# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001999371-26-012318
**Filing Date:** 2026-6
**Character Count:** 154023
**Document Hash:** 126de11c1812969ad34278c616085f30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012318.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001999371-26-012318

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 2023 ETF Series Trust
- **CENTRAL INDEX KEY:** 0001969674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23883
- **FILM NUMBER:** 261071539

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI

## Series and Classes Contracts Data

### Pictet AI & Automation ETF (Series ID: S000095124)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000263747 | Pictet AI & Automation ETF |  |

### Pictet AI Enhanced International Equity ETF (Series ID: S000095125)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000263748 | Pictet AI Enhanced International Equity ETF |  |

### Pictet Cleaner Planet ETF (Series ID: S000095126)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000263749 | Pictet Cleaner Planet ETF |  |

### Pictet AI Enhanced US Equity ETF (Series ID: S000101302)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000271445 | Pictet AI Enhanced US Equity ETF | PQUS            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-CSR**

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23883**

**THE 2023 ETF SERIES TRUST**

**On behalf of the following series:**

------

**Pictet AI & Automation ETF**

**Pictet AI Enhanced International Equity ETF**

**Pictet AI Enhanced US Equity ETF** 

**Pictet Cleaner Planet ETF**

(Exact name of Registrant as specified in charter)

------

c/o Tidal Investments LLC

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: **(614) 416-9058**

Lissa Richter, Secretary

The 2023 ETF Series Trust

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

(Name and Address of Agent for Service)

Copy to:

W. John McGuire, Esquire

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Date of fiscal year end:

**September 30**

Date of reporting period:

**March 31, 2026**

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1):

SEMI-ANNUAL SHAREHOLDER REPORT MARCH 31, 2026

#### Pictet AI & Automation ETF
TICKER: PBOT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about Pictet AI & Automation ETF (the "Fund") for the period October 15, 2025<sup>Footnote Reference\*</sup> to March 31, 2026. You can find additional information about the Fund at www.pictet.com/etf. You can also request this information by contacting us at 855-994-4778.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The inception date is October 15, 2025. Shares of PBOT were listed on the NYSE Arca, Inc. on October 16, 2025. |

---

# What were the Fund costs for the past period?

#### (based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| Pictet AI & Automation ETF | $31 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized. |

---

# Key Fund Statistics
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $4672 |
| Number of Holdings | 45 |
| Investment Advisory Fees | $30586 |
| Portfolio Turnover | 74% |

---

# What did the Fund invest in?
(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| Alphabet, Inc. - Class A | 7.9 |
| NVIDIA Corp. | 7.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 6.4 |
| Broadcom, Inc. | 5.8 |
| KLA Corp. | 5.0 |
| Palo Alto Networks, Inc. | 4.6 |
| Crowdstrike Holdings, Inc. - Class A | 4.2 |
| SAP SE | 3.3 |
| Salesforce, Inc. | 3.3 |
| Meta Platforms, Inc. - Class A | 3.1 |

---

#### Sector Weightings
(% of Total Net Assets)

![Group By Sector Chart](i4630d6e6c9d4c10dcea4fa83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Cash Equivalents | (1.3)% |
| Short-Term Investments | 1.3% |
| Industrial | 0.7% |
| Financial | 1.9% |
| Consumer Non-Cyclical | 1.9% |
| Communications | 20.2% |
| Technology | 75.3% |

---

Percentages are based on total net assets. Cash & Cash Equivalents represents cash and liabilities in excess of other assets.

# How has the Fund changed?
There were no material changes during the reporting period.

#### Change in and Disagreements with Accountants
There were no changes in or disagreements with accountants.

# Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.pictet.com/etf .
**Pictet AI & Automation ETF** Tailored Shareholder Report

SEMI-ANNUAL SHAREHOLDER REPORT MARCH 31, 2026

#### Pictet AI Enhanced International Equity ETF
TICKER: PQNT (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about Pictet AI Enhanced International Equity ETF (the "Fund") for the period October 15, 2025<sup>Footnote Reference\*</sup> to March 31, 2026. You can find additional information about the Fund at www.pictet.com/etf. You can also request this information by contacting us at 855-994-4778.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The inception date is October 15, 2025. Shares of PQNT were listed on the NYSE Arca, Inc. on October 16, 2025. |

---

# What were the Fund costs for the past period?

#### (based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| Pictet AI Enhanced International Equity ETF | $19 | 0.41% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized. |

---

# Key Fund Statistics
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $5154 |
| Number of Holdings | 270 |
| Investment Advisory Fees | $12327 |
| Portfolio Turnover | 86% |

---

# What did the Fund invest in?
(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| ASML Holding NV | 2.9 |
| AstraZeneca PLC | 2.3 |
| Sony Group Corp. | 1.6 |
| BP PLC | 1.5 |
| SAP SE | 1.4 |
| EssilorLuxottica S.A. | 1.4 |
| Deutsche Bank AG | 1.2 |
| ING Groep NV | 1.2 |
| Intesa Sanpaolo SpA | 1.2 |
| Unilever PLC | 1.2 |

---

#### Sector Weightings
(% of Total Net Assets)

![Group By Sector Chart](i32fa091515559959876360ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Cash Equivalents | 0.2% |
| Short-Term Investments | 0.3% |
| Communications | 3.0% |
| Utilities | 3.9% |
| Energy | 4.2% |
| Basic Materials | 4.6% |
| Technology | 8.3% |
| Consumer Cyclical | 12.5% |
| Industrial | 14.8% |
| Consumer Non-Cyclical | 21.9% |
| Financial | 26.3% |

---

Percentages are based on total net assets. Cash & Cash Equivalents represents cash and other assets in excess of liabilities.

