting, auditing, and
financial reporting and recordkeeping standards could impede the Adviser’s ability
to evaluate local companies and impact the Fund’s performance. |
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| Pictet AI & Automation ETF | Active Management Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Active
Management Risk. The
risk that the Fund will fail to meet its investment objective and that the Fund’s investment
performance will depend, at least in part, on how its assets are allocated and reallocated
among asset classes, sectors, underlying funds and/or investments and that such allocation
will focus on asset classes, sectors, underlying funds, and/or investments that perform poorly
or underperform other asset classes, sectors, underlying funds, and/or available investments.
Any given investment strategy may fail to produce the intended results, and the Fund’s
portfolio may underperform other comparable funds because of portfolio management decisions
related to, among other things, the selection of investments, portfolio construction, risk
assessments, and/or the outlook on market trends and opportunities. |
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| Pictet AI & Automation ETF | Market Disruption and Geopolitical Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Market
Disruption and Geopolitical Risk.
The Fund is subject to the risk that geopolitical and other events (e.g., wars, pandemics,
sanctions and terrorism) will disrupt securities markets, adversely affect the general economy
or particular economies and markets and exacerbate the effects of other risks to which the
Fund is subject, thereby reducing the value of the Fund’s investments. Sudden or significant
changes in the supply or prices of commodities or in other economic inputs may have material
and unexpected effects on both global securities markets and individual countries, regions,
sectors, companies and industries. Terrorism in the United States and around the world has
increased geopolitical risk, and terrorist attacks could result in the closure of securities
markets or other disruptions. Securities markets are susceptible to market manipulation or
other fraudulent trading practices, which could disrupt their orderly functioning or reduce
the prices of securities traded on them held by the Fund. Fraud and other deceptive practices
committed by an issuer of securities held by the Fund, when discovered, will likely cause
a steep decline in the market price of those securities and thus negatively affect the value
of the Fund’s investments. In addition, when discovered, financial fraud contributes
to overall market volatility, which can adversely affect the Fund’s investment program. |
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| Pictet AI & Automation ETF | Industry Concentration Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Industry
Concentration Risk.
The Fund concentrates its investments in the industries comprising the information technology
sector. The Fund is therefore subject to greater risk of loss as a result of adverse economic,
business, political, environmental or other developments affecting those industries. |
| o | Information
Technology Industries Risk. The stock prices of technology and technology-related companies
and therefore the value of the Fund may experience significant price movements as a result
of intense market volatility, worldwide competition, consumer preferences, product compatibility,
product obsolescence, government regulation, excessive investor optimism or pessimism, or
other factors. |
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| Pictet AI & Automation ETF | Sector Focus Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Sector
Focus Risk.
Because the Fund may, from time to time, be more heavily invested in particular sectors,
the value of its shares may be especially sensitive to factors and economic risks that specifically
affect those sectors. As a result, the Fund’s share price may fluctuate more widely
than the value of shares of a fund that invests in a broader range of sectors. While the
Fund’s sector exposure is expected to vary over time, the Fund anticipates that it
may be subject to some or all of the risks described below. The list below is not a comprehensive
list of the sectors to which the Fund may have exposure over time and should not be relied
on as such. |
| o | Communication
Services Sector Risk. Market or economic factors impacting companies in the Communication
Services Sector that rely heavily on technological advances could have a major effect on
the value of the Fund’s investments. The value of stocks of communication services
companies and companies that rely heavily on technology is particularly vulnerable to research
and development costs, substantial capital requirements, product and services obsolescence,
government regulation, and domestic and international competition, including competition
from foreign competitors with lower production costs. Stocks of communication services companies
and companies that rely heavily on technology, especially those of smaller, less-seasoned
companies, tend to be more volatile than the overall market. Additionally, companies in the
Communication Services Sector may face dramatic and often unpredictable changes in growth
rates and competition for the services of qualified personnel. While all companies may be
susceptible to network security breaches, certain companies in the Communication Services
Sector may be particular targets of hacking and potential theft of proprietary or consumer
information or disruptions in service, which could have a material adverse effect on their
businesses. |
| o | Consumer
Discretionary Sector Risk. To the extent that the Fund invests a substantial portion
of its assets in the consumer discretionary sector, the Fund will be particularly susceptible
to the risks associated with companies operating in such sector. Companies in the consumer
discretionary sector are subject to risks, including fluctuations in the performance of the
overall domestic and international economy, shipment and supply chain disruptions, interest
rate changes, currency exchange rates, increased competition and consumer confidence. Performance
of such companies may also be adversely affected by factors such as reduced disposable household
income, reduced consumer spending, and changing demographics and consumer tastes. |
| o | Industrials
Sector Risk. The Industrials Sector includes, for example, aerospace and defense, non-residential
construction, engineering, machinery, transportation, and commercial and professional services
companies. This sector can be significantly affected by, among other things, business cycle
fluctuations, worldwide economy growth, international political and economic developments,
exchange rates, commodity prices, environmental issues, government and corporate spending,
supply and demand for specific products and manufacturing, and government regulation. |
| o | Information
Technology Sector Risk. Market or economic factors impacting information technology companies
and companies that rely heavily on technological advances could have a significant effect
on the value of the Fund’s investments. The value of stocks of information technology
companies and companies that rely heavily on technology is particularly vulnerable to rapid
changes in technology product cycles, rapid product obsolescence, government regulation and
competition, both domestically and internationally, including competition from foreign competitors
with lower production costs. Stocks of information technology companies and companies that
rely heavily on technology, especially those of smaller, less-seasoned companies, tend to
be more volatile than the overall market. Information technology companies are heavily dependent
on patent and intellectual property rights, the loss or impairment of which may adversely
affect profitability. |
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| Pictet AI & Automation ETF | Special Purpose Acquisition Companies Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Special
Purpose Acquisition Companies Risk.
SPACs are publicly traded corporations formed at the initiative of a sponsor, with the intention
to acquire a business, thus providing an alternative to traditional IPOs. A SPAC IPO is often
structured to offer investors a unit of securities consisting of shares of common stock and
warrants, to finance the acquisition. The structure of SPAC transactions can be complex.
The risk of conflict of interests at sponsor level is inherent in any SPAC transaction, SPAC
sponsors benefit more than investors from the SPAC’s completion of an initial business
combination and may have an incentive to complete a transaction on terms that may be less
favorable to investors. There is possible future dilution arising from the payment of the
sponsors’ fees in shares, the exercise of warrants and/or in relation to the financing
of the acquisition. A SPAC may identify in its IPO prospectus a specific industry or business
that it will target as it seeks to combine with an operating company, however there is uncertainty
on the identification of the target company during the initial IPO. Investments in SPACs
may be exposed to greater liquidity risk. |
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| Pictet AI & Automation ETF | Preferred Stock Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Preferred
Stock Risk. Preferred
stock is subordinated to bonds and other debt instruments in a company’s capital structure
and, therefore, will be subject to greater credit risk than those debt instruments. In addition,
preferred stock is subject to other risks such as having no or limited voting rights, being
subject to special redemption rights, having distributions deferred or skipped, having limited
liquidity, changing tax treatments, and possibly being in heavily regulated industries. |
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| Pictet AI & Automation ETF | Convertible Securities Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Convertible
Securities Risk. A convertible
security generally is a preferred stock that may be converted within a specified period of
time into common stock. Convertible securities nevertheless remain subject to the risks of
both debt securities and equity securities. As with other equity securities, the value of
a convertible security tends to increase as the price of the underlying stock goes up, and
to decrease as the price of the underlying stock goes down. Declining common stock values
therefore also may cause the value of the Fund’s investments to decline. Like a debt
security, a convertible security provides a fixed-income stream and also tends to decrease
in value when interest rates rise. Moreover, many convertible securities have credit ratings
that are below investment grade and are subject to the same risks as lower-rated debt securities,
which are considered to have more speculative characteristics and greater susceptibility
to default or decline in market value than investment grade (or higher-rated) securities. |
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| Pictet AI & Automation ETF | Participation Certificates Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Participation
Certificates Risk.
Participation certificates
represent interests in securities listed on certain foreign exchanges, and thus present similar
risks to investing directly in such securities. The risks of investing in participation certificates
includes foreign investment risk. Participation certificates also expose investors to counterparty
risk, which is the risk that the entity issuing the note may not be able to honor its financial
commitments. The purchaser of a participation certificate must rely on the creditworthiness
of the bank or broker who issues the participation certificate, and these notes do not have
the same rights as a shareholder of the underlying foreign security. |
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| Pictet AI & Automation ETF | Market Capitalization Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Market
Capitalization Risk.
Investments in securities
issued by small-, mid-, or large-cap companies will be subject to the risks associated with
securities issued by companies of the applicable market capitalization. Securities of small-cap
and mid-cap companies may be subject to greater price volatility, significantly lower trading
volumes, cyclical, static or moderate growth prospects and greater spreads between their
bid and ask prices than securities of larger companies. Smaller capitalization companies
frequently rely on narrower product lines and niche markets and may be more vulnerable to
adverse business or market developments. Securities issued by larger companies may have less
growth potential and may not be able to attain the high growth rates of successful smaller
companies, especially during strong economic periods. In addition, larger companies may be
less capable of responding quickly to competitive challenges and industry changes, including
those resulting from improvements in technology, and may suffer sharper price declines as
a result of earnings disappointments. There is a risk that the securities issued by companies
of a certain market capitalization may underperform the broader market at any given time. |
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| Pictet AI & Automation ETF | Debt Securities Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Debt
Securities Risk. The
values of debt securities may increase or decrease as a result of the following: market fluctuations,
changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors
or liquidity providers to make scheduled principal or interest payments, or illiquidity in
debt securities markets. To the extent that interest rates rise, certain underlying obligations
may be paid off substantially slower than originally anticipated and the value of those securities
may fall sharply. A rising interest rate environment may cause the value of the Fund’s
fixed income securities to decrease, an adverse impact on the liquidity of the Fund’s
fixed income securities, and increased volatility of the fixed income markets. During periods
when interest rates are at low levels, the Fund’s yield can be low, and the Fund may
have a negative yield (i.e., it may lose money on an operating basis). To the extent that
interest rates fall, certain underlying obligations may be paid off substantially faster
than originally anticipated. If the principal on a debt obligation is prepaid before expected,
the prepayments of principal may have to be reinvested in obligations paying interest at
lower rates. During periods of falling interest rates, the income received by the Fund may
decline. Changes in interest rates will likely have a greater effect on the values of debt
securities of longer durations. Returns on investments in debt securities could trail the
returns on other investment options, including investments in equity securities. |
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| Pictet AI & Automation ETF | Tax Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Tax
Risk. The risk of loss
incurred by changes in tax regimes, loss of tax status or advantages. This may impact the
Fund’s strategy, asset allocation and net asset value. |
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| Pictet AI & Automation ETF | ETF-Related Risks |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | ETF-Related
Risks. The Fund is an
ETF and, as a result of this structure, is exposed to the following risks: |
| o | Costs
of Buying or Selling Shares Risk. Due to the costs of buying or selling Fund shares,
including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent
trading of Fund shares may significantly reduce investment results and an investment in Fund
shares may not be advisable for investors who anticipate regularly making small investments. |
| o | Limited
Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund
is an ETF, typically only a limited number of institutional investors (known as “Authorized
Participants”) are authorized to purchase and redeem shares directly from the Fund.
Retail investors cannot transact directly with the Fund. In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace to transact in Fund
shares, there may be demand for Fund shares thereby increasing the market price above NAV,
or lack of demand, which may decrease the market price below NAV, or in stressed market conditions,
the market for Fund shares may become less liquid in response to deteriorating liquidity
in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations,
Fund shares may trade at a material premium or discount to net asset value (“NAV”)
or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund
shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants
exit the business or otherwise become unable to process creation and/or redemption orders
and no other Authorized Participants step forward to perform these services, or (ii) market
makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions. |
| o | Trading
Risk. Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above
(premium) or below (discount) their NAV. In stressed market conditions, the market for Fund
shares may become less liquid in response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings, which may increase the variance between the market
price of the Fund shares and the value of its underlying holdings. This can be reflected
as a spread between the bid and ask prices for the Fund shares quoted during the day or a
premium or discount in the closing price from the Fund’s NAV. In addition, although
the Fund’s shares are currently listed on the Exchange, there can be no assurance that
an active trading market for Fund shares will develop or be maintained. Trading in Fund shares
may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares of the Fund inadvisable. |
| o | National
Closed Market Trading Risk. To the extent that the underlying securities or other instruments
held by the Fund trade on foreign exchanges or in foreign markets that may be closed when
the securities exchange on which the Fund’s shares trade is open, there are likely
to be deviations between the current price of such an underlying security and the last quoted
price for the underlying security (i.e., the Fund’s quote from the closed foreign market).
The impact of a closed foreign market on the Fund is likely to be greater where a large portion
of the Fund’s underlying securities or other instruments trade on that closed foreign
market or when the foreign market is closed for unscheduled reasons. These deviations could
result in premiums or discounts to the Fund’s NAV that may be greater than those experienced
by other ETFs. |
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| Pictet AI & Automation ETF | New/Smaller Fund Risk |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | New/Smaller
Fund Risk. A new or smaller
fund is subject to the risk that its performance may not represent how the fund is expected
to or may perform in the long term. In addition, new funds have limited operating histories
for investors to evaluate and new and smaller funds may not attract sufficient assets to
achieve investment and trading efficiencies. There can be no assurance that the Fund will
achieve an economically viable size, in which case it could ultimately liquidate. |
|
| Pictet AI & Automation ETF | Operational Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The
risk of loss resulting from inadequate or failed internal processes, people and systems,
or from external events. Operational risk includes but is not limited to multiple risks such
as: systems and process risk that arises from systems vulnerability, insufficiency or controls
failure, valuation risk when an asset is overvalued and is worth less than expected when
it matures or is sold, service providers risk when service providers do not deliver the desired
level of service, execution risk when an order may not be executed as desired, resulting
in a loss for the Fund or having regulatory consequences, and risk surrounding the human
being (insufficient or inappropriate skills/competencies, loss of key personal, availability,
health, safety, fraud/collusion risk, etc.) |
|
| Pictet AI & Automation ETF | Cybersecurity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. With the increased
reliance on technology to conduct business, the Fund and its third-party service providers
(including any advisors, custodians, distributors, administrators, transfer agents, accountants)
may face the risk of cyber-attacks in relation to, but not limited to, the confidentiality,
integrity, or availability of information, data, or information systems. Issuers of securities
in which a Fund invests, may face similar risks, which could result in material adverse impacts
for the Fund. Cyber-attacks can result from deliberate or unintentional events. Cyber security
failures and breaches may cause disruptions and impact the Fund’s operations, potentially
resulting in financial losses. Such impacts may consist in the inability of a Fund to conduct
operations including the calculation and publication of its Net Asset Value, the disclosure
of confidential information, erroneous trades or orders, violations of applicable privacy
and other laws, regulatory fines, penalties, reputational damage, reimbursement and other
costs. Cyber-attacks may render records of a Fund inaccessible, inaccurate or incomplete.