# How has the Fund changed?
There were no material changes during the reporting period.

#### Change in and Disagreements with Accountants
There were no changes in or disagreements with accountants.

# Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.pictet.com/etf .
**Pictet AI Enhanced International Equity ETF** Tailored Shareholder Report

SEMI-ANNUAL SHAREHOLDER REPORT MARCH 31, 2026

#### Pictet AI Enhanced US Equity ETF
TICKER: PQUS (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about Pictet AI Enhanced US Equity ETF (the "Fund") for the period February 25, 2026<sup>Footnote Reference\*</sup> to March 31, 2026. You can find additional information about the Fund at www.pictet.com/etf. You can also request this information by contacting us at 855-994-4778.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The inception date is February 25, 2026. Shares of PQUS were listed on the NYSE Arca, Inc. on February 26, 2026. |

---

# What were the Fund costs for the past period?

#### (based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| Pictet AI Enhanced US Equity ETF | $2 | 0.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized. |

---

# Key Fund Statistics
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $51124 |
| Number of Holdings | 173 |
| Investment Advisory Fees | $6892 |
| Portfolio Turnover | 16% |

---

# What did the Fund invest in?
(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| Apple, Inc. | 7.7 |
| NVIDIA Corp. | 7.1 |
| Microsoft Corp. | 5.6 |
| Broadcom, Inc. | 3.3 |
| Alphabet, Inc. - Class A | 3.2 |
| Amazon.com, Inc. | 2.6 |
| Berkshire Hathaway, Inc. - Class B | 2.5 |
| Alphabet, Inc. - Class C | 2.4 |
| Eli Lilly & Co. | 2.3 |
| Tesla, Inc. | 2.1 |

---

#### Sector Weightings
(% of Total Net Assets)

![Group By Sector Chart](i87c4d2f7091992f31b2fad09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Cash Equivalents | 0.1% |
| Short-Term Investments | 0.2% |
| Basic Materials | 0.5% |
| Energy | 2.5% |
| Utilities | 2.8% |
| Industrial | 7.3% |
| Consumer Cyclical | 8.8% |
| Communications | 12.4% |
| Financial | 13.9% |
| Consumer Non-Cyclical | 16.8% |
| Technology | 34.7% |

---

Percentages are based on total net assets. Cash & Cash Equivalents represents cash and other assets in excess of liabilities.

# How has the Fund changed?
There were no material changes during the reporting period.

#### Change in and Disagreements with Accountants
There were no changes in or disagreements with accountants.

# Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.pictet.com/etf .
**Pictet AI Enhanced US Equity ETF** Tailored Shareholder Report

SEMI-ANNUAL SHAREHOLDER REPORT MARCH 31, 2026

#### Pictet Cleaner Planet ETF
TICKER: PCLN (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about Pictet Cleaner Planet ETF (the "Fund") for the period October 15, 2025<sup>Footnote Reference\*</sup> to March 31, 2026. You can find additional information about the Fund at www.pictet.com/etf. You can also request this information by contacting us at 855-994-4778.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | The inception date is October 15, 2025. Shares of PCLN were listed on the NYSE Arca, Inc. on October 16, 2025. |

---

# What were the Fund costs for the past period?

#### (based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| Pictet Cleaner Planet ETF | $32 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Annualized. |

---

# Key Fund Statistics
(as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Size (Thousands) | $13296 |
| Number of Holdings | 63 |
| Investment Advisory Fees | $42184 |
| Portfolio Turnover | 58% |

---

# What did the Fund invest in?
(as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| ASML Holding NV | 5.5 |
| Applied Materials, Inc. | 5.3 |
| Marvell Technology, Inc. | 4.1 |
| Cadence Design Systems, Inc. | 3.5 |
| Trane Technologies PLC | 3.3 |
| Schneider Electric SE | 3.1 |
| Thermo Fisher Scientific, Inc. | 2.8 |
| Broadcom, Inc. | 2.7 |
| NXP Semiconductors NV | 2.6 |
| Ecolab, Inc. | 2.6 |

---

#### Sector Weightings
(% of Total Net Assets)

![Group By Sector Chart](i72a17b1c5a6fd7107df90bfd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Cash Equivalents | 0.1% |
| Short-Term Investments | 0.1% |
| Financial | 0.7% |
| Communications | 0.8% |
| Energy | 2.4% |
| Consumer Cyclical | 3.6% |
| Utilities | 4.6% |
| Basic Materials | 5.5% |
| Consumer Non-Cyclical | 5.6% |
| Industrial | 31.9% |
| Technology | 44.7% |

---

Percentages are based on total net assets. Cash & Cash Equivalents represents cash and other assets in excess of liabilities.

# How has the Fund changed?
There were no material changes during the reporting period.

#### Change in and Disagreements with Accountants
There were no changes in or disagreements with accountants.

# Householding
Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

#### For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.pictet.com/etf .
**Pictet Cleaner Planet ETF** Tailored Shareholder Report

(b) Not Applicable.

**Item 2. Code of Ethics.**

Not applicable for the reporting period.

**Item 3. Audit Committee Financial Expert.**

Not applicable for the reporting period.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for the reporting period.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable for the reporting period.