Substantial costs may be incurred by the Fund in order to resolve or prevent cyber security
events. |
|
| Pictet AI & Automation ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Many
factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other
investments.
|
| Pictet AI & Automation ETF | Risk Not Insured Depository Institution [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government
agency.
|
| Pictet AI & Automation ETF | Risk Nondiversified Status [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Non-Diversification
Risk. The risk that, because a relatively higher percentage of the Fund’s assets
may be invested in a limited number of issuers, the Fund may be more susceptible to any single
economic, political, or regulatory occurrence than a diversified fund investing in a broader
range of issuers. A decline in the market value of one of the Fund’s investments may
affect the Fund’s value more than if the Fund were a diversified fund. However, the
Fund intends to satisfy the asset diversification requirements for qualification as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the
“Code”). |
|
| Pictet Cleaner Planet ETF | Equity Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity securities are subject to changes in value, and their values
may be more volatile than those of other asset classes. The value of a security may decline
for a number of reasons that may directly relate to the issuer as well as due to general
industry or market conditions. Common stock is subordinated to preferred securities and debt
in a company’s capital structure. Common stock has the lowest priority, and the greatest
risk, with respect to dividends and any liquidation payments in the event of an issuer’s
bankruptcy. |
|
| Pictet Cleaner Planet ETF | Foreign Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. The Fund invests in foreign securities, which are generally riskier
than U.S. securities. As a result the fund may be subject to foreign risk, meaning that political
events (such as civil unrest, national elections and imposition of exchange controls), social
and economic events (such as labor strikes and rising inflation), natural disasters and public
health emergencies occurring in a country where the fund invests could cause the fund’s
investments in that country to experience losses. For these and other reasons, securities
of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.
If the Fund buys securities denominated in a foreign currency, receives income in foreign
currencies, or holds foreign currencies from time to time, the value of the Fund’s
assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates
relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject
to the risk that a foreign government could restrict foreign exchange transactions or otherwise
implement unfavorable currency regulations. In addition, foreign securities may be subject
to currency exchange rates or regulations, the imposition of economic sanctions, tariffs
or other government restrictions, higher transaction and other costs, reduced liquidity,
and delays in settlement. |
|
| Pictet Cleaner Planet ETF | Foreign Currency Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Currency Risk. The Fund may invest in non-U.S. dollar denominated securities of foreign
issuers. Where a fund’s NAV is determined in U.S. dollars and the fund invests in non-U.S.
dollar denominated securities, the fund’s NAV could decline if the currency of the
non-U.S. market in which the fund invests depreciates against the U.S. dollar, even if the
value of the fund’s holdings, measured in the foreign currency, increases. Among the
factors that may affect currency values are trade balances, the level of short-term interest
rates, differences in relative values of similar assets in different currencies, long-term
opportunities for investment and capital appreciation and political developments. Emerging
markets may be susceptible to greater currency fluctuations and greater volatility in currency
exchange rates than more developed markets. |
|
| Pictet Cleaner Planet ETF | Security Pricing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Security
Pricing Risk. The risk of uncertainty of price changes. Usually, the higher the volatility
of an asset or instrument, the higher its risk. The prices for securities in which the Fund
invests may change significantly in short-term periods. |
|
| Pictet Cleaner Planet ETF | Investment Restrictions Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Restrictions Risk. The risk arising from governmental capital controls or restrictions
that may negatively impact the timing and amount of capital being divested. In some cases,
the Fund may not be able to withdraw investments made in some countries. Governments may
change restrictions on foreign ownership of local assets, including but not limited to restrictions
on sectors, individual and aggregate trading quotas, percentage of control and type of shares
available to foreigners. The Fund may not be able to implement their strategies due to restrictions. |
|
| Pictet Cleaner Planet ETF | Rights and Warrants Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Rights
and Warrants Risk. A right is a privilege granted to existing shareholders of a
corporation to subscribe to shares of a new issue of common stock before it is issued. Warrants
are securities that are usually issued together with a debt security or preferred stock and
that give the holder the right to buy a proportionate amount of common stock at a specified
price. A warrant or a right may become worthless unless exercised or sold before expiration.
For example, if the market price of the common stock related to the warrant or right does
not exceed the exercise price during the life of the warrant or right, the warrant or right
will expire worthless. Warrants and rights have no voting rights, pay no dividends and have
no rights with respect to the assets of the corporation issuing them. The percentage increase
or decrease in the value of a warrant or right may be greater than the percentage increase
or decrease in the value of the underlying common stock. |
|
| Pictet Cleaner Planet ETF | Real Estate Investment Trusts (REITs) Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (REITs) Risk. There are special risk considerations associated
with investing in the real estate industry securities such as REITs and the securities of
companies principally engaged in the real estate industry. These risks include: the cyclical
nature of real estate values, risks related to general and local economic conditions, overbuilding
and increased competition, increases in property taxes and operating expenses, demographic
trends and variations in rental income, changes in zoning laws, casualty or condemnation
losses, environmental risks, regulatory limitations on rents, changes in neighborhood values,
related party risks, changes in the appeal of properties to tenants, increases in interest
rates and other real estate capital market influences. Generally, increases in interest rates
will increase the costs of obtaining financing, which could directly and indirectly decrease
the value of an ETF investing in the Real Estate Industry. |
|
| Pictet Cleaner Planet ETF | Depositary Receipts Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Depositary
Receipts Risk. Depositary receipts (such as ADRs, GDRs and EDRs) are instruments that
represent shares in companies trading outside the markets in which the depositary receipts
are traded. Accordingly, whilst the depositary receipts are traded on Recognized Exchanges,
there may be other risks associated with such instruments to consider for example the shares
underlying the instruments may be subject to political, inflationary, exchange rate or custody
risks. |
|
| Pictet Cleaner Planet ETF | Sustainability & ESG Data Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sustainability
& ESG Data Risk. The risk arising from any environmental, social or governance events
or conditions that, were they to occur, could cause a material negative impact on the value
of the investment. |
The set of sustainability risks below are
relevant to the Adviser’s investment strategies, as the Fund integrates sustainability risks. When selecting and monitoring investments,
these sustainability risks are systematically considered along with all other risks deemed relevant for the Fund, taking into account
its investment policy / strategy.
| o | Transition
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the transition to a low carbon economy due to their involvement in exploration, production,
processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials,
processes, products and services. Transition risk may result from several factors, including
rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements,
reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory,
technological and market demand changes. Transition risks may negatively affect the value
of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures,
operating and financing costs. |
| o | Physical
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the physical impacts of climate change. Physical risk includes acute risks arising from
extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic
risks arising from gradual changes in the climate, such as changing rainfall patterns, rising
sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Environmental
Risk. The risk posed by the exposure to issuers that may potentially be causing or affected
by environmental degradation and/or depletion of natural resources. Environmental risk may
result from air pollution, water pollution, waste generation, depletion of freshwater and
marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may
negatively affect the value of investments by impairing assets, productivity or revenues,
or by increasing liabilities, capital expenditures, operating and financing costs. |
| o | Social
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by social factors such as poor labor standards, human rights violations, damages to public
health, data privacy breaches, or increased inequalities. Social risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Governance
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by weak governance structures. For companies, governance risk may result from 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. For countries, governance risk may include governmental instability, bribery
and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively
affect the value of investments due to poor strategic decisions, conflicts of interest, reputational
damages, increased liabilities or loss of investor confidence. |
| o | ESG
Data Risk. ESG information from third-party data providers may be incomplete, inaccurate,
or unavailable. As a result, there is a risk that the Adviser may incorrectly assess a security
or issuer, resulting in the incorrect inclusion or exclusion of a security in the Fund’s
portfolio. Incomplete, inaccurate, or unavailable ESG data may also act as a methodological
limitation to a non-financial investment strategy (such as the application of ESG criteria
or similar). The Adviser will seek to mitigate this risk through its own assessment. In the
event that the ESG characteristics of a security held by the Fund change, resulting in the
security being sold, neither the Fund, nor the Adviser accept liability in relation to such
change. |
As with the use of any considerations involved
in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of
issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these
considerations.
|
| Pictet Cleaner Planet ETF | Emerging Markets Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Markets Risk. Investing in securities of issuers located in emerging market countries
generally is riskier than investing in securities of issuers located in foreign developed
countries due to lower liquidity, market manipulation concerns, limited reliable access to
capital, and differing company organizational structures. Emerging market countries may have
unstable governments and/or economies that are subject to sudden change. These changes may
be magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries. These countries also may lack the legal, business
and social framework to support securities markets. Additionally, certain jurisdictions do
not provide the Public Company Accounting Oversight Board (PCAOB) with sufficient access
to inspect audit work papers and practices, or otherwise do not cooperate with U.S. regulators,
potentially exposing investors in U.S. capital markets to significant risks. Differences
in regulatory, accounting, auditing, and financial reporting and recordkeeping standards
could impede the Adviser’s ability to evaluate local companies and impact the Fund’s
performance. |
|
| Pictet Cleaner Planet ETF | Active Management Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk. The risk that the Fund will fail to meet its investment objective and
that the Fund’s investment performance will depend, at least in part, on how its assets
are allocated and reallocated among asset classes, sectors, underlying funds and/or investments
and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments
that perform poorly or underperform other asset classes, sectors, underlying funds, and/or
available investments. Any given investment strategy may fail to produce the intended results,
and the Fund’s portfolio may underperform other comparable funds because of portfolio
management decisions related to, among other things, the selection of investments, portfolio
construction, risk assessments, and/or the outlook on market trends and opportunities. |
|
| Pictet Cleaner Planet ETF | Market Disruption and Geopolitical Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Disruption and Geopolitical Risk. The Fund is subject to the risk that geopolitical and
other events (e.g., wars, pandemics, sanctions and terrorism) will disrupt securities markets,
adversely affect the general economy or particular economies and markets and exacerbate the
effects of other risks to which the Fund is subject, thereby reducing the value of the Fund’s
investments. Sudden or significant changes in the supply or prices of commodities or in other
economic inputs may have material and unexpected effects on both global securities markets
and individual countries, regions, sectors, companies and industries. Terrorism in the United
States and around the world has increased geopolitical risk, and terrorist attacks could
result in the closure of securities markets or other disruptions. Securities markets are
susceptible to market manipulation or other fraudulent trading practices, which could disrupt
their orderly functioning or reduce the prices of securities traded on them held by the Fund.
Fraud and other deceptive practices committed by an issuer of securities held by the Fund,
when discovered, will likely cause a steep decline in the market price of those securities
and thus negatively affect the value of the Fund’s investments. In addition, when discovered,
financial fraud contributes to overall market volatility, which can adversely affect the
Fund’s investment program. |
|
| Pictet Cleaner Planet ETF | Industry Concentration Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Industry
Concentration Risk. The Fund concentrates its investments in the industries comprising
the information technology sector. The Fund is therefore subject to greater risk of loss
as a result of adverse economic, business, political, environmental or other developments
affecting those industries. |
| o | Information
Technology Industries Risk. The stock prices of technology and technology-related companies
and therefore the value of the Fund may experience significant price movements as a result
of intense market volatility, worldwide competition, consumer preferences, product compatibility,
product obsolescence, government regulation, excessive investor optimism or pessimism, or
other factors. |
|
| Pictet Cleaner Planet ETF | Sector Focus Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Focus Risk. Because the Fund may, from time to time, be more heavily invested in particular
sectors, the value of its shares may be especially sensitive to factors and economic risks
that specifically affect those sectors. As a result, the Fund’s share price may fluctuate
more widely than the value of shares of a fund that invests in a broader range of sectors.
While the Fund’s sector exposure is expected to vary over time, the Fund anticipates
that it may be subject to some or all of the risks described below. The list below is not
a comprehensive list of the sectors to which the Fund may have exposure over time and should
not be relied on as such. |
| o | Industrials
Sector Risk. The Industrials Sector includes, for example, aerospace and defense, non-residential
construction, engineering, machinery, transportation, and commercial and professional services
companies. This sector can be significantly affected by, among other things, business cycle
fluctuations, worldwide economy growth, international political and economic developments,
exchange rates, commodity prices, environmental issues, government and corporate spending,
supply and demand for specific products and manufacturing, and government regulation. |
| o | Information
Technology Sector Risk. Market or economic factors impacting information technology companies
and companies that rely heavily on technological advances could have a significant effect
on the value of the Fund’s investments. The value of stocks of information technology
companies and companies that rely heavily on technology is particularly vulnerable to rapid
changes in technology product cycles, rapid product obsolescence, government regulation and
competition, both domestically and internationally, including competition from foreign competitors
with lower production costs. Stocks of information technology companies and companies that
rely heavily on technology, especially those of smaller, less-seasoned companies, tend to
be more volatile than the overall market. Information technology companies are heavily dependent
on patent and intellectual property rights, the loss or impairment of which may adversely
affect profitability. |
| o | Utilities
Sector Risk. Utility companies are affected by supply and demand, operating costs, government
regulation, environmental factors, liabilities for environmental damage and general civil
liabilities, and rate caps or rate changes. Although rate changes of a regulated utility
usually fluctuate in approximate correlation with financing costs, due to political and regulatory
factors rate changes ordinarily occur only following a delay after the changes in financing
costs. This factor will tend to favorably affect a regulated utility company’s earnings
and dividends in times of decreasing costs, but conversely, will tend to adversely affect
earnings and dividends when costs are rising. The value of regulated utility equity securities
may tend to have an inverse relationship to the movement of interest rates. Certain utility
companies have experienced full or partial deregulation in recent years. These utility companies
are frequently more similar to industrial companies in that they are subject to greater competition
and have been permitted by regulators to diversify outside of their original geographic regions
and their traditional lines of business. These opportunities may permit certain utility companies
to earn more than their traditional regulated rates of return. Some companies, however, may
be forced to defend their core business and may be less profitable. In addition, natural
disasters, terrorist attacks, government intervention or other factors may render a utility
company’s equipment unusable or obsolete and negatively impact profitability. |
|
| Pictet Cleaner Planet ETF | Special Purpose Acquisition Companies Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Special
Purpose Acquisition Companies Risk. SPACs are publicly traded corporations formed at
the initiative of a sponsor, with the intention to acquire a business, thus providing an
alternative to traditional IPOs. A SPAC IPO is often structured to offer investors a unit
of securities consisting of shares of common stock and warrants, to finance the acquisition.
The structure of SPAC transactions can be complex. The risk of conflict of interests at sponsor
level is inherent in any SPAC transaction, SPAC sponsors benefit more than investors from
the SPAC’s completion of an initial business combination and may have an incentive
to complete a transaction on terms that may be less favorable to investors. There is possible
future dilution arising from the payment of the sponsors’ fees in shares, the exercise
of warrants and/or in relation to the financing of the acquisition. A SPAC may identify in
its IPO prospectus a specific industry or business that it will target as it seeks to combine
with an operating company, however there is uncertainty on the identification of the target
company during the initial IPO. Investments in SPACs may be exposed to greater liquidity
risk. |
|
| Pictet Cleaner Planet ETF | Preferred Stock Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Preferred
Stock Risk. Preferred stock is subordinated to bonds and other debt instruments in a
company’s capital structure and, therefore, will be subject to greater credit risk
than those debt instruments. In addition, preferred stock is subject to other risks such
as having no or limited voting rights, being subject to special redemption rights, having
distributions deferred or skipped, having limited liquidity, changing tax treatments, and
possibly being in heavily regulated industries. |
|
| Pictet Cleaner Planet ETF | Convertible Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Convertible
Securities Risk. A convertible security generally is a preferred stock that may be converted
within a specified period of time into common stock. Convertible securities nevertheless
remain subject to the risks of both debt securities and equity securities. As with other
equity securities, the value of a convertible security tends to increase as the price of
the underlying stock goes up, and to decrease as the price of the underlying stock goes down.
Declining common stock values therefore also may cause the value of the Fund’s investments
to decline. Like a debt security, a convertible security provides a fixed-income stream and
also tends to decrease in value when interest rates rise. Moreover, many convertible securities
have credit ratings that are below investment grade and are subject to the same risks as
lower-rated debt securities, which are considered to have more speculative characteristics
and greater susceptibility to default or decline in market value than investment grade (or
higher-rated) securities. |
|
| Pictet Cleaner Planet ETF | Participation Certificates Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Participation
Certificates Risk. Participation certificates represent interests in securities listed
on certain foreign exchanges, and thus present similar risks to investing directly in such
securities. The risks of investing in participation certificates includes foreign investment
risk. Participation certificates also expose investors to counterparty risk, which is the
risk that the entity issuing the note may not be able to honor its financial commitments.
The purchaser of a participation certificate must rely on the creditworthiness of the bank
or broker who issues the participation certificate, and these notes do not have the same
rights as a shareholder of the underlying foreign security. |
|
| Pictet Cleaner Planet ETF | Market Capitalization Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Capitalization Risk. Investments in securities issued by small-, mid-, or large-cap companies
will be subject to the risks associated with securities issued by companies of the applicable
market capitalization. Securities of small-cap and mid-cap companies may be subject to greater
price volatility, significantly lower trading volumes, cyclical, static or moderate growth
prospects and greater spreads between their bid and ask prices than securities of larger
companies. Smaller capitalization companies frequently rely on narrower product lines and
niche markets and may be more vulnerable to adverse business or market developments. Securities
issued by larger companies may have less growth potential and may not be able to attain the
high growth rates of successful smaller companies, especially during strong economic periods.
In addition, larger companies may be less capable of responding quickly to competitive challenges
and industry changes, including those resulting from improvements in technology, and may
suffer sharper price declines as a result of earnings disappointments. There is a risk that
the securities issued by companies of a certain market capitalization may underperform the
broader market at any given time. |
|
| Pictet Cleaner Planet ETF | Debt Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Debt
Securities Risk. The values of debt securities may increase or decrease as a result of
the following: market fluctuations, changes in interest rates, actual or perceived inability
or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal
or interest payments, or illiquidity in debt securities markets. To the extent that interest
rates rise, certain underlying obligations may be paid off substantially slower than originally
anticipated and the value of those securities may fall sharply. A rising interest rate environment
may cause the value of the Fund’s fixed income securities to decrease, an adverse impact
on the liquidity of the Fund’s fixed income securities, and increased volatility of
the fixed income markets. During periods when interest rates are at low levels, the Fund’s
yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating
basis). To the extent that interest rates fall, certain underlying obligations may be paid
off substantially faster than originally anticipated. If the principal on a debt obligation
is prepaid before expected, the prepayments of principal may have to be reinvested in obligations
paying interest at lower rates. During periods of falling interest rates, the income received
by the Fund may decline. Changes in interest rates will likely have a greater effect on the
values of debt securities of longer durations. Returns on investments in debt securities
could trail the returns on other investment options, including investments in equity securities. |
|
| Pictet Cleaner Planet ETF | Tax Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. The risk of loss incurred by changes in tax regimes, loss of tax status or advantages.
This may impact the Fund’s strategy, asset allocation and net asset value. |
|
| Pictet Cleaner Planet ETF | ETF-Related Risks |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF-Related
Risks. The Fund is an ETF and, as a result of this structure, is exposed to the following
risks: |
| o | Costs
of Buying or Selling Shares Risk. Due to the costs of buying or selling Fund shares,
including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent
trading of Fund shares may significantly reduce investment results and an investment in Fund
shares may not be advisable for investors who anticipate regularly making small investments. |
| o | Limited
Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund
is an ETF, typically only a limited number of institutional investors (known as “Authorized
Participants”) are authorized to purchase and redeem shares directly from the Fund.
Retail investors cannot transact directly with the Fund. In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace to transact in Fund
shares, there may be demand for Fund shares thereby increasing the market price above NAV,
or lack of demand, which may decrease the market price below NAV, or in stressed market conditions,
the market for Fund shares may become less liquid in response to deteriorating liquidity
in the markets for the Fund’s underlying portfolio holdings. As a result of these considerations,
Fund shares may trade at a material premium or discount to net asset value (“NAV”)
or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund
shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants
exit the business or otherwise become unable to process creation and/or redemption orders
and no other Authorized Participants step forward to perform these services, or (ii) market
makers and/or liquidity providers exit the business or significantly reduce their business
activities and no other entities step forward to perform their functions. |
| o | Trading
Risk. Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above
(premium) or below (discount) their NAV. In stressed market conditions, the market for Fund
shares may become less liquid in response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings, which may increase the variance between the market
price of the Fund shares and the value of its underlying holdings. This can be reflected
as a spread between the bid and ask prices for the Fund shares quoted during the day or a
premium or discount in the closing price from the Fund’s NAV. In addition, although
the Fund’s shares are currently listed on the Exchange, there can be no assurance that
an active trading market for Fund shares will develop or be maintained. Trading in Fund shares
may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares of the Fund inadvisable. |
| o | National
Closed Market Trading Risk. To the extent that the underlying securities or other instruments
held by the Fund trade on foreign exchanges or in foreign markets that may be closed when
the securities exchange on which the Fund’s shares trade is open, there are likely
to be deviations between the current price of such an underlying security and the last quoted
price for the underlying security (i.e., the Fund’s quote from the closed foreign market).
The impact of a closed foreign market on the Fund is likely to be greater where a large portion
of the Fund’s underlying securities or other instruments trade on that closed foreign
market or when the foreign market is closed for unscheduled reasons. These deviations could
result in premiums or discounts to the Fund’s NAV that may be greater than those experienced
by other ETFs. |
|
| Pictet Cleaner Planet ETF | New/Smaller Fund Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New/Smaller
Fund Risk. A new or smaller fund is subject to the risk that its performance may not
represent how the fund is expected to or may perform in the long term. In addition, new funds
have limited operating histories for investors to evaluate and new and smaller funds may
not attract sufficient assets to achieve investment and trading efficiencies. There can be
no assurance that the Fund will achieve an economically viable size, in which case it could
ultimately liquidate. |
|
| Pictet Cleaner Planet ETF | Operational Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events. Operational risk includes but is not limited to multiple
risks such as: systems and process risk that arises from systems vulnerability, insufficiency
or controls failure, valuation risk when an asset is overvalued and is worth less than expected
when it matures or is sold, service providers risk when service providers do not deliver
the desired level of service, execution risk when an order may not be executed as desired,
resulting in a loss for the Fund or having regulatory consequences, and risk surrounding
the human being (insufficient or inappropriate skills/competencies, loss of key personal,
availability, health, safety, fraud/collusion risk, etc.) |
|
| Pictet Cleaner Planet ETF | Cybersecurity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. With the increased reliance on technology to conduct business, the Fund and its
third-party service providers (including any advisors, custodians, distributors, administrators,
transfer agents, accountants) may face the risk of cyber-attacks in relation to, but not
limited to, the confidentiality, integrity, or availability of information, data, or information
systems. Issuers of securities in which a Fund invests, may face similar risks, which could
result in material adverse impacts for the Fund. Cyber-attacks can result from deliberate
or unintentional events. Cyber security failures and breaches may cause disruptions and impact
the Fund’s operations, potentially resulting in financial losses. Such impacts may
consist in the inability of a Fund to conduct operations including the calculation and publication
of its Net Asset Value, the disclosure of confidential information, erroneous trades or orders,
violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, reimbursement and other costs. Cyber-attacks may render records of a Fund inaccessible,
inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to resolve
or prevent cyber security events. |
|
| Pictet Cleaner Planet ETF | “Cleaner Planet” Investing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | “Cleaner
Planet” Investing Risk.
The returns on a portfolio of securities that excludes companies that have not adopted practices
and policies to support the transition to a more sustainable economy may trail the returns
on a portfolio of securities that includes companies that have not adopted these practices
and policies. Investing only in a portfolio of securities of companies that help to achieve
a more sustainable economy may affect the Fund’s exposure to certain types of investments
and may adversely impact the Fund’s performance depending on whether such investments
are in or out of favor in the market. |
|
| Pictet Cleaner Planet ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Many
factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other
investments.
|
| Pictet Cleaner Planet ETF | Risk Not Insured Depository Institution [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government
agency.
|
| Pictet Cleaner Planet ETF | Risk Nondiversified Status [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Non-Diversification
Risk. The risk that, because a relatively higher percentage of the Fund’s assets
may be invested in a limited number of issuers, the Fund may be more susceptible to any single
economic, political, or regulatory occurrence than a diversified fund investing in a broader
range of issuers. A decline in the market value of one of the Fund’s investments may
affect the Fund’s value more than if the Fund were a diversified fund. However, the
Fund intends to satisfy the asset diversification requirements for qualification as a regulated
investment company under Subchapter M of the Code. |
|
| Pictet AI Enhanced International Equity ETF | Equity Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity securities are subject to changes in value, and their values
may be more volatile than those of other asset classes. The value of a security may decline
for a number of reasons that may directly relate to the issuer as well as due to general
industry or market conditions. Common stock is subordinated to preferred securities and debt
in a company’s capital structure. Common stock has the lowest priority, and the greatest
risk, with respect to dividends and any liquidation payments in the event of an issuer’s
bankruptcy. |
|
| Pictet AI Enhanced International Equity ETF | Foreign Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. The Fund invests in foreign securities, which are generally riskier
than U.S. securities. As a result the Fund may be subject to foreign risk, meaning that political
events (such as civil unrest, national elections and imposition of exchange controls), social
and economic events (such as labor strikes and rising inflation), natural disasters and public
health emergencies occurring in a country where the fund invests could cause the Fund’s
investments in that country to experience losses. For these and other reasons, securities
of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.
If the Fund buys securities denominated in a foreign currency, receives income in foreign
currencies, or holds foreign currencies from time to time, the value of the Fund’s
assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates
relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject
to the risk that a foreign government could restrict foreign exchange transactions or otherwise
implement unfavorable currency regulations. In addition, foreign securities may be subject
to currency exchange rates or regulations, the imposition of economic sanctions, tariffs
or other government restrictions, higher transaction and other costs, reduced liquidity,
and delays in settlement. |
|
| Pictet AI Enhanced International Equity ETF | Foreign Currency Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Currency Risk. The Fund may invest in non-U.S. dollar denominated securities of foreign
issuers. Where a fund’s NAV is determined in U.S. dollars and the fund invests in non-U.S.
dollar denominated securities, the fund’s NAV could decline if the currency of the
non-U.S. market in which the fund invests depreciates against the U.S. dollar, even if the
value of the fund’s holdings, measured in the foreign currency, increases. Among the
factors that may affect currency values are trade balances, the level of short-term interest
rates, differences in relative values of similar assets in different currencies, long-term
opportunities for investment and capital appreciation and political developments. Emerging
markets may be susceptible to greater currency fluctuations and greater volatility in currency
exchange rates than more developed markets. |
|
| Pictet AI Enhanced International Equity ETF | Security Pricing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Security
Pricing Risk. The risk of uncertainty of price changes. Usually, the higher the volatility
of an asset or instrument, the higher its risk. The prices for securities in which the Fund
invests may change significantly in short-term periods. |
|
| Pictet AI Enhanced International Equity ETF | Rights and Warrants Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Rights
and Warrants Risk. A right is a privilege granted to existing shareholders of a
corporation to subscribe to shares of a new issue of common stock before it is issued. Warrants
are securities that are usually issued together with a debt security or preferred stock and
that give the holder the right to buy a proportionate amount of common stock at a specified
price. A warrant or a right may become worthless unless exercised or sold before expiration.
For example, if the market price of the common stock related to the warrant or right does
not exceed the exercise price during the life of the warrant or right, the warrant or right
will expire worthless. Warrants and rights have no voting rights, pay no dividends and have
no rights with respect to the assets of the corporation issuing them. The percentage increase
or decrease in the value of a warrant or right may be greater than the percentage increase
or decrease in the value of the underlying common stock. |
|
| Pictet AI Enhanced International Equity ETF | Real Estate Investment Trusts (REITs) Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (REITs) Risk. There are special risk considerations associated
with investing in the real estate industry securities such as Real Estate Investment Trusts
(REIT) and the securities of companies principally engaged in the real estate industry. These
risks include: the cyclical nature of real estate values, risks related to general and local
economic conditions, overbuilding and increased competition, increases in property taxes
and operating expenses, demographic trends and variations in rental income, changes in zoning
laws, casualty or condemnation losses, environmental risks, regulatory limitations on rents,
changes in neighborhood values, related party risks, changes in the appeal of properties
to tenants, increases in interest rates and other real estate capital market influences.