**Item 6. Investments.**

(a) The schedules of investments are included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

**Semi-Annual Financial Statements** 

**and Other Information**

**March 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **The 2023 ETF Series Trust** |  |  |
| Pictet AI & Automation ETF | &nbsp;&nbsp;PBOT | &nbsp;&nbsp;NYSE Arca, Inc. |
| Pictet AI Enhanced International Equity ETF | &nbsp;&nbsp;PQNT | &nbsp;&nbsp;NYSE Arca, Inc. |
| Pictet AI Enhanced US Equity ETF | &nbsp;&nbsp;PQUS | &nbsp;&nbsp;NYSE Arca, Inc. |
| Pictet Cleaner Planet ETF | &nbsp;&nbsp;PCLN | &nbsp;&nbsp;NYSE Arca, Inc. |

---

---

| | |
|:---|:---|
| **Table of Contents** | |
| [Schedules of Investments](#pictetfina001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pictet AI & Automation ETF](#pictetfina002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pictet AI Enhanced International Equity ETF](#pictetfina003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pictet AI Enhanced US Equity ETF](#pictetfina004) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pictet Cleaner Planet ETF](#pictetfina005) | 19 |
| [Statements of Assets and Liabilities](#pictetfina006) | 23 |
| [Statements of Operations](#pictetfina007) | 25 |
| [Statements of Changes in Net Assets](#pictetfina008) | 27 |
| [Financial Highlights](#pictetfina009) | 29 |
| [Notes to Financial Statements](#pictetfina010) | 31 |
| [Additional Information](#pictetfina011) | 43 |
| [Board Approval and Renewal of Investment Advisory and Investment Sub-Advisory Agreements](#a_001) | 44 |

---

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI & Automation ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 100.0%** | **Shares** | **Value** |
| **Computers - 7.4%** |  |  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 319 | $45569 |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 498 | 194424 |
| Fortinet, Inc.<sup>(a)</sup> | 1313 | 107299 |
|  |  | 347292 |
| **Electronics - 0.7%** |  |  |
| Celestica, Inc.<sup>(a)</sup> | 121 | 34024 |
| **Healthcare - Products - 1.9%** |  |  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 195 | 89893 |
| **Internet - 20.2%** |  |  |
| Alphabet, Inc. - Class A | 1289 | 370665 |
| Booking Holdings, Inc. | 9 | 37893 |
| Meta Platforms, Inc. - Class A | 257 | 147037 |
| Netflix, Inc.<sup>(a)</sup> | 858 | 82497 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 1351 | 216592 |
| Spotify Technology S.A.<sup>(a)</sup> | 104 | 50431 |
| Tencent Holdings Ltd. | 628 | 38768 |
|  |  | 943883 |
| **REITs - 1.9%** |  |  |
| Extra Space Storage, Inc. | 432 | 56648 |
| Iron Mountain, Inc. | 294 | 30029 |
|  |  | 86677 |
| **Semiconductors - 45.1%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 182 | 37024 |
| Applied Materials, Inc. | 202 | 69042 |
| ASM International NV | 113 | 82936 |
| ASML Holding NV | 111 | 143139 |
| BE Semiconductor Industries NV | 150 | 30928 |
| Broadcom, Inc. | 882 | 272988 |
| Infineon Technologies AG | 1843 | 80693 |
| KLA Corp. | 160 | 235586 |
| Lam Research Corp. | 316 | 67517 |
| Microchip Technology, Inc. | 922 | 59570 |
| Micron Technology, Inc. | 125 | 42230 |
| NVIDIA Corp. | 2005 | 349672 |
| NXP Semiconductors NV | 604 | 118903 |
| ON Semiconductor Corp.<sup>(a)</sup> | 469 | 29040 |
| Samsung Electronics Co. Ltd. | 694 | 75759 |
| SK hynix, Inc. | 52 | 27398 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 888 | 300100 |
| Tokyo Electron Ltd. | 354 | 82843 |
|  |  | 2105368 |
| **Software - 22.8%** |  |  |
| Autodesk, Inc.<sup>(a)</sup> | 211 | 50513 |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 590 | 121741 |
| Datadog, Inc. - Class A<sup>(a)</sup> | 254 | 29985 |
| Dynatrace, Inc.<sup>(a)</sup> | 1443 | 53362 |
| HubSpot, Inc.<sup>(a)</sup> | 257 | 62734 |
| Intuit, Inc. | 79 | 34158 |
| Microsoft Corp. | 208 | 76995 |
| MongoDB, Inc. - Class A<sup>(a)</sup> | 174 | 42590 |
| Salesforce, Inc. | 823 | 153630 |
| SAP SE | 914 | 154702 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI & Automation ETF** |

---

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS - 100.0% (continued)** | **Shares** | **Shares** | **Value** |
| **Software - 22.8% (continued)** |  |  |  |
| ServiceNow, Inc.<sup>(a)</sup> |  | 1097 | $114691 |
| Snowflake, Inc. - Class A<sup>(a)</sup> |  | 647 | 97581 |
| Workday, Inc. - Class A<sup>(a)</sup> |  | 559 | 72625 |
|  |  |  | 1065307 |
| **TOTAL COMMON STOCKS** (Cost $4,854,103) |  |  | 4672444 |
| **SHORT-TERM INVESTMENTS - 1.3%** |  | **Principal** |  |
| **Time Deposits - 1.3%** |  |  |  |
| Brown Brothers Harriman & Co., New York, 0.20%, 04/01/2026 | JPY | 117 | 1 |
| Citibank, London, 0.85%, 04/01/2026 | EUR | 1626 | 1873 |
| HSBC, Hong Kong, 1.20%, 04/01/2026 | HKD | 64 | 8 |
| JPMorgan Chase, New York, 2.98%, 04/01/2026 | USD | 58963 | 58963 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $60,845) |  |  | 60845 |
| **TOTAL INVESTMENTS - 101.3%** (Cost $4,914,948) |  |  | 4733289 |
| Liabilities in Excess of Other Assets - (1.3)% |  |  | (61605) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $4671684 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

ADR - American Depositary Receipt

EUR - Euro

HKD - Hong Kong Dollar

JPY - Japanese Yen

REIT - Real Estate Investment Trust

USD - United States Dollar

(a) Non-income producing security.

---

| | |
|:---|:---|
| **Summary of Investment Type** | |
| **Sector** | **Percentage of<br> Net Assets** |
| Semiconductors | 45.1% |
| Software | 22.8% |
| Internet | 20.2% |
| Computers | 7.4% |
| Healthcare - Products | 1.9% |
| REITs | 1.9% |
| Time Deposits | 1.3% |
| Electronics | 0.7% |
| **Total Investments** | **101.3%** |
| Liabilities in Excess of Other Assets | (1.3)% |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5%** | **Shares** | **Value** |
| **Aerospace & Defense - 2.5%** |  |  |
| Airbus SE | 56 | $10377 |
| Leonardo SpA | 316 | 21132 |
| MTU Aero Engines AG | 7 | 2500 |
| Rheinmetall AG | 10 | 16643 |
| Rolls-Royce Holdings PLC | 2879 | 42977 |
| Saab AB - Class B | 149 | 9657 |
| Safran S.A. | 49 | 15774 |
| Singapore Technologies Engineering Ltd. | 1304 | 10926 |
|  |  | 129986 |
| **Agriculture - 2.6%** |  |  |
| British American Tobacco PLC | 1031 | 59427 |
| Imperial Brands PLC | 390 | 15722 |
| Japan Tobacco, Inc. | 1517 | 57404 |
|  |  | 132553 |
| **Apparel - 1.8%** |  |  |
| Hermes International SCA | 20 | 37078 |
| Kering S.A. | 10 | 2956 |
| LVMH Moet Hennessy Louis Vuitton SE | 96 | 51224 |
|  |  | 91258 |
| **Auto Manufacturers - 2.4%** |  |  |
| Bayerische Motoren Werke AG | 76 | 6830 |
| Bayerische Motoren Werke AG - Class Preference | 14 | 1256 |
| Ferrari NV | 101 | 33632 |
| Mercedes-Benz Group AG | 47 | 2837 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | 735 | 1538 |
| Porsche Automobil Holding SE - Class Preference | 672 | 24049 |
| Suzuki Motor Corp. | 200 | 2358 |
| Toyota Motor Corp. | 2494 | 49570 |
|  |  | 122070 |
| **Auto Parts & Equipment - 0.6%** |  |  |
| Aisin Corp. | 511 | 6964 |
| Bridgestone Corp. | 861 | 17681 |
| Continental AG | 61 | 4189 |
| Toyota Industries Corp.<sup>(a)</sup> | 30 | 3847 |
|  |  | 32681 |
| **Banks - 16.3%** |  |  |
| ABN AMRO Bank NV - GDR | 1624 | 50727 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1946 | 40920 |
| Banco Santander S.A. | 145 | 1585 |
| Bank Hapoalim BM | 180 | 4180 |
| Bank Leumi Le-Israel BM | 1033 | 22832 |
| Bank of Ireland Group PLC | 619 | 11008 |
| Bankinter S.A. | 228 | 3514 |
| Barclays PLC | 2618 | 13445 |
| BNP Paribas S.A. | 317 | 29581 |
| BOC Hong Kong Holdings Ltd. | 5158 | 28158 |
| CaixaBank S.A. | 595 | 6969 |
| Commerzbank AG | 308 | 10927 |
| Commonwealth Bank of Australia | 198 | 22742 |
| Computershare Ltd. | 127 | 2469 |
| Credit Agricole S.A. | 995 | 18263 |
| Danske Bank | 197 | 9486 |
| DBS Group Holdings Ltd. | 686 | 30255 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **Banks - 16.3% (continued)** |  |  |
| Deutsche Bank AG | 2213 | $64039 |
| DNB Bank ASA | 435 | 13451 |
| Erste Group Bank AG | 47 | 5009 |
| HSBC Holdings PLC | 1127 | 18155 |
| ING Groep NV | 2509 | 63903 |
| Intesa Sanpaolo SpA | 10533 | 62635 |
| Israel Discount Bank Ltd. - Class A | 439 | 4377 |
| KBC Group NV | 337 | 40576 |
| Lloyds Banking Group PLC | 18085 | 22022 |
| Macquarie Group Ltd. | 250 | 34575 |
| Mitsubishi UFJ Financial Group, Inc. | 2289 | 37409 |
| Mizrahi Tefahot Bank Ltd. | 124 | 8946 |
| Mizuho Financial Group, Inc. | 110 | 4209 |
| NatWest Group PLC | 2010 | 14663 |
| Nordea Bank Abp | 2520 | 42610 |
| Standard Chartered PLC | 271 | 5557 |
| Sumitomo Mitsui Financial Group, Inc. | 644 | 20264 |
| UBS Group AG | 885 | 33845 |
| UniCredit SpA | 536 | 37586 |
|  |  | 840892 |
| **Beverages - 0.5%** |  |  |
| Anheuser-Busch InBev S.A./NV | 285 | 19611 |
| Diageo PLC | 287 | 5283 |
|  |  | 24894 |
| **Biotechnology - 0.3%** |  |  |
| Argenx SE<sup>(a)</sup> | 24 | 17167 |
| **Building Materials - 0.8%** |  |  |
| Cie de Saint-Gobain S.A. | 37 | 2987 |
| Geberit AG | 3 | 1988 |
| Nibe Industrier AB - Class B | 1759 | 7126 |
| Sika AG | 174 | 28128 |
|  |  | 40229 |
| **Chemicals - 0.9%** |  |  |
| Air Liquide S.A. | 149 | 30545 |