Generally, increases in interest rates will increase the costs of obtaining financing, which
could directly and indirectly decrease the value of an ETF investing in the Real Estate Industry. |
|
| Pictet AI Enhanced International Equity ETF | Depositary Receipts Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Depositary
Receipts Risk. Depositary receipts (such as ADRs, GDRs and EDRs) are instruments that
represent shares in companies trading outside the markets in which the depositary receipts
are traded. Accordingly, whilst the depositary receipts are traded on recognized exchanges,
there may be other risks associated with such instruments to consider for example the shares
underlying the instruments may be subject to political, inflationary, exchange rate or custody
risks. |
|
| Pictet AI Enhanced International Equity ETF | Sustainability & ESG Data Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sustainability
& ESG Data Risk. The risk arising from any environmental, social or governance events
or conditions that, were they to occur, could cause a material negative impact on the value
of the investment. |
The set of sustainability risks below are
relevant to the Adviser’s investment strategies, as the Fund integrates sustainability risks. When selecting and monitoring investments,
these sustainability risks are systematically considered along with all other risks deemed relevant for the Fund, taking into account
its investment policy / strategy.
| o | Transition
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the transition to a low carbon economy due to their involvement in exploration, production,
processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials,
processes, products and services. Transition risk may result from several factors, including
rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements,
reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory,
technological and market demand changes. Transition risks may negatively affect the value
of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures,
operating and financing costs. |
| o | Physical
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the physical impacts of climate change. Physical risk includes acute risks arising from
extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic
risks arising from gradual changes in the climate, such as changing rainfall patterns, rising
sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Environmental
Risk. The risk posed by the exposure to issuers that may potentially be causing or affected
by environmental degradation and/or depletion of natural resources. Environmental risk may
result from air pollution, water pollution, waste generation, depletion of freshwater and
marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may
negatively affect the value of investments by impairing assets, productivity or revenues,
or by increasing liabilities, capital expenditures, operating and financing costs. |
| o | Social
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by social factors such as poor labor standards, human rights violations, damages to public
health, data privacy breaches, or increased inequalities. Social risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Governance
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by weak governance structures. For companies, governance risk may result from 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. For countries, governance risk may include governmental instability, bribery
and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively
affect the value of investments due to poor strategic decisions, conflicts of interest, reputational
damages, increased liabilities or loss of investor confidence. |
| o | ESG
Data Risk. ESG information from third-party data providers may be incomplete, inaccurate,
or unavailable. As a result, there is a risk that the Adviser may incorrectly assess a security
or issuer, resulting in the incorrect inclusion or exclusion of a security in the Fund’s
portfolio. Incomplete, inaccurate, or unavailable ESG data may also act as a methodological
limitation to a non-financial investment strategy (such as the application of ESG criteria
or similar). The Adviser will seek to mitigate this risk through its own assessment. In the
event that the ESG characteristics of a security held by the Fund change, resulting in the
security being sold, neither the Fund, nor the Adviser accept liability in relation to such
change. |
As with the use of any considerations involved
in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of
issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these
considerations.
|
| Pictet AI Enhanced International Equity ETF | Active Management Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk. The risk that the Fund will fail to meet its investment objective and
that the Fund’s investment performance will depend, at least in part, on how its assets
are allocated and reallocated among asset classes, sectors, underlying funds and/or investments
and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments
that perform poorly or underperform other asset classes, sectors, underlying funds, and/or
available investments. Any given investment strategy may fail to produce the intended results,
and the Fund’s portfolio may underperform other comparable funds because of portfolio
management decisions related to, among other things, the selection of investments, portfolio
construction, risk assessments, and/or the outlook on market trends and opportunities. |
|
| Pictet AI Enhanced International Equity ETF | Market Disruption and Geopolitical Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Disruption and Geopolitical Risk. The Fund is subject to the risk that geopolitical and
other events (e.g., wars, pandemics, sanctions and terrorism) will disrupt securities markets,
adversely affect the general economy or particular economies and markets and exacerbate the
effects of other risks to which the Fund is subject, thereby reducing the value of the Fund’s
investments. Sudden or significant changes in the supply or prices of commodities or in other
economic inputs may have material and unexpected effects on both global securities markets
and individual countries, regions, sectors, companies and industries. Terrorism in the United
States and around the world has increased geopolitical risk, and terrorist attacks could
result in the closure of securities markets or other disruptions. Securities markets are
susceptible to market manipulation or other fraudulent trading practices, which could disrupt
their orderly functioning or reduce the prices of securities traded on them held by the Fund.
Fraud and other deceptive practices committed by an issuer of securities held by the Fund,
when discovered, will likely cause a steep decline in the market price of those securities
and thus negatively affect the value of the Fund’s investments. In addition, when discovered,
financial fraud contributes to overall market volatility, which can adversely affect the
Fund’s investment program. |
|
| Pictet AI Enhanced International Equity ETF | Preferred Stock Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Preferred
Stock Risk. Preferred stock is subordinated to bonds and other debt instruments in a
company’s capital structure and, therefore, will be subject to greater credit risk
than those debt instruments. In addition, preferred stock is subject to other risks such
as having no or limited voting rights, being subject to special redemption rights, having
distributions deferred or skipped, having limited liquidity, changing tax treatments, and
possibly being in heavily regulated industries. |
|
| Pictet AI Enhanced International Equity ETF | Convertible Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Convertible
Securities Risk. A convertible security generally is a preferred stock that may be converted
within a specified period of time into common stock. Convertible securities nevertheless
remain subject to the risks of both debt securities and equity securities. As with other
equity securities, the value of a convertible security tends to increase as the price of
the underlying stock goes up, and to decrease as the price of the underlying stock goes down.
Declining common stock values therefore also may cause the value of the Fund’s investments
to decline. Like a debt security, a convertible security provides a fixed-income stream and
also tends to decrease in value when interest rates rise. Moreover, many convertible securities
have credit ratings that are below investment grade and are subject to the same risks as
lower-rated debt securities, which are considered to have more speculative characteristics
and greater susceptibility to default or decline in market value than investment grade (or
higher-rated) securities. |
|
| Pictet AI Enhanced International Equity ETF | Participation Certificates Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Participation
Certificates Risk. Participation certificates represent interests in securities listed
on certain foreign exchanges, and thus present similar risks to investing directly in such
securities. The risks of investing in participation certificates includes foreign investment
risk. Participation certificates also expose investors to counterparty risk, which is the
risk that the entity issuing the note may not be able to honor its financial commitments.
The purchaser of a participation certificate must rely on the creditworthiness of the bank
or broker who issues the participation certificate, and these notes do not have the same
rights as a shareholder of the underlying foreign security. |
|
| Pictet AI Enhanced International Equity ETF | Market Capitalization Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Capitalization Risk. Investments in securities issued by mid- or large-cap companies
will be subject to the risks associated with securities issued by companies of the applicable
market capitalization. Securities of mid-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater
spreads between their bid and ask prices than securities of larger companies. Smaller capitalization
companies frequently rely on narrower product lines and niche markets and may be more vulnerable
to adverse business or market developments. Securities issued by larger companies may have
less growth potential and may not be able to attain the high growth rates of successful smaller
companies, especially during strong economic periods. In addition, larger companies may be
less capable of responding quickly to competitive challenges and industry changes, including
those resulting from improvements in technology, and may suffer sharper price declines as
a result of earnings disappointments. There is a risk that the securities issued by companies
of a certain market capitalization may underperform the broader market at any given time. |
|
| Pictet AI Enhanced International Equity ETF | Tax Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. The risk of loss incurred by changes in tax regimes, loss of tax status or advantages.
This may impact the Fund’s strategy, asset allocation and net asset value. |
|
| Pictet AI Enhanced International Equity ETF | ETF-Related Risks |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF-Related
Risks. The Fund is an ETF and, as a result of this structure, is exposed to the following
risks: |
| o | Costs
of Buying or Selling Shares Risk. Due to the costs of buying or selling Fund shares,
including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent
trading of Fund shares may significantly reduce investment results and an investment in Fund
shares may not be advisable for investors who anticipate regularly making small investments. |
| o | Limited
Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund
is an ETF, typically only a limited number of institutional investors (known as “Authorized
Participants”) are authorized to purchase and redeem shares directly from the Fund.
Retail investors cannot transact directly with the Fund. In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace to transact in Fund
shares, there may be demand for Fund shares thereby increasing the market price above net
asset value (“NAV”), or lack of demand, which may decrease the market price below
NAV, or in stressed market conditions, the market for Fund shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio
holdings. As a result of these considerations, Fund shares may trade at a material premium
or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and
ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized
Participants exit the business or otherwise become unable to process creation and/or redemption
orders and no other Authorized Participants step forward to perform these services, or (ii)
market makers and/or liquidity providers exit the business or significantly reduce their
business activities and no other entities step forward to perform their functions. |
| o | Trading
Risk. Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above
(premium) or below (discount) their NAV. In stressed market conditions, the market for Fund
shares may become less liquid in response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings, which may increase the variance between the market
price of the Fund shares and the value of its underlying holdings. This can be reflected
as a spread between the bid and ask prices for the Fund shares quoted during the day or a
premium or discount in the closing price from the Fund’s NAV. In addition, although
the Fund’s shares are currently listed on the Exchange, there can be no assurance that
an active trading market for Fund shares will develop or be maintained. Trading in Fund shares
may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares of the Fund inadvisable. |
| o | National
Closed Market Trading Risk. To the extent that the underlying securities or other instruments
held by the Fund trade on foreign exchanges or in foreign markets that may be closed when
the securities exchange on which the Fund’s shares trade is open, there are likely
to be deviations between the current price of such an underlying security and the last quoted
price for the underlying security (i.e., the Fund’s quote from the closed foreign market).
The impact of a closed foreign market on the Fund is likely to be greater where a large portion
of the Fund’s underlying securities or other instruments trade on that closed foreign
market or when the foreign market is closed for unscheduled reasons. These deviations could
result in premiums or discounts to the Fund’s NAV that may be greater than those experienced
by other ETFs. |
|
| Pictet AI Enhanced International Equity ETF | New/Smaller Fund Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New/Smaller
Fund Risk. A new or smaller fund is subject to the risk that its performance may not
represent how the fund is expected to or may perform in the long term. In addition, new funds
have limited operating histories for investors to evaluate and new and smaller funds may
not attract sufficient assets to achieve investment and trading efficiencies. There can be
no assurance that the Fund will achieve an economically viable size, in which case it could
ultimately liquidate. |
|
| Pictet AI Enhanced International Equity ETF | Operational Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events. Operational risk includes but is not limited to multiple
risks such as: systems and process risk that arises from systems vulnerability, insufficiency
or controls failure, valuation risk when an asset is overvalued and is worth less than expected
when it matures or is sold, service providers risk when service providers do not deliver
the desired level of service, execution risk when an order may not be executed as desired,
resulting in a loss for the Fund or having regulatory consequences, and risk surrounding
the human being (insufficient or inappropriate skills/competencies, loss of key personal,
availability, health, safety, fraud/collusion risk, etc.) |
|
| Pictet AI Enhanced International Equity ETF | Cybersecurity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. With the increased reliance on technology to conduct business, the Fund and its
third-party service providers (including any advisors, custodians, distributors, administrators,
transfer agents, accountants) may face the risk of cyber-attacks in relation to, but not
limited to, the confidentiality, integrity, or availability of information, data, or information
systems. Issuers of securities in which a Fund invests, may face similar risks, which could
result in material adverse impacts for the Fund. Cyber-attacks can result from deliberate
or unintentional events. Cyber security failures and breaches may cause disruptions and impact
the Fund’s operations, potentially resulting in financial losses. Such impacts may
consist in the inability of a Fund to conduct operations including the calculation and publication
of its net asset value, the disclosure of confidential information, erroneous trades or orders,
violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, reimbursement and other costs. Cyber-attacks may render records of a Fund inaccessible,
inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to resolve
or prevent cyber security events. |
|
| Pictet AI Enhanced International Equity ETF | Artificial Intelligence Models and Data Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Artificial
Intelligence Models and Data Risk.
The Fund relies heavily on a proprietary artificial intelligence selection model as well
as data and information supplied by third parties that are utilized by such model. To the
extent the model does not perform as designed or as intended, the Fund’s strategy may
not be successfully implemented and the Fund may lose value. If the model or data are incorrect
or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion
of securities that would have been excluded or included had the model or data been correct
and complete. The use of predictive models has inherent risks. For example, such models may
incorrectly forecast future behavior, leading to potential losses. In addition, in unforeseen
or certain low-probability scenarios (often involving a market disruption of some kind),
such models may produce unexpected results, which can result in losses for the Fund. Furthermore,
because predictive models are usually constructed based on historical data supplied by third
parties, the success of relying on such models may depend heavily on the accuracy and reliability
of the supplied historical data. |
|
| Pictet AI Enhanced International Equity ETF | Investment Restriction Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Restriction Risk. The
risk arising from governmental capital controls or restrictions that may negatively impact
the timing and amount of capital being divested. In some cases, the Fund may not be able
to withdraw investments made in some countries. Governments may change restrictions on foreign
ownership of local assets, including but not limited to restrictions on sectors, individual
and aggregate trading quotas, percentage of control and type of shares available to foreigners.