| Givaudan S.A. | 3 | 10021 |
| Nitto Denko Corp. | 312 | 6009 |
| Novonesis Novozymes B | 32 | 1887 |
|  |  | 48462 |
| **Commercial Services - 1.7%** |  |  |
| Brambles Ltd. | 822 | 12723 |
| Experian PLC | 392 | 13430 |
| Recruit Holdings Co. Ltd. | 652 | 26746 |
| RELX PLC | 493 | 16097 |
| Wolters Kluwer NV | 258 | 19209 |
|  |  | 88205 |
| **Computers - 1.3%** |  |  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 54 | 7714 |
| Fujitsu Ltd. | 862 | 17187 |
| Logitech International S.A. | 76 | 6844 |
| NEC Corp. | 320 | 7736 |
| Nomura Research Institute Ltd. | 517 | 14078 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **Computers - 1.3% (continued)** |  |  |
| Obic Co. Ltd. | 633 | $15326 |
|  |  | 68885 |
| **Cosmetics & Personal Care - 2.1%** |  |  |
| Haleon PLC | 2593 | 12782 |
| L'Oreal S.A. | 62 | 24956 |
| Shiseido Co. Ltd. | 367 | 7359 |
| Unilever PLC | 1126 | 62349 |
|  |  | 107446 |
| **Distribution & Wholesale - 1.0%** |  |  |
| AddTech AB - Class B | 94 | 3134 |
| ITOCHU Corp. | 3072 | 38127 |
| Mitsui & Co. Ltd. | 274 | 10263 |
|  |  | 51524 |
| **Diversified Financial Services - 2.0%** |  |  |
| AerCap Holdings NV | 18 | 2469 |
| Daiwa Securities Group, Inc. | 3188 | 29257 |
| Deutsche Boerse AG | 16 | 4629 |
| Euronext NV - 144A | 26 | 4149 |
| Hong Kong Exchanges & Clearing Ltd. | 417 | 20669 |
| Julius Baer Group Ltd. | 17 | 1231 |
| Mitsubishi HC Capital, Inc. | 2018 | 17771 |
| Nomura Holdings, Inc. | 1069 | 8090 |
| ORIX Corp. | 383 | 11091 |
| Schroders PLC | 759 | 5750 |
|  |  | 105106 |
| **Electric - 3.4%** |  |  |
| Chubu Electric Power Co., Inc. | 877 | 14233 |
| EDP Renovaveis S.A. | 200 | 3155 |
| EDP S.A. | 4959 | 25855 |
| Enel SpA | 3202 | 34587 |
| Engie S.A. | 73 | 2331 |
| Iberdrola S.A. | 1586 | 36082 |
| National Grid PLC | 2659 | 44514 |
| Terna - Rete Elettrica Nazionale | 1248 | 14184 |
|  |  | 174941 |
| **Electrical Components & Equipment - 2.2%** |  |  |
| ABB Ltd. | 671 | 52808 |
| Fujikura Ltd. | 402 | 10335 |
| Legrand S.A. | 128 | 19424 |
| Schneider Electric SE | 124 | 32732 |
|  |  | 115299 |
| **Electronics - 0.7%** |  |  |
| Assa Abloy AB - Class B | 811 | 28639 |
| TDK Corp. | 647 | 7995 |
|  |  | 36634 |
| **Energy - Alternate Sources - 0.2%** |  |  |
| Vestas Wind Systems | 318 | 9324 |
| **Engineering & Construction - 1.5%** |  |  |
| ACS Actividades de Construccion y Servicios S.A. | 154 | 18596 |
| Ferrovial SE | 45 | 2873 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **Engineering & Construction - 1.5% (continued)** |  |  |
| Kajima Corp. | 984 | $36536 |
| Keppel Ltd. | 1663 | 15171 |
| Shimizu Corp. | 100 | 1743 |
|  |  | 74919 |
| **Entertainment - 0.8%** |  |  |
| Aristocrat Leisure Ltd. | 888 | 27569 |
| Entain PLC | 1465 | 10838 |
| Universal Music Group NV | 104 | 1994 |
|  |  | 40401 |
| **Food - 2.9%** |  |  |
| Aeon Co. Ltd. | 1960 | 23217 |
| Ajinomoto Co., Inc. | 493 | 13626 |
| Carrefour S.A. | 606 | 11106 |
| Coles Group Ltd. | 314 | 4723 |
| Danone S.A. | 101 | 8034 |
| J Sainsbury PLC | 1181 | 5280 |
| Kerry Group PLC - Class A | 68 | 5359 |
| Nestle S.A. | 347 | 33864 |
| Tesco PLC | 5349 | 33371 |
| WH Group Ltd. - 144A | 9225 | 12072 |
|  |  | 150652 |
| **Gas - 0.5%** |  |  |
| Snam SpA | 3190 | 24089 |
| **Hand & Machine Tools - 1.0%** |  |  |
| Fuji Electric Co. Ltd. | 100 | 6650 |
| NIDEC Corp. | 813 | 10047 |
| Schindler Holding AG | 90 | 27889 |
| Schindler Holding AG - Participation Certificates | 12 | 3889 |
| Techtronic Industries Co. Ltd. | 312 | 4063 |
|  |  | 52538 |
| **Healthcare - Products - 2.1%** |  |  |
| Coloplast - Class B | 33 | 2221 |
| EssilorLuxottica S.A. | 310 | 70865 |
| Fisher & Paykel Healthcare Corp. Ltd. | 313 | 6676 |
| FUJIFILM Holdings Corp. | 465 | 8671 |
| Koninklijke Philips NV | 157 | 4222 |
| Lifco AB - Class B | 236 | 6981 |