The Fund may not be able to implement their strategies due to restrictions. |
|
| Pictet AI Enhanced International Equity ETF | Portfolio Turnover Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk. The
Fund may engage in frequent trading of its portfolio securities. Fund turnover generally
involves a number of direct and indirect costs and expenses to a fund, including, for example,
brokerage commissions, dealer mark-ups and bid/asked spreads, and transaction costs on the
sale of securities and reinvestment in other securities. The costs related to increased portfolio
turnover have the effect of reducing the Fund’s investment return. |
|
| Pictet AI Enhanced International Equity ETF | Derivatives Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The risk that an
investment in derivatives will not perform as anticipated by the Adviser, may not be available
at the time or price desired, cannot be closed out at a favorable time or price, will increase
the Fund’s transaction costs, or will increase the Fund’s volatility; that derivatives
may create investment leverage; that, when a derivative is used as a substitute for or alternative
to a direct cash investment, the transaction may not provide a return that corresponds precisely
or at all with that of the cash investment; that the positions may be improperly executed
or constructed; that the Fund’s counterparty will be unable or unwilling to perform
its obligations; or that, when used for hedging purposes, derivatives will not provide the
anticipated protection, causing the Fund to lose money on both the derivatives transaction
and the exposure the Fund sought to hedge. |
| o | Index
Futures Risk. Index futures contracts can be used to create or hedge exposure to the
markets represented by a stock index. The purchaser of an equity index future buys the right
to receive a payment corresponding to any increase in the value of the referenced index as
of a specified future date and incurs the obligation to make a payment corresponding to any
decrease in the value of the referenced index as of such date. |
|
| Pictet AI Enhanced International Equity ETF | Counterparty Risk and Collateral Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Counterparty
Risk and Collateral Risk. |
| o | Counterparty
Risk. Counterparty risk refers to the risk of loss for an ETF resulting from the fact
that the counterparty to a transaction entered into by an ETF may default on its contractual
obligations. There can be no assurance that an issuer or counterparty will not be subject
to credit or other difficulties leading to a default on its contractual obligations and the
loss of all or part of the amounts due to the ETF. This risk may arise at any time the assets
of an ETF are deposited, extended, committed, invested or otherwise exposed through actual
or implied contractual agreements. |
| o | Collateral
Risk. Although collateral can be taken to mitigate the risk of counterparty default,
there is a risk that collateral taken, particularly in the case of securities, when realized,
may not generate sufficient liquidity to settle the debts of the counterparty. This may be
due to factors such as improper pricing of collateral, weaknesses in the valuation of collateral
on a regular basis, adverse market movements in the collateral value, deterioration of the
credit rating of the collateral issuer or the illiquidity of the market in which the collateral
is negotiated. |
|
| Pictet AI Enhanced International Equity ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Many
factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other
investments.
|
| Pictet AI Enhanced International Equity ETF | Risk Not Insured Depository Institution [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government
agency.
|
| Pictet Emerging Markets Rising Economies ETF | Equity Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity securities are subject to changes in value, and their values
may be more volatile than those of other asset classes. The value of a security may decline
for a number of reasons that may directly relate to the issuer as well as due to general
industry or market conditions. Common stock is subordinated to preferred securities and debt
in a company’s capital structure. Common stock has the lowest priority, and the greatest
risk, with respect to dividends and any liquidation payments in the event of an issuer’s
bankruptcy. |
|
| Pictet Emerging Markets Rising Economies ETF | Foreign Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. The Fund invests in foreign securities, which are generally riskier
than U.S. securities. As a result the Fund may be subject to foreign risk, meaning that political
events (such as civil unrest, national elections and imposition of exchange controls), social
and economic events (such as labor strikes and rising inflation), natural disasters and public
health emergencies occurring in a country where the fund invests could cause the Fund’s
investments in that country to experience losses. For these and other reasons, securities
of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.
If the Fund buys securities denominated in a foreign currency, receives income in foreign
currencies, or holds foreign currencies from time to time, the value of the Fund’s
assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates
relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject
to the risk that a foreign government could restrict foreign exchange transactions or otherwise
implement unfavorable currency regulations. In addition, foreign securities may be subject
to currency exchange rates or regulations, the imposition of economic sanctions, tariffs
or other government restrictions, higher transaction and other costs, reduced liquidity,
and delays in settlement. |
|
| Pictet Emerging Markets Rising Economies ETF | Foreign Currency Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Currency Risk. The Fund may invest in non-U.S. dollar denominated securities of foreign
issuers. Where a fund’s net asset value is determined in U.S. dollars and the fund
invests in non-U.S. dollar denominated securities, the fund’s net asset value could
decline if the currency of the non-U.S. market in which the fund invests depreciates against
the U.S. dollar, even if the value of the fund’s holdings, measured in the foreign
currency, increases. Among the factors that may affect currency values are trade balances,
the level of short-term interest rates, differences in relative values of similar assets
in different currencies, long-term opportunities for investment and capital appreciation
and political developments. Emerging markets may be susceptible to greater currency
fluctuations and greater volatility in currency exchange rates than more developed markets. |
|
| Pictet Emerging Markets Rising Economies ETF | Security Pricing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Security
Pricing Risk. The risk of uncertainty of price changes. Usually, the higher the volatility
of an asset or instrument, the higher its risk. The prices for securities in which the Fund
invests may change significantly in short-term periods. |
|
| Pictet Emerging Markets Rising Economies ETF | Rights and Warrants Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Rights
and Warrants Risk. A right is a privilege granted to existing shareholders of a
corporation to subscribe to shares of a new issue of common stock before it is issued. Warrants
are securities that are usually issued together with a debt security or preferred stock and
that give the holder the right to buy a proportionate amount of common stock at a specified
price. A warrant or a right may become worthless unless exercised or sold before expiration.
For example, if the market price of the common stock related to the warrant or right does
not exceed the exercise price during the life of the warrant or right, the warrant or right
will expire worthless. Warrants and rights have no voting rights, pay no dividends and have
no rights with respect to the assets of the corporation issuing them. The percentage increase
or decrease in the value of a warrant or right may be greater than the percentage increase
or decrease in the value of the underlying common stock. |
|
| Pictet Emerging Markets Rising Economies ETF | Real Estate Investment Trusts (REITs) Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (REITs) Risk. There are special risk considerations associated
with investing in the real estate industry securities such as REITs and the securities of
companies principally engaged in the real estate industry. These risks include: the cyclical
nature of real estate values, risks related to general and local economic conditions, overbuilding
and increased competition, increases in property taxes and operating expenses, demographic
trends and variations in rental income, changes in zoning laws, casualty or condemnation
losses, environmental risks, regulatory limitations on rents, changes in neighborhood values,
related party risks, changes in the appeal of properties to tenants, increases in interest
rates and other real estate capital market influences. Generally, increases in interest rates
will increase the costs of obtaining financing, which could directly and indirectly decrease
the value of an ETF investing in the Real Estate Industry. |
|
| Pictet Emerging Markets Rising Economies ETF | Depositary Receipts Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Depositary
Receipts Risk. Depositary receipts (such as ADRs and GDRs) are instruments that represent
shares in companies trading outside the markets in which the depositary receipts are traded.
Accordingly, while the depositary receipts are traded on recognized exchanges, there may
be other risks associated with such instruments to consider for example the shares underlying
the instruments may be subject to political, inflationary, exchange rate or custody risks |
|
| Pictet Emerging Markets Rising Economies ETF | Sustainability & ESG Data Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sustainability
& ESG Data Risk. The risk arising from any environmental, social or governance events
or conditions that, were they to occur, could cause a material negative impact on the value
of the investment. |
The set of sustainability risks below are
relevant to the Adviser’s investment strategies, as the Fund integrates sustainability risks. When selecting and monitoring investments,
these sustainability risks are systematically considered along with all other risks deemed relevant for the Fund, taking into account
its investment policy / strategy.
| o | Transition
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the transition to a low carbon economy due to their involvement in exploration, production,
processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials,
processes, products and services. Transition risk may result from several factors, including
rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements,
reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory,
technological and market demand changes. Transition risks may negatively affect the value
of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures,
operating and financing costs. |
| o | Physical
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the physical impacts of climate change. Physical risk includes acute risks arising from
extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic
risks arising from gradual changes in the climate, such as changing rainfall patterns, rising
sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Environmental
Risk. The risk posed by the exposure to issuers that may potentially be causing or affected
by environmental degradation and/or depletion of natural resources. Environmental risk may
result from air pollution, water pollution, waste generation, depletion of freshwater and
marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may
negatively affect the value of investments by impairing assets, productivity or revenues,
or by increasing liabilities, capital expenditures, operating and financing costs. |
| o | Social
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by social factors such as poor labor standards, human rights violations, damages to public
health, data privacy breaches, or increased inequalities. Social risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Governance
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by weak governance structures. For companies, governance risk may result from 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. For countries, governance risk may include governmental instability, bribery
and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively
affect the value of investments due to poor strategic decisions, conflicts of interest, reputational
damages, increased liabilities or loss of investor confidence. |
| o | ESG
Data Risk. ESG information from third-party data providers may be incomplete, inaccurate,
or unavailable. As a result, there is a risk that the Adviser may incorrectly assess a security
or issuer, resulting in the incorrect inclusion or exclusion of a security in the Fund’s
portfolio. Incomplete, inaccurate, or unavailable ESG data may also act as a methodological
limitation to a non-financial investment strategy (such as the application of ESG criteria
or similar). The Adviser will seek to mitigate this risk through its own assessment. In the
event that the ESG characteristics of a security held by the Fund change, resulting in the
security being sold, neither the Fund, nor the Adviser accept liability in relation to such
change. |
As with the use of any considerations involved
in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of
issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these
considerations.
|
| Pictet Emerging Markets Rising Economies ETF | Emerging Markets Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Emerging
Markets Risk. Investing in securities of issuers located in emerging market countries
generally is riskier than investing in securities of issuers located in foreign developed
countries due to lower liquidity, market manipulation concerns, limited reliable access to
capital, and differing company organizational structures. Emerging market countries may have
unstable governments and/or economies that are subject to sudden change. These changes may
be magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries. These countries also may lack the legal, business
and social framework to support securities markets. Additionally, certain jurisdictions do
not provide the Public Company Accounting Oversight Board (PCAOB) with sufficient access
to inspect audit work papers and practices, or otherwise do not cooperate with U.S. regulators,
potentially exposing investors in U.S. capital markets to significant risks. Differences
in regulatory, accounting, auditing, and financial reporting and recordkeeping standards
could impede the Adviser’s ability to evaluate local companies and impact the Fund’s
performance. |
|
| Pictet Emerging Markets Rising Economies ETF | Active Management Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk. The risk that the Fund will fail to meet its investment objective and
that the Fund’s investment performance will depend, at least in part, on how its assets
are allocated and reallocated among asset classes, sectors, underlying funds and/or investments
and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments
that perform poorly or underperform other asset classes, sectors, underlying funds, and/or
available investments. Any given investment strategy may fail to produce the intended results,
and the Fund’s portfolio may underperform other comparable funds because of portfolio
management decisions related to, among other things, the selection of investments, portfolio
construction, risk assessments, and/or the outlook on market trends and opportunities. |
|
| Pictet Emerging Markets Rising Economies ETF | Market Disruption and Geopolitical Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Disruption and Geopolitical Risk. The Fund is subject to the risk that geopolitical and
other events (e.g., wars, pandemics, sanctions and terrorism) will disrupt securities markets,
adversely affect the general economy or particular economies and markets and exacerbate the
effects of other risks to which the Fund is subject, thereby reducing the value of the Fund’s
investments. Sudden or significant changes in the supply or prices of commodities or in other
economic inputs may have material and unexpected effects on both global securities markets
and individual countries, regions, sectors, companies and industries. Terrorism in the United
States and around the world has increased geopolitical risk, and terrorist attacks could
result in the closure of securities markets or other disruptions. Securities markets are
susceptible to market manipulation or other fraudulent trading practices, which could disrupt
their orderly functioning or reduce the prices of securities traded on them held by the Fund.
Fraud and other deceptive practices committed by an issuer of securities held by the Fund,
when discovered, will likely cause a steep decline in the market price of those securities
and thus negatively affect the value of the Fund’s investments. In addition, when discovered,
financial fraud contributes to overall market volatility, which can adversely affect the
Fund’s investment program. |
|
| Pictet Emerging Markets Rising Economies ETF | Industry Concentration Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Industry
Concentration Risk. The Fund concentrates its investments in the banks, financial services,
and insurance industries. The Fund is therefore subject to greater risk of loss as a result
of adverse economic, business, political, environmental or other developments affecting those
industries. |
| o | Banks
Industry Risk. The risks of investments in the banks industry include: extensive governmental
regulation and/or nationalization that affects the scope of their activities, the prices
they can charge and the amount of capital they must maintain; adverse effects on profitability
due to increases in interest rates or loan losses (which usually increase in economic downturns,
which could lead to insolvency or other negative consequences); severe price competition;
economic conditions; credit rating downgrades; and increased inter-industry consolidation
and competition. This sector has experienced significant losses in the recent past, and the
impact of more stringent capital requirements and of recent or future regulation on any individual
bank or on the sector as a whole cannot be predicted. The banks industry may also be affected
by risks that affect the broader financial services industry. |
| o | Financial
Services Industry Risk. The Fund’s portfolio is concentrated in investments in
securities issued by companies in the financial services industry. The financial services
industry is subject to extensive government regulation. Profitability is largely dependent
on the availability and cost of capital and can fluctuate significantly when interest rates
change. Financial services companies are highly dependent on short-term interest rates and
typically will be adversely affected by economic downturns or changes in banking regulations. |
| o | Insurance
Industry Risk. Many factors can significantly affect companies in the insurance industry,
including changes in interest rates, general economic conditions, the imposition of premium
rate caps, competition and the pressure to compete globally, including price and marketing
competition, and other changes in government regulation or tax law. In addition, different
segments of the insurance industry may be affected by mortality and morbidity rates, actuarial
miscalculations, environmental clean-up costs and catastrophic events such as natural disasters
and terrorist acts and the availability and cost of reinsurance. |
|
| Pictet Emerging Markets Rising Economies ETF | Sector Focus Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Focus Risk. Because the Fund may, from time to time, be more heavily invested in particular
sectors, the value of its shares may be especially sensitive to factors and economic risks
that specifically affect those sectors. As a result, the Fund’s share price may fluctuate
more widely than the value of shares of a fund that invests in a broader range of sectors.
While the Fund’s sector exposure is expected to vary over time, the Fund anticipates
that it may be subject to some or all of the risks described below. The list below is not
a comprehensive list of the sectors to which the Fund may have exposure over time and should
not be relied on as such. |
| o | Financials
Sector Risk. Companies in the financials sector are subject to governmental regulation
and intervention, which may adversely affect the scope of their activities, the prices they
can charge and the amount of capital they must maintain. Governmental regulation may change
frequently, and may have adverse consequences for companies in the financial sector, including
effects not intended by such regulation. The impact of recent or future regulation in various
countries on any individual financial company or on the sector, as a whole, is not known. |
|
| Pictet Emerging Markets Rising Economies ETF | Special Purpose Acquisition Companies Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Special
Purpose Acquisition Companies Risk. SPACs are publicly traded corporations formed at
the initiative of a sponsor, with the intention to acquire a business, thus providing an
alternative to traditional initial public offerings (“IPOs”). A SPAC IPO is often
structured to offer investors a unit of securities consisting of shares of common stock and
warrants, to finance the acquisition. The structure of SPAC transactions can be complex.
The risk of conflict of interests at sponsor level is inherent in any SPAC transaction, SPAC
sponsors benefit more than investors from the SPAC’s completion of an initial business
combination and may have an incentive to complete a transaction on terms that may be less
favorable to investors. There is possible future dilution arising from the payment of the
sponsors’ fees in shares, the exercise of warrants and/or in relation to the financing
of the acquisition. A SPAC may identify in its IPO prospectus a specific industry or business
that it will target as it seeks to combine with an operating company, however there is uncertainty
on the identification of the target company during the initial IPO. Investments in SPACs
may be exposed to greater liquidity risk. |
|
| Pictet Emerging Markets Rising Economies ETF | Preferred Stock Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Preferred
Stock Risk. Preferred stock is subordinated to bonds and other debt instruments in a
company’s capital structure and, therefore, will be subject to greater credit risk
than those debt instruments. In addition, preferred stock is subject to other risks such
as having no or limited voting rights, being subject to special redemption rights, having
distributions deferred or skipped, having limited liquidity, changing tax treatments, and
possibly being in heavily regulated industries. |
|
| Pictet Emerging Markets Rising Economies ETF | Convertible Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Convertible
Securities Risk. A convertible security generally is a preferred stock that may be converted
within a specified period of time into common stock. Convertible securities nevertheless
remain subject to the risks of both debt securities and equity securities. As with other
equity securities, the value of a convertible security tends to increase as the price of
the underlying stock goes up, and to decrease as the price of the underlying stock goes down.
Declining common stock values therefore also may cause the value of the Fund’s investments
to decline. Like a debt security, a convertible security provides a fixed-income stream and
also tends to decrease in value when interest rates rise. Moreover, many convertible securities
have credit ratings that are below investment grade and are subject to the same risks as
lower-rated debt securities, which are considered to have more speculative characteristics
and greater susceptibility to default or decline in market value than investment grade (or
higher-rated) securities. |
|
| Pictet Emerging Markets Rising Economies ETF | Debt Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Debt
Securities Risk. The values of debt securities may increase or decrease as a result of
the following: market fluctuations, changes in interest rates, actual or perceived inability
or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal
or interest payments, or illiquidity in debt securities markets. To the extent that interest
rates rise, certain underlying obligations may be paid off substantially slower than originally
anticipated and the value of those securities may fall sharply. A rising interest rate environment
may cause the value of the Fund’s fixed income securities to decrease, an adverse impact
on the liquidity of the Fund’s fixed income securities, and increased volatility of
the fixed income markets. During periods when interest rates are at low levels, the Fund’s
yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating
basis). To the extent that interest rates fall, certain underlying obligations may be paid
off substantially faster than originally anticipated. If the principal on a debt obligation
is prepaid before expected, the prepayments of principal may have to be reinvested in obligations
paying interest at lower rates. During periods of falling interest rates, the income received
by the Fund may decline. Changes in interest rates will likely have a greater effect on the
values of debt securities of longer durations. Returns on investments in debt securities
could trail the returns on other investment options, including investments in equity securities. |
|
| Pictet Emerging Markets Rising Economies ETF | Tax Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. The risk of loss incurred by changes in tax regimes, loss of tax status or advantages.
This may impact the Fund’s strategy, asset allocation and net asset value. |
|
| Pictet Emerging Markets Rising Economies ETF | ETF-Related Risks |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF-Related
Risks. The Fund is an ETF and, as a result of this structure, is exposed to the following
risks: |
| o | Costs
of Buying or Selling Shares Risk. Due to the costs of buying or selling Fund shares,
including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent
trading of Fund shares may significantly reduce investment results and an investment in Fund
shares may not be advisable for investors who anticipate regularly making small investments. |
| o | Limited
Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund
is an ETF, typically only a limited number of institutional investors (known as “Authorized
Participants”) are authorized to purchase and redeem shares directly from the Fund.
Retail investors cannot transact directly with the Fund. In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace to transact in Fund
shares, there may be demand for Fund shares thereby increasing the market price above net
asset value (the “NAV”), or lack of demand, which may decrease the market price
below NAV, or in stressed market conditions, the market for Fund shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio
holdings. As a result of these considerations, Fund shares may trade at a material premium
or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and
ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized
Participants exit the business or otherwise become unable to process creation and/or redemption
orders and no other Authorized Participants step forward to perform these services, or (ii)
market makers and/or liquidity providers exit the business or significantly reduce their
business activities and no other entities step forward to perform their functions. |
| o | Trading
Risk. Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above
(premium) or below (discount) their NAV. In stressed market conditions, the market for Fund
shares may become less liquid in response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings, which may increase the variance between the market
price of the Fund shares and the value of its underlying holdings. This can be reflected
as a spread between the bid and ask prices for the Fund shares quoted during the day or a
premium or discount in the closing price from the Fund’s NAV. In addition, although
the Fund’s shares are currently listed on the Exchange, there can be no assurance that
an active trading market for Fund shares will develop or be maintained. Trading in Fund shares
may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares of the Fund inadvisable. |
| o | Cash
Transactions Risk. The Fund may effect some of its creations and redemptions for cash,
rather than in-kind securities. As a result, the Fund may have to sell portfolio securities
at inopportune times in order to obtain the cash needed to meet redemption orders. This may
cause the Fund to sell a security and recognize a capital gain or loss that might not have
been incurred if it had made a redemption in-kind. The use of cash creations and redemptions
may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or
greater premiums or discounts to the Fund’s NAV. In effecting creations and redemptions
in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection
with investing cash received and may recognize capital gains in connection with cash redemptions,
unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could
be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to
the extent the costs are not offset by a transaction fee payable by an Authorized Participant. |
| o | National
Closed Market Trading Risk – To the extent that the underlying securities or other
instruments held by the Fund trade on foreign exchanges or in foreign markets that may be
closed when the securities exchange on which the Fund’s shares trade is open, there
are likely to be deviations between the current price of such an underlying security and
the last quoted price for the underlying security (i.e., the Fund’s quote from the
closed foreign market). The impact of a closed foreign market on the Fund is likely to be
greater where a large portion of the Fund’s underlying securities or other instruments
trade on that closed foreign market or when the foreign market is closed for unscheduled
reasons. These deviations could result in premiums or discounts to the Fund’s NAV that
may be greater than those experienced by other ETFs. |
|
| Pictet Emerging Markets Rising Economies ETF | New/Smaller Fund Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New/Smaller
Fund Risk. A new or smaller fund is subject to the risk that its performance may not
represent how the fund is expected to or may perform in the long term. In addition, new funds
have limited operating histories for investors to evaluate and new and smaller funds may
not attract sufficient assets to achieve investment and trading efficiencies. There can be
no assurance that the Fund will achieve an economically viable size, in which case it could
ultimately liquidate. |
|
| Pictet Emerging Markets Rising Economies ETF | Operational Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events. Operational risk includes but is not limited to multiple
risks such as: systems and process risk that arises from systems vulnerability, insufficiency
or controls failure, valuation risk when an asset is overvalued and is worth less than expected
when it matures or is sold, service providers risk when service providers do not deliver
the desired level of service, execution risk when an order may not be executed as desired,
resulting in a loss for the Fund or having regulatory consequences, and risk surrounding
the human being (insufficient or inappropriate skills/competencies, loss of key personal,
availability, health, safety, fraud/collusion risk, etc.). |
|
| Pictet Emerging Markets Rising Economies ETF | Cybersecurity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. With the increased reliance on technology to conduct business, the Fund and its
third-party service providers (including any advisors, custodians, distributors, administrators,
transfer agents, accountants) may face the risk of cyber-attacks in relation to, but not
limited to, the confidentiality, integrity, or availability of information, data, or information
systems. Issuers of securities in which a Fund invests, may face similar risks, which could
result in material adverse impacts for the Fund. Cyber-attacks can result from deliberate
or unintentional events. Cyber security failures and breaches may cause disruptions and impact
the Fund’s operations, potentially resulting in financial losses. Such impacts may
consist in the inability of a Fund to conduct operations including the calculation and publication
of its net asset value, the disclosure of confidential information, erroneous trades or orders,
violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, reimbursement and other costs. Cyber-attacks may render records of a Fund inaccessible,
inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to resolve
or prevent cyber security events. |
|
| Pictet Emerging Markets Rising Economies ETF | Investment Restriction Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Restriction Risk. The risk arising from governmental capital controls or restrictions
that may negatively impact the timing and amount of capital being divested. In some cases,
the Fund may not be able to withdraw investments made in some countries. Governments may
change restrictions on foreign ownership of local assets, including but not limited to restrictions
on sectors, individual and aggregate trading quotas, percentage of control and type of shares
available to foreigners. The Fund may not be able to implement its strategies due to restrictions. |
|
| Pictet Emerging Markets Rising Economies ETF | Derivatives Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The risk that an investment in derivatives will not perform as anticipated by the
Adviser, may not be available at the time or price desired, cannot be closed out at a favorable
time or price, will increase the Fund’s transaction costs, or will increase the Fund’s
volatility; that derivatives may create investment leverage; that, when a derivative is used
as a substitute for or alternative to a direct cash investment, the transaction may not provide
a return that corresponds precisely or at all with that of the cash investment; that the
positions may be improperly executed or constructed; that the Fund’s counterparty will
be unable or unwilling to perform its obligations; or that, when used for hedging purposes,
derivatives will not provide the anticipated protection, causing the Fund to lose money on
both the derivatives transaction and the exposure the Fund sought to hedge. |
| o | Index
Futures Risk. Index futures contracts can be used to create or hedge exposure to the
markets represented by a stock index. The purchaser of an equity index future buys the right
to receive a payment corresponding to any increase in the value of the referenced index as
of a specified future date and incurs the obligation to make a payment corresponding to any
decrease in the value of the referenced index as of such date. |
|
| Pictet Emerging Markets Rising Economies ETF | Counterparty Risk and Collateral Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Counterparty
Risk and Collateral Risk. |
| o | Counterparty
Risk. Counterparty risk refers to the risk of loss for an ETF resulting from the fact
that the counterparty to a transaction entered into by an ETF may default on its contractual
obligations. There can be no assurance that an issuer or counterparty will not be subject
to credit or other difficulties leading to a default on its contractual obligations and the
loss of all or part of the amounts due to the ETF. This risk may arise at any time the assets
of an ETF are deposited, extended, committed, invested or otherwise exposed through actual
or implied contractual agreements. |
| o | Collateral
Risk. Although collateral can be taken to mitigate the risk of counterparty default,
there is a risk that collateral taken, particularly in the case of securities, when realized,
may not generate sufficient liquidity to settle the debts of the counterparty. This may be
due to factors such as improper pricing of collateral, weaknesses in the valuation of collateral
on a regular basis, adverse market movements in the collateral value, deterioration of the
credit rating of the collateral issuer or the illiquidity of the market in which the collateral
is negotiated. |
|
| Pictet Emerging Markets Rising Economies ETF | Frontier Markets Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Frontier
Markets Risk. Frontier market countries generally have smaller economies
and even less developed capital markets than traditional emerging markets, and, as a result,
the risks of investing in emerging market countries are magnified in frontier market countries.
The magnification of risks reflects the potential for extreme price volatility and illiquidity
in frontier markets; government ownership or control of parts of private sector and of certain
companies; trade barriers, exchange controls, managed adjustments in relative currency values
and other protectionist measures imposed or negotiated by the countries with which frontier
market countries trade; and the relatively new and unsettled securities laws in many frontier
market countries. |
|
| Pictet Emerging Markets Rising Economies ETF | Value Investing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Value
Investing Risk. When choosing securities for the Fund, the strategy may have a
bias toward value metrics. This means that sometimes, the Fund might not perform as well
if the market is more favorable towards securities with growth traits or other investment
strategies. It’s important to know that value investments carry the risk that their
true worth might not be recognized by the market. |
|
| Pictet Emerging Markets Rising Economies ETF | Participatory Notes Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Participatory
Notes Risk. Participatory notes (“P-notes”) are participation interest
notes that are issued by banks or broker-dealers and are designed to offer a return linked
to a particular underlying equity, debt, currency or market. Investments in P-notes involve
the same risks associated with a direct investment in the underlying securities, instruments
or markets that they seek to replicate. In addition, there can be no assurance that there
will be a trading market for a P-note or that the trading price of a P-note will equal the
underlying value of the security, instrument or market that it seeks to replicate. Due to
liquidity and transfer restrictions, the secondary markets on which a P-note is traded may
be less liquid than the market for other securities, or may be completely illiquid, which
may also affect the ability of a fund to accurately value a P-note. P-notes typically constitute
general unsecured contractual obligations of the banks or broker-dealers that issue them,
which subjects a fund that holds them to counterparty risk (and this risk may be amplified
if a fund purchases P-notes from only a small number of issuers). |
|
| Pictet Emerging Markets Rising Economies ETF | Investment Company and Exchange-Traded Fund Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Company and Exchange-Traded Fund Risk.
The risk that an investment company or other pooled investment vehicle, including any ETFs,
in which the Fund invests will not achieve its investment objective or execute its investment
strategies effectively or that significant purchase or redemption activity by shareholders
of such an investment company might negatively affect the value of its shares. The Fund must
pay its pro rata portion of an investment company’s fees and expenses. To the extent
the Adviser determines to invest Fund assets in other investment companies, the Adviser will
have an incentive to invest in other investment vehicles sponsored or advised by the Adviser
or a related party of the Adviser over investment companies sponsored or managed by others
and to maintain such investments once made due to its own financial interest in those products
and other business considerations. |
|
| Pictet Emerging Markets Rising Economies ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Many
factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other
investments.
|
| Pictet Emerging Markets Rising Economies ETF | Risk Not Insured Depository Institution [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government
agency.
|
| Pictet Emerging Markets Debt ETF | Foreign Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. The Fund invests in foreign securities, which are generally riskier
than U.S. securities. As a result the Fund may be subject to foreign risk, meaning that political
events (such as civil unrest, national elections and imposition of exchange controls), social
and economic events (such as labor strikes and rising inflation), natural disasters and public
health emergencies occurring in a country where the fund invests could cause the Fund’s
investments in that country to experience losses. For these and other reasons, securities
of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.