| Siemens Healthineers AG - 144A | 232 | 9703 |
|  |  | 109339 |
| **Healthcare - Services - 0.6%** |  |  |
| Fresenius Medical Care AG | 170 | 7555 |
| Fresenius SE & Co. KGaA | 92 | 4698 |
| Lonza Group AG | 30 | 18846 |
|  |  | 31099 |
| **Home Builders - 0.4%** |  |  |
| Daiwa House Industry Co. Ltd. | 425 | 13138 |
| Sekisui House Ltd. | 358 | 7921 |
|  |  | 21059 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **Home Furnishings - 1.6%** |  |  |
| Sony Group Corp. | 4123 | $83165 |
| **Household Products & Wares - 0.6%** |  |  |
| Henkel AG & Co. KGaA - Class Preference | 41 | 3132 |
| Reckitt Benckiser Group PLC | 376 | 25228 |
|  |  | 28360 |
| **Insurance - 6.7%** |  |  |
| AIA Group Ltd. | 2668 | 28874 |
| Allianz SE | 90 | 37259 |
| ASR Nederland NV | 42 | 2864 |
| Aviva PLC | 392 | 3104 |
| AXA S.A. | 1020 | 46117 |
| Dai-ichi Life Holdings, Inc. | 3628 | 32405 |
| Gjensidige Forsikring ASA | 159 | 4113 |
| MS&AD Insurance Group Holdings, Inc. | 65 | 1647 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 58 | 36047 |
| NN Group NV | 43 | 3322 |
| QBE Insurance Group Ltd. | 1295 | 18830 |
| Standard Life PLC | 1498 | 13403 |
| Suncorp Group Ltd. | 129 | 1427 |
| T&D Holdings, Inc. | 445 | 11066 |
| Tokio Marine Holdings, Inc. | 1105 | 50760 |
| Zurich Insurance Group AG | 76 | 53097 |
|  |  | 344335 |
| **Internet - 1.4%** |  |  |
| Prosus NV<sup>(a)</sup> | 664 | 29822 |
| Scout24 SE - 144A | 571 | 43422 |
|  |  | 73244 |
| **Investment Companies - 0.3%** |  |  |
| Industrivarden AB - Class C | 40 | 1944 |
| Investment AB Latour - Class B | 177 | 3737 |
| Investor AB - Class B | 315 | 11715 |
|  |  | 17396 |
| **Iron & Steel - 0.6%** |  |  |
| Fortescue Ltd. | 2127 | 29587 |
| **Machinery - Construction & Mining - 2.6%** |  |  |
| Epiroc AB - Class B | 99 | 2080 |
| Hitachi Ltd. | 1626 | 45625 |
| Mitsubishi Heavy Industries Ltd. | 1417 | 37614 |
| Siemens Energy AG | 301 | 49334 |
|  |  | 134653 |
| **Machinery - Diversified - 1.5%** |  |  |
| Atlas Copco AB - Class A | 768 | 13153 |
| Atlas Copco AB - Class B | 393 | 5976 |
| FANUC Corp. | 707 | 23562 |
| GEA Group AG | 106 | 7474 |
| Hexagon AB - Class B | 827 | 7817 |
| Kone OYJ - Class B | 198 | 12497 |
| Kubota Corp. | 200 | 3089 |
| Wartsila OYJ Abp | 102 | 3727 |
|  |  | 77295 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **Metal Fabricate & Hardware - 0.0%<sup>(b)</sup>** |  |  |
| SKF AB - Class B | 69 | $1624 |
| **Mining - 3.1%** |  |  |
| Anglo American PLC | 698 | 29261 |
| Antofagasta PLC | 127 | 5572 |
| BHP Group Ltd. | 1490 | 51423 |
| Boliden AB<sup>(a)</sup> | 55 | 2804 |
| Evolution Mining Ltd. | 807 | 6975 |
| Fresnillo PLC | 242 | 10544 |
| Glencore PLC<sup>(a)</sup> | 1689 | 12595 |
| Northern Star Resources Ltd. | 709 | 9887 |
| Rio Tinto Ltd. | 148 | 16364 |
| Rio Tinto PLC | 156 | 14285 |
|  |  | 159710 |
| **Miscellaneous Manufacturer - 1.0%** |  |  |
| Indutrade AB | 538 | 12108 |
| Siemens AG | 123 | 29152 |
| Trelleborg AB - Class B | 211 | 7726 |
|  |  | 48986 |
| **Oil & Gas - 4.0%** |  |  |
| BP PLC | 9972 | 79729 |
| ENEOS Holdings, Inc. | 2365 | 20968 |
| ENI SpA | 515 | 14746 |
| Idemitsu Kosan Co. Ltd. | 2025 | 19621 |
| Neste OYJ | 693 | 22317 |
| OMV AG | 88 | 6408 |
| Repsol S.A. | 419 | 11900 |
| Shell PLC | 355 | 16774 |
| TotalEnergies SE | 170 | 15848 |
|  |  | 208311 |
| **Pharmaceuticals - 8.5%** |  |  |
| AstraZeneca PLC | 608 | 117780 |
| Bayer AG | 191 | 8667 |
| Chugai Pharmaceutical Co. Ltd. | 728 | 39404 |
| Galderma Group AG | 301 | 57462 |
| GSK PLC | 944 | 25694 |
| Novartis AG | 334 | 50236 |
| Novo Nordisk - Class B | 164 | 5839 |
| Recordati Industria Chimica e Farmaceutica SpA | 46 | 2599 |
| Roche Holding AG | 94 | 36814 |
| Roche Holding AG - Bearer Shares | 10 | 4072 |
| Sandoz Group AG | 35 | 2689 |
| Sanofi S.A. | 360 | 34312 |
| Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 634 | 19096 |
| UCB S.A. | 111 | 33061 |
|  |  | 437725 |
| **Real Estate - 0.3%** |  |  |
| LEG Immobilien SE | 54 | 3491 |
| Vonovia SE | 240 | 5962 |
| Wharf Real Estate Investment Co. Ltd. | 1312 | 3785 |
|  |  | 13238 |
| **REITs - 0.7%** |  |  |
| CapitaLand Integrated Commercial Trust | 7127 | 12650 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Value** |
| **REITs - 0.7% (continued)** |  |  |
| Klepierre S.A. | 96 | $3586 |
| Stockland | 4850 | 14317 |
| Unibail-Rodamco-Westfield | 63 | 6889 |
|  |  | 37442 |
| **Retail - 3.1%** |  |  |
| Cie Financiere Richemont S.A. - Class A | 109 | 18794 |
| CK Hutchison Holdings Ltd. | 7364 | 55980 |
| Fast Retailing Co. Ltd. | 65 | 25180 |
| Kingfisher PLC | 1013 | 3791 |
| Next PLC | 258 | 43124 |
| Pan Pacific International Holdings Corp. | 364 | 2215 |
| Wesfarmers Ltd. | 215 | 10736 |
|  |  | 159820 |
| **Semiconductors - 4.7%** |  |  |
| Advantest Corp. | 204 | 26069 |
| ASM International NV | 5 | 3670 |
| ASML Holding NV | 117 | 150876 |
| BE Semiconductor Industries NV | 7 | 1443 |
| Kioxia Holdings Corp.<sup>(a)</sup> | 272 | 32622 |
| Renesas Electronics Corp. | 754 | 10197 |
| Tokyo Electron Ltd. | 65 | 15211 |
|  |  | 240088 |
| **Shipbuilding - 0.4%** |  |  |
| Kongsberg Gruppen ASA | 152 | 6441 |
| Yangzijiang Shipbuilding Holdings Ltd. | 5657 | 16574 |
|  |  | 23015 |
| **Software - 2.3%** |  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 24 | 1080 |
| Dassault Systemes SE | 471 | 9372 |
| Nemetschek SE | 73 | 5358 |
| Nexon Co. Ltd. | 265 | 4879 |
| Oracle Corp. Japan | 138 | 7466 |
| Sage Group PLC (The) | 1615 | 17842 |
| SAP SE | 425 | 71935 |
|  |  | 117932 |
| **Telecommunications - 1.6%** |  |  |
| Deutsche Telekom AG | 390 | 14357 |
| Koninklijke KPN NV | 680 | 3763 |
| Orange S.A. | 110 | 2240 |
| SoftBank Corp. | 15557 | 20643 |
| SoftBank Group Corp. | 1087 | 24290 |
| Tele2 AB - Class B | 316 | 6455 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | 1504 | 1220 |
| Vodafone Group PLC | 5681 | 8488 |
|  |  | 81456 |
| **Toys, Games & Hobbies - 0.8%** |  |  |
| Bandai Namco Holdings, Inc. | 520 | 12640 |
| Nintendo Co. Ltd. | 490 | 27027 |
|  |  | 39667 |
| **Transportation - 0.6%** |  |  |
| AP Moller - Maersk - Class A | 1 | 2426 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS - 99.5% (continued)** | **Shares** | **Shares** | **Value** |
| **Transportation - 0.6% (continued)** |  |  |  |
| Poste Italiane SpA - 144A |  | 273 | $6335 |
| SITC International Holdings Co. Ltd. |  | 4556 | 19804 |
|  |  |  | 28565 |
| **TOTAL COMMON STOCKS** (Cost $5,205,102) |  |  | 5127266 |
| **RIGHTS - 0.0%<sup>(b)</sup>** |  |  |  |
| **Telecommunications - 0.0%<sup>(b)</sup>** |  |  |  |
| Telecom Italia SpA/Milano<sup>(a)</sup> |  | 2879 | 0 <sup>(c)</sup> |
| **TOTAL RIGHTS** (Cost $–) |  |  | 0 <sup>(c)</sup> |
| **SHORT-TERM INVESTMENTS - 0.3%** |  | **Principal** |  |
| **Time Deposits - 0.3%** |  |  |  |
| ANZ, Hong Kong, 2.71%, 04/01/2026 | AUD | 7000 | 4794 |
| Citibank, London, 0.85%, 04/01/2026 | EUR | 191 | 220 |
| Citibank, London, 2.67%, 04/01/2026 | GBP | 3027 | 3992 |
| HSBC, Hong Kong, 1.20%, 04/01/2026 | HKD | 4929 | 629 |
| HSBC, Singapore, 0.26%, 04/01/2026 | SGD | 684 | 530 |
| Skandinaviska Enskilda Banken AB, Stockholm, (0.57)%, 04/01/2026 | CHF | 1535 | 1911 |
| Skandinaviska Enskilda Banken AB, Stockholm, 0.96%, 04/01/2026 | DKK | 4669 | 720 |
| Sumitomo Mitsui Banking Corp., Tokyo, 0.20%, 04/01/2026 | JPY | 379835 | 2387 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $15,183) |  |  | 15183 |
| **TOTAL INVESTMENTS - 99.8%** (Cost $5,220,285) |  |  | 5142449 |
| Other Assets in Excess of Liabilities - 0.2% |  |  | 11874 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $5154323 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