If the Fund buys securities denominated in a foreign currency, receives income in foreign
currencies, or holds foreign currencies from time to time, the value of the Fund’s
assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates
relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject
to the risk that a foreign government could restrict foreign exchange transactions or otherwise
implement unfavorable currency regulations. In addition, foreign securities may be subject
to currency exchange rates or regulations, the imposition of economic sanctions, tariffs
or other government restrictions, higher transaction and other costs, reduced liquidity,
and delays in settlement. |
|
| Pictet Emerging Markets Debt ETF | Foreign Currency Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Currency Risk. The Fund may invest in non-U.S. dollar denominated securities of foreign
issuers. Where a fund’s net asset value is determined in U.S. dollars and the fund
invests in non-U.S. dollar denominated securities, the fund’s net asset value could
decline if the currency of the non-U.S. market in which the fund invests depreciates against
the U.S. dollar, even if the value of the fund’s holdings, measured in the foreign
currency, increases. Among the factors that may affect currency values are trade balances,
the level of short-term interest rates, differences in relative values of similar assets
in different currencies, long-term opportunities for investment and capital appreciation
and political developments. Emerging markets may be susceptible to greater currency fluctuations
and greater volatility in currency exchange rates than more developed markets. |
|
| Pictet Emerging Markets Debt ETF | Security Pricing Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Security
Pricing Risk. The risk of uncertainty of price changes. Usually, the higher the volatility
of an asset or instrument, the higher its risk. The prices for securities in which the Fund
invests may change significantly in short-term periods. |
|
| Pictet Emerging Markets Debt ETF | Sustainability & ESG Data Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sustainability
& ESG Data Risk. The risk arising from any environmental, social or governance events
or conditions that, were they to occur, could cause a material negative impact on the value
of the investment. |
The set of sustainability risks below are
relevant to the Adviser’s investment strategies, as the Fund integrates sustainability risks. When selecting and monitoring investments,
these sustainability risks are systematically considered along with all other risks deemed relevant for the Fund, taking into account
its investment policy / strategy.
| o | Transition
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the transition to a low carbon economy due to their involvement in exploration, production,
processing, trading and sale of fossil fuels, or their dependency upon carbon intensive materials,
processes, products and services. Transition risk may result from several factors, including
rising costs and/or limitation of greenhouse gas emissions, energy-efficiency requirements,
reduction in fossil fuel demand or shift to alternative energy sources, due to policy, regulatory,
technological and market demand changes. Transition risks may negatively affect the value
of investments by impairing assets or revenues, or by increasing liabilities, capital expenditures,
operating and financing costs. |
| o | Physical
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by the physical impacts of climate change. Physical risk includes acute risks arising from
extreme weather events such as storms, floods, droughts, fires or heatwaves, and chronic
risks arising from gradual changes in the climate, such as changing rainfall patterns, rising
sea levels, ocean acidification, and biodiversity loss. Physical risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Environmental
Risk. The risk posed by the exposure to issuers that may potentially be causing or affected
by environmental degradation and/or depletion of natural resources. Environmental risk may
result from air pollution, water pollution, waste generation, depletion of freshwater and
marine resources, loss of biodiversity or damages to ecosystems. Environmental risks may
negatively affect the value of investments by impairing assets, productivity or revenues,
or by increasing liabilities, capital expenditures, operating and financing costs. |
| o | Social
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by social factors such as poor labor standards, human rights violations, damages to public
health, data privacy breaches, or increased inequalities. Social risks may negatively affect
the value of investments by impairing assets, productivity or revenues, or by increasing
liabilities, capital expenditures, operating and financing costs. |
| o | Governance
Risk. The risk posed by the exposure to issuers that may potentially be negatively affected
by weak governance structures. For companies, governance risk may result from 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. For countries, governance risk may include governmental instability, bribery
and corruption, privacy breaches and lack of judicial independence. Governance risk may negatively
affect the value of investments due to poor strategic decisions, conflicts of interest, reputational
damages, increased liabilities or loss of investor confidence. |
| o | ESG
Data Risk. ESG information from third-party data providers may be incomplete, inaccurate,
or unavailable. As a result, there is a risk that the Adviser may incorrectly assess a security
or issuer, resulting in the incorrect inclusion or exclusion of a security in the Fund’s
portfolio. Incomplete, inaccurate, or unavailable ESG data may also act as a methodological
limitation to a non-financial investment strategy (such as the application of ESG criteria
or similar). The Adviser will seek to mitigate this risk through its own assessment. In the
event that the ESG characteristics of a security held by the Fund change, resulting in the
security being sold, neither the Fund, nor the Adviser accept liability in relation to such
change. |
As with the use of any considerations involved
in investment decisions, there is no guarantee that the ESG investment considerations used by the Fund will result in the selection of
issuers that will outperform other issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these
considerations.
|
| Pictet Emerging Markets Debt ETF | Emerging Markets Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Markets Risk. Investing in securities of issuers located in emerging market countries
generally is riskier than investing in securities of issuers located in foreign developed
countries due to lower liquidity, market manipulation concerns, limited reliable access to
capital, and differing company organizational structures. Emerging market countries may have
unstable governments and/or economies that are subject to sudden change. These changes may
be magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries. These countries also may lack the legal, business
and social framework to support securities markets. Additionally, certain jurisdictions do
not provide the Public Company Accounting Oversight Board (PCAOB) with sufficient access
to inspect audit work papers and practices, or otherwise do not cooperate with U.S. regulators,
potentially exposing investors in U.S. capital markets to significant risks. Differences
in regulatory, accounting, auditing, and financial reporting and recordkeeping standards
could impede the Adviser’s ability to evaluate local companies and impact the Fund’s
performance. |
|
| Pictet Emerging Markets Debt ETF | Active Management Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk. The risk that the Fund will fail to meet its investment objective and
that the Fund’s investment performance will depend, at least in part, on how its assets
are allocated and reallocated among asset classes, sectors, underlying funds and/or investments
and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments
that perform poorly or underperform other asset classes, sectors, underlying funds, and/or
available investments. Any given investment strategy may fail to produce the intended results,
and the Fund’s portfolio may underperform other comparable funds because of portfolio
management decisions related to, among other things, the selection of investments, portfolio
construction, risk assessments, and/or the outlook on market trends and opportunities. |
|
| Pictet Emerging Markets Debt ETF | Market Disruption and Geopolitical Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Disruption and Geopolitical Risk. The Fund is subject to the risk that geopolitical and
other events (e.g., wars, pandemics, sanctions and terrorism) will disrupt securities markets,
adversely affect the general economy or particular economies and markets and exacerbate the
effects of other risks to which the Fund is subject, thereby reducing the value of the Fund’s
investments. Sudden or significant changes in the supply or prices of commodities or in other
economic inputs may have material and unexpected effects on both global securities markets
and individual countries, regions, sectors, companies and industries. Terrorism in the United
States and around the world has increased geopolitical risk, and terrorist attacks could
result in the closure of securities markets or other disruptions. Securities markets are
susceptible to market manipulation or other fraudulent trading practices, which could disrupt
their orderly functioning or reduce the prices of securities traded on them held by the Fund.
Fraud and other deceptive practices committed by an issuer of securities held by the Fund,
when discovered, will likely cause a steep decline in the market price of those securities
and thus negatively affect the value of the Fund’s investments. In addition, when discovered,
financial fraud contributes to overall market volatility, which can adversely affect the
Fund’s investment program. |
|
| Pictet Emerging Markets Debt ETF | Convertible Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Convertible
Securities Risk. A convertible security generally is a preferred stock that may be converted
within a specified period of time into common stock. Convertible securities nevertheless
remain subject to the risks of both debt securities and equity securities. As with other
equity securities, the value of a convertible security tends to increase as the price of
the underlying stock goes up, and to decrease as the price of the underlying stock goes down.
Declining common stock values therefore also may cause the value of the Fund’s investments
to decline. Like a debt security, a convertible security provides a fixed-income stream and
also tends to decrease in value when interest rates rise. Moreover, many convertible securities
have credit ratings that are below investment grade and are subject to the same risks as
lower-rated debt securities, which are considered to have more speculative characteristics
and greater susceptibility to default or decline in market value than investment grade (or
higher-rated) securities. |
| o | Convertible
Bonds Risk. Convertible bonds are bonds issued by a company that give the bondholder
an option to convert the bond into common stocks of the company at certain times using a
predetermined exchange ratio. This is a hybrid instrument that carries both equity risk and
the credit and default risks typical of bonds. |
|
| Pictet Emerging Markets Debt ETF | Tax Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. The risk of loss incurred by changes in tax regimes, loss of tax status or advantages.
This may impact the Fund’s strategy, asset allocation and net asset value. |
| o | Singaporean
Tax Risk. A taxable presence in Singapore generally arises whenever a Fund is managed
by Pictet Asset Management (Singapore) Pte. Ltd. To mitigate potential tax liabilities in
Singapore, the Fund will rely on existing Singaporean tax exemptions. It must be noted that
despite the compliance of a Fund with a specific exemption, some Singapore-source incomes
derived by it may remain taxable in Singapore (such as incomes from Singaporean REITs). |
|
| Pictet Emerging Markets Debt ETF | ETF-Related Risks |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF-Related
Risks. The Fund is an ETF and, as a result of this structure, is exposed to the following
risks: |
| o | Costs
of Buying or Selling Shares Risk. Due to the costs of buying or selling Fund shares,
including brokerage commissions imposed by brokers and the variance in bid-ask spreads, frequent
trading of Fund shares may significantly reduce investment results and an investment in Fund
shares may not be advisable for investors who anticipate regularly making small investments. |
| o | Limited
Authorized Participants, Market Makers and Liquidity Providers Risk. Because the Fund
is an ETF, typically only a limited number of institutional investors (known as “Authorized
Participants”) are authorized to purchase and redeem shares directly from the Fund.
Retail investors cannot transact directly with the Fund. In addition, there may be a limited
number of market makers and/or liquidity providers in the marketplace to transact in Fund
shares, there may be demand for Fund shares thereby increasing the market price above net
asset value (“NAV”), or lack of demand, which may decrease the market price below
NAV, or in stressed market conditions, the market for Fund shares may become less liquid
in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio
holdings. As a result of these considerations, Fund shares may trade at a material premium
or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and
ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized
Participants exit the business or otherwise become unable to process creation and/or redemption
orders and no other Authorized Participants step forward to perform these services, or (ii)
market makers and/or liquidity providers exit the business or significantly reduce their
business activities and no other entities step forward to perform their functions. |
| o | Trading
Risk. Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above
(premium) or below (discount) their NAV. In stressed market conditions, the market for Fund
shares may become less liquid in response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings, which may increase the variance between the market
price of the Fund shares and the value of its underlying holdings. This can be reflected
as a spread between the bid and ask prices for the Fund shares quoted during the day or a
premium or discount in the closing price from the Fund’s NAV. In addition, although
the Fund’s shares are currently listed on the Exchange, there can be no assurance that
an active trading market for Fund shares will develop or be maintained. Trading in Fund shares
may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares of the Fund inadvisable. |
| o | Cash
Transactions Risk. The Fund may effect some of its creations and redemptions for cash,
rather than in-kind securities. As a result, the Fund may have to sell portfolio securities
at inopportune times in order to obtain the cash needed to meet redemption orders. This may
cause the Fund to sell a security and recognize a capital gain or loss that might not have
been incurred if it had made a redemption in-kind. The use of cash creations and redemptions
may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or
greater premiums or discounts to the Fund’s NAV. In effecting creations and redemptions
in exchange for cash, the Fund may incur certain costs, including brokerage costs in connection
with investing cash received and may recognize capital gains in connection with cash redemptions,
unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could
be imposed on the Fund which would have the effect of decreasing the Fund’s NAV to
the extent the costs are not offset by a transaction fee payable by an Authorized Participant. |
| o | National
Closed Market Trading Risk. To the extent that the underlying securities or other instruments
held by the Fund trade on foreign exchanges or in foreign markets that may be closed when
the securities exchange on which the Fund’s shares trade is open, there are likely
to be deviations between the current price of such an underlying security and the last quoted
price for the underlying security (i.e., the Fund’s quote from the closed foreign market).
The impact of a closed foreign market on the Fund is likely to be greater where a large portion
of the Fund’s underlying securities or other instruments trade on that closed foreign
market or when the foreign market is closed for unscheduled reasons. These deviations could
result in premiums or discounts to the Fund’s NAV that may be greater than those experienced
by other ETFs. |
|
| Pictet Emerging Markets Debt ETF | New/Smaller Fund Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New/Smaller
Fund Risk. A new or smaller fund is subject to the risk that its performance may not
represent how the fund is expected to or may perform in the long term. In addition, new funds
have limited operating histories for investors to evaluate and new and smaller funds may
not attract sufficient assets to achieve investment and trading efficiencies. There can be
no assurance that the Fund will achieve an economically viable size, in which case it could
ultimately liquidate. |
|
| Pictet Emerging Markets Debt ETF | Operational Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The risk of loss resulting from inadequate or failed internal processes, people
and systems, or from external events. Operational risk includes but is not limited to multiple
risks such as: systems and process risk that arises from systems vulnerability, insufficiency
or controls failure, valuation risk when an asset is overvalued and is worth less than expected
when it matures or is sold, service providers risk when service providers do not deliver
the desired level of service, execution risk when an order may not be executed as desired,
resulting in a loss for the Fund or having regulatory consequences, and risk surrounding
the human being (insufficient or inappropriate skills/competencies, loss of key personal,
availability, health, safety, fraud/collusion risk, etc.). |
|
| Pictet Emerging Markets Debt ETF | Cybersecurity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. With the increased reliance on technology to conduct business, the Fund and its
third-party service providers (including any advisors, custodians, distributors, administrators,
transfer agents, accountants) may face the risk of cyber-attacks in relation to, but not
limited to, the confidentiality, integrity, or availability of information, data, or information
systems. Issuers of securities in which a Fund invests, may face similar risks, which could
result in material adverse impacts for the Fund. Cyber-attacks can result from deliberate
or unintentional events. Cyber security failures and breaches may cause disruptions and impact
the Fund’s operations, potentially resulting in financial losses. Such impacts may
consist in the inability of a Fund to conduct operations including the calculation and publication
of its net asset value, the disclosure of confidential information, erroneous trades or orders,
violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, reimbursement and other costs. Cyber-attacks may render records of a Fund inaccessible,
inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to resolve
or prevent cyber security events. |
|
| Pictet Emerging Markets Debt ETF | Investment Restriction Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Restriction Risk. The risk arising from governmental capital controls or restrictions
that may negatively impact the timing and amount of capital being divested. In some cases,
the Fund may not be able to withdraw investments made in some countries. Governments may
change restrictions on foreign ownership of local assets, including but not limited to restrictions
on sectors, individual and aggregate trading quotas, percentage of control and type of shares
available to foreigners. The Fund may not be able to implement its strategies due to restrictions. |
|
| Pictet Emerging Markets Debt ETF | Derivatives Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The risk that an investment in derivatives will not perform as anticipated by the
Adviser, may not be available at the time or price desired, cannot be closed out at a favorable
time or price, will increase the Fund’s transaction costs, or will increase the Fund’s
volatility; that derivatives may create investment leverage; that, when a derivative is used
as a substitute for or alternative to a direct cash investment, the transaction may not provide
a return that corresponds precisely or at all with that of the cash investment; that the
positions may be improperly executed or constructed; that the Fund’s counterparty will
be unable or unwilling to perform its obligations; or that, when used for hedging purposes,
derivatives will not provide the anticipated protection, causing the Fund to lose money on
both the derivatives transaction and the exposure the Fund sought to hedge. |
| o | Credit
Default Swap Risk. Credit default swaps are typically two-party financial contracts that
transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”)
receives pre-determined periodic payments from the other party (the “buyer”).
The seller agrees to make specific payments to the buyer if a negative credit event occurs,
such as the bankruptcy of or default by the issuer of the underlying debt instrument. When
investing in credit default swaps, the Fund is exposed to the credit risk of both the counterparty
to the credit default swap and the issuer of the underlying reference obligation. The Fund
could realize a loss on its investment if it does not correctly evaluate the creditworthiness
of the issuer of the bond or other reference obligation on which the credit default swap
is based, as well as the continued creditworthiness of the counterparty. Investments in credit
default swaps also are subject to liquidity risk. |
| o | Foreign
Exchange Forward Contracts Risk. A foreign exchange forward contract is an agreement
to buy or sell a specific currency at a future date and at a price set at the time of the
contract. Foreign exchange forward contracts may reduce the risk of loss from a change in
value of a currency, but they also limit any potential gains, do not protect against fluctuations
in the value of the underlying position, and are subject to counterparty risk. Forward contracts
are negotiated on an individual basis and are not standardized or traded on exchanges. The
market for forward contracts is substantially unregulated and can experience lengthy periods
of illiquidity, unusually high trading volume and other negative impacts, such as political
intervention, which may result in volatility or disruptions in such markets. A relatively
small price movement in a forward contract may result in substantial losses to the Fund,
exceeding the amount of the margin paid. |
| o | Futures
Contracts Risk. Futures contracts are exchange-traded contracts that call for the future
delivery of an asset at a certain price and date, or cash settlement of the terms of the
contract. Risks of futures contracts include imperfect correlation between the movements
in the price of the instruments and the price of the underlying assets. In addition, there
is a risk that the Fund may not be able to enter into a closing transaction because of an
illiquid market. Exchanges can limit the number of futures positions that can be held or
controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s
strategies. Futures markets are highly volatile and the use of futures may increase the volatility
of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund
may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures
contracts depending on the investment exposure needs of the Fund. |
|
| Pictet Emerging Markets Debt ETF | Counterparty Risk and Collateral Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Counterparty
Risk and Collateral Risk. |
| o | Counterparty
Risk. Counterparty risk refers to the risk of loss for an ETF resulting from the fact
that the counterparty to a transaction entered into by an ETF may default on its contractual
obligations. There can be no assurance that an issuer or counterparty will not be subject
to credit or other difficulties leading to a default on its contractual obligations and the
loss of all or part of the amounts due to the ETF. This risk may arise at any time the assets
of an ETF are deposited, extended, committed, invested or otherwise exposed through actual
or implied contractual agreements. |
| o | Collateral
Risk. Although collateral can be taken to mitigate the risk of counterparty default,
there is a risk that collateral taken, particularly in the case of securities, when realized,
may not generate sufficient liquidity to settle the debts of the counterparty. This may be
due to factors such as improper pricing of collateral, weaknesses in the valuation of collateral
on a regular basis, adverse market movements in the collateral value, deterioration of the
credit rating of the collateral issuer or the illiquidity of the market in which the collateral
is negotiated. |
|
| Pictet Emerging Markets Debt ETF | Frontier Markets Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Frontier
Markets Risk. Frontier market countries generally have smaller economies and even less
developed capital markets than traditional emerging markets, and, as a result, the risks
of investing in emerging market countries are magnified in frontier market countries. The
magnification of risks reflects the potential for extreme price volatility and illiquidity
in frontier markets; government ownership or control of parts of private sector and of certain
companies; trade barriers, exchange controls, managed adjustments in relative currency values
and other protectionist measures imposed or negotiated by the countries with which frontier
market countries trade; and the relatively new and unsettled securities laws in many frontier
market countries. |
|
| Pictet Emerging Markets Debt ETF | Debt Securities Risks |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Debt
Securities Risks.
The values of debt securities
may increase or decrease as a result of the following: market fluctuations, changes in interest
rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity
providers to make scheduled principal or interest payments, or illiquidity in debt securities
markets. As a result, returns on investments in debt securities could trail the returns on
other investment options, including investments in equity securities. |
| o | Credit
Risk. The risk that an issuer, counterparty or other obligor to the Fund will fail to
pay its obligations to the Fund when they are due, which may reduce the Fund’s income
and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived
changes in the financial condition of an obligor, changes in economic, social or political
conditions that affect a particular type of security, instrument, or obligor, and changes
in economic, social or political conditions generally can increase the risk of default by
an obligor, which can affect a security’s or other instrument’s credit quality
or value and an obligor’s ability to honor its obligations when due. The values of
lower-quality debt securities (including debt securities commonly known as “high yield”
securities or “junk bonds”), including floating rate loans, tend to be particularly
sensitive to these changes. Certain debt securities in the lowest investment grade category
also may be considered to possess some speculative characteristics by certain rating agencies.
The values of securities or instruments also may decline for a number of other reasons that
relate directly to the obligor, such as management performance, financial leverage, and reduced
demand for the obligor’s goods and services, as well as the historical and prospective
earnings of the obligor and the value of its assets. |
| o | Credit
Rating Risk. The risk that a credit rating agency may downgrade an issuer’s credit
rating. The Adviser may be forced to sell securities at an unfavorable time or price. Credit
rating agencies may fail to correctly assess the credit worthiness of issuers. |
| o | Interest
Rate Risk. The risk that debt instruments will change in value because of changes in
interest rates. The value of an instrument with a longer duration (whether positive or negative)
will be more sensitive to changes in interest rates than a similar instrument with a shorter
duration. Bonds and other debt instruments typically have a positive duration. The value
of a debt instrument with positive duration will generally decline if interest rates increase.
Certain other investments, such as certain derivative instruments, may have a negative duration.
The value of instruments with a negative duration will generally decline if interest rates
decrease. Interest-only and principal-only securities are especially sensitive to interest
rate changes, which can affect not only their prices but can also change the income flows
and repayment assumptions about those investments. Recently, there have been inflationary
price movements, which have caused the fixed income securities markets to experience heightened
levels of interest rate volatility and liquidity risk. The U.S. Federal Reserve has raised
interest rates from historically low levels and may continue to do so. Fiscal, economic,
monetary or other government policies or measures have in the past, and may in the future,
cause or exacerbate risks associated with interest rates, including changes in interest rates.
Further, in market environments where interest rates are rising, issuers may be less willing
or able to make principal and interest payments on fixed income investments when due. |
| o | Extension
Risk. The risk that if interest rates rise, repayments of principal on certain debt securities,
including, but not limited to, floating rate loans and mortgage-related securities, may occur
at a slower rate than expected and the expected maturity of those securities could lengthen
as a result. Securities that are subject to extension risk generally have a greater potential
for loss when prevailing interest rates rise, which could cause their values to fall sharply. |
| o | Prepayment
Risk. The risk that the issuer of a debt security, including floating rate loans and
mortgage-related securities, repays all or a portion of the principal prior to the security’s
maturity. In times of declining interest rates, there is a greater likelihood that the Fund’s
higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds
in an investment with as great a yield. Prepayments can therefore result in lower yields
to shareholders of the Fund. |
|
| Pictet Emerging Markets Debt ETF | High Yield Investment Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | High
Yield Investment Risk.
High yield debt (also known as “junk bonds,” non-investment-grade, or speculative-grade)
is defined as debt generally offering high yield, having low credit rating and high credit
event risk. High yield bonds are often more volatile, less liquid and more prone to financial
distress than other higher rated bonds. The valuation of high yield securities may be more
difficult than other higher rated securities because of lack of liquidity. Investment in
this kind of securities may lead to unrealized capital losses and/or losses that can negatively
affect the net asset value of the Fund. |
|
| Pictet Emerging Markets Debt ETF | Restricted Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Restricted
Securities Risk. In some
jurisdictions, and under particular circumstances, some securities may have a temporary restricted
status which can limit the Fund’s ability to resell them. In consequence of such market
restrictions, the Fund may suffer from reduced liquidity. For instance, under the 1933 Act,
Rule 144 addresses resale conditions of restricted securities, which include, but are not
limited to, the purchaser qualifying as a qualified institutional buyer. |
|
| Pictet Emerging Markets Debt ETF | Liquidity Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Liquidity
Risk. When there is little
or no active trading market for specific types of securities, it can become more difficult
to sell the securities in a timely manner at or near their perceived value. In such a market,
the value of such securities and the Fund’s share price may fall dramatically. Investments
that are illiquid or that trade in lower volumes may be more difficult to value. Investments
in foreign securities, particularly those of issuers located in emerging markets, tend to
have greater exposure to liquidity risk than domestic securities. Liquidity can also decline
unpredictably in response to overall economic conditions or credit tightening. In addition,
in stressed market conditions the market for the Fund’s shares may become less liquid
in response to deteriorating liquidity with respect to the Fund’s portfolio securities,
which could lead to differences between the market price of the Fund’s shares and the
net asset value of the Fund’s shares. |
|
| Pictet Emerging Markets Debt ETF | Structured Finance Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Structured
Finance Securities Risk.
Structured finance securities include, but are not limited to, asset-backed securities, asset-backed
commercial papers, credit-linked notes and portfolio credit-linked notes. Structured finance
securities may sometimes have embedded derivatives. Structured finance securities may have
different degrees of risk depending on the characteristics of the security and the risk of
the underlying asset or pool of assets. In comparison to the underlying asset or pool of
assets, structured finance securities may have greater liquidity, credit and market risk.
|
|
| Pictet Emerging Markets Debt ETF | Sovereign and Quasi-Sovereign Debt Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sovereign
and Quasi-Sovereign Debt Securities Risk.
The Fund may invest in debt securities issued by sovereign and quasi-sovereign foreign governmental
entities. Investments in such securities are subject to the risk that the relevant sovereign government
or governmental entity may delay or refuse to pay interest or repay principal on its debt.
Such delays or refusals may be due to cash flow problems, insufficient foreign currency
reserves, political considerations, the size of its debt relative to the economy or
the failure to put in place economic reforms required by the International Monetary Fund
or other multilateral agencies. There is no legal process for collecting sovereign debt
that is not repaid, nor are there bankruptcy proceedings through which all or part of the
unpaid sovereign debt may be collected. |
|
| Pictet Emerging Markets Debt ETF | Sukuk Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sukuk
Risk. Sukuk are financial
certificates that are similar to conventional bonds but are structured to comply with Shariah
law and its investments principles, which, among other things, prohibit charging or paying
interest. Sukuk involve many of the same risks that conventional bonds incur such as credit
risk and interest rate risk. In addition to these risks, there are certain risks specific
to sukuk. Sukuk represent undivided shares in the ownership of certificates, and such certificates
are linked to a specific investment activity, such as an underlying asset or contractual
payment obligations of the issuer. Because no collateral is pledged as security for sukuks,
purchasers of sukuks are subject to the risk that an issuer may not meet its payment obligations
or that an underlying asset may not perform as expected or lose value. While the sukuk market
has grown significantly in recent years, there may be times when the market is illiquid and
it is difficult for the Fund to make an investment in or dispose of a sukuk. |
|
| Pictet Emerging Markets Debt ETF | Distressed and Defaulted Debt Securities Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Distressed
and Defaulted Debt Securities Risk.
Bonds from issuers in distress are often defined as those (i) that have been given a very
speculative long-term rating by credit rating agencies or those (ii) that have filed for
bankruptcy or expected to file for bankruptcy. In some cases, the recovery of investments
in distressed or defaulted debt securities is subject to uncertainty related to court orderings
and corporate reorganizations among other things. Companies which issued the debt that has
defaulted may also be liquidated. In that context, the Fund may receive, over a period of
time, proceeds of the liquidation. The received amounts may be subject to a case-by-case
specific tax treatment. The tax may be reclaimed by the authority independently from the
proceed paid to the Fund. The valuation of distressed and defaulted securities may be more
difficult than other higher rated securities because of lack of liquidity. The Fund may incur
legal expenses when trying to recover principal or interest payments. Investment in these
kinds of securities may lead to realized capital losses and/or losses that can negatively
affect the net asset value of the Fund. |
|
| Pictet Emerging Markets Debt ETF | Hedging Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk. The risk arising
from an investment being over or under hedged with regards to, but not limited to currency
exposure and duration. |
|
| Pictet Emerging Markets Debt ETF | Valuation Risk |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Valuation
Risk. The sale price the Fund could receive for a security may differ from the
Fund’s valuation of the security, particularly for securities that trade in low volume
or volatile markets or that are valued using a fair value methodology. Unlike publicly traded
securities that trade on national securities exchanges, there is no central place or exchange
for trading most debt securities. Debt securities generally trade on an “over-the-counter”
market. Due to the lack of centralized information and trading, and variations in lot sizes
of certain debt securities, the valuation of debt securities may carry more uncertainty and
risk than that of publicly traded securities. Debt securities are commonly valued by third-party
pricing services that utilize a range of market-based inputs and assumptions, including readily
available market quotations obtained from broker-dealers making markets in such securities,
cash flows and transactions for comparable instruments. However, because the available information
is less reliable and more subjective, elements of judgment may play a greater role in valuation
of debt securities than for other types of securities. Different pricing services may incorporate
different assumptions and inputs into their valuation methodologies, potentially resulting
in different values for the same securities. As a result, if the Adviser were to change its
valuation policies, or if the Fund were to change pricing services, or if a pricing service
were to change its valuation methodology, there could be a material impact, either positive
or negative, on the Fund’s net asset value. Additionally, pricing services generally
price debt securities assuming orderly transactions of an institutional “round lot”
size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices
than institutional round lot trades. There is no assurance that the Fund will be able to
sell a portfolio security at the price established by the pricing service, which could result
in a loss to the Fund. In addition, the value of the debt securities in the Fund’s
portfolio may change on days or during time periods when shareholders will not be able to
purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem
Fund shares on days when the Fund is holding fair-valued securities may receive fewer or
more shares, or lower or higher redemption proceeds, than they would have received had the
Fund not fair-valued securities or used a different valuation methodology. Net asset value
calculation may also be impacted by operational risks arising from factors such as failures
in systems and technology. |
|
| Pictet Emerging Markets Debt ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Many
factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other
investments.
|
| Pictet Emerging Markets Debt ETF | Risk Not Insured Depository Institution [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
An
investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government
agency.
|