144A - Securities exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

ADR - American Depositary Receipt

AUD - Australian Dollar

CHF - Swiss Franc

DKK - Danish Krone

EUR - Euro

GBP - British Pound

GDR - Global Depositary Receipt

HKD - Hong Kong Dollar

JPY - Japanese Yen

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SGD - Singapore Dollar

(a) Non-income producing security.

(b) Less than 0.05%.

(c) Less than 0.05.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced International Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Summary of Investment Type** | |
| **Sector** | **Percentage of<br> Net Assets** |
| Financial | 26.3% |
| Consumer Non-Cyclical | 21.9% |
| Industrial | 14.8% |
| Consumer Cyclical | 12.5% |
| Technology | 8.3% |
| Basic Materials | 4.6% |
| Energy | 4.2% |
| Utilities | 3.9% |
| Communications | 3.0% |
| Time Deposits | 0.3% |
| **Total Investments** | **99.8%** |
| Other Assets in Excess of Liabilities | 0.2% |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **Advertising - 0.1%** |  |  |
| Trade Desk, Inc. (The) - Class A<sup>(a)</sup> | 2060 | $46741 |
| **Aerospace & Defense - 2.1%** |  |  |
| General Electric Co. | 824 | 233826 |
| Howmet Aerospace, Inc. | 621 | 143116 |
| Lockheed Martin Corp. | 173 | 104559 |
| RTX Corp. | 2792 | 538577 |
| TransDigm Group, Inc. | 35 | 40564 |
|  |  | 1060642 |
| **Agriculture - 1.5%** |  |  |
| Altria Group, Inc. | 4680 | 308833 |
| Bunge Global S.A. | 1061 | 134959 |
| Philip Morris International, Inc. | 2083 | 344404 |
|  |  | 788196 |
| **Apparel - 0.2%** |  |  |
| Nike, Inc. - Class B | 493 | 26040 |
| Tapestry, Inc. | 524 | 73942 |
|  |  | 99982 |
| **Auto Manufacturers - 3.3%** |  |  |
| Cummins, Inc. | 44 | 23673 |
| Ford Motor Co. | 23189 | 267601 |
| General Motors Co. | 4127 | 307462 |
| Tesla, Inc.<sup>(a)</sup> | 2895 | 1076216 |
|  |  | 1674952 |
| **Banks - 3.1%** |  |  |
| Bank of America Corp. | 15610 | 760988 |
| Citigroup, Inc. | 193 | 21888 |
| Huntington Bancshares, Inc./OH | 2135 | 33413 |
| JPMorgan Chase & Co. | 722 | 212384 |
| Truist Financial Corp. | 4461 | 205072 |
| US Bancorp | 2024 | 105268 |
| Wells Fargo & Co. | 2915 | 232063 |
|  |  | 1571076 |
| **Beverages - 2.1%** |  |  |
| Coca-Cola Co. | 4764 | 362302 |
| Keurig Dr Pepper, Inc. | 6158 | 162140 |
| Monster Beverage Corp.<sup>(a)</sup> | 7677 | 556276 |
|  |  | 1080718 |
| **Biotechnology - 0.9%** |  |  |
| Amgen, Inc. | 424 | 149184 |
| Corteva, Inc. | 3742 | 313243 |
|  |  | 462427 |
| **Building Materials - 0.3%** |  |  |
| Johnson Controls International PLC | 1057 | 138414 |
| **Chemicals - 0.2%** |  |  |
| Albemarle Corp. | 424 | 76121 |
| International Flavors & Fragrances, Inc. | 212 | 15380 |
|  |  | 91501 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (continued)** | **Shares** | **Value** |
| **Commercial Services - 1.7%** |  |  |
| Automatic Data Processing, Inc. | 2914 | $592067 |
| Moody's Corp. | 636 | 277455 |
|  |  | 869522 |
| **Computers - 11.1%** |  |  |
| Accenture PLC - Class A | 3224 | 639287 |
| Apple, Inc. | 15470 | 3926131 |
| Cognizant Technology Solutions Corp. - Class A | 778 | 47730 |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 271 | 105801 |
| Dell Technologies, Inc. - Class C | 1065 | 174799 |
| International Business Machines Corp. | 1690 | 409639 |
| Sandisk Corp./DE<sup>(a)</sup> | 433 | 275102 |
| Seagate Technology Holdings PLC | 185 | 72476 |
| Western Digital Corp. | 64 | 17311 |
|  |  | 5668276 |
| **Distribution & Wholesale - 0.2%** |  |  |
| Fastenal Co. | 1749 | 81154 |
| **Diversified Financial Services - 3.4%** |  |  |
| American Express Co. | 1573 | 475801 |
| Ares Management Corp. - Class A | 2534 | 276459 |
| Capital One Financial Corp. | 2071 | 377813 |
| CME Group, Inc. - Class A | 212 | 62614 |
| Invesco Ltd. | 1798 | 43674 |
| Synchrony Financial | 2829 | 192429 |
| Visa, Inc. - Class A | 1060 | 320374 |
|  |  | 1749164 |
| **Electric - 2.8%** |  |  |
| AES Corp. (The) | 2646 | 37282 |
| Constellation Energy Corp. | 603 | 168388 |
| Duke Energy Corp. | 2858 | 374226 |
| Exelon Corp. | 2432 | 119217 |
| NextEra Energy, Inc. | 2090 | 194119 |
| PG&E Corp. | 3913 | 68751 |
| Public Service Enterprise Group, Inc. | 1908 | 154453 |
| Sempra | 2424 | 235540 |
| Vistra Corp. | 600 | 90198 |
|  |  | 1442174 |
| **Electrical Components & Equipment - 0.3%** |  |  |
| AMETEK, Inc. | 398 | 85315 |
| Emerson Electric Co. | 424 | 55553 |
|  |  | 140868 |
| **Electronics - 0.1%** |  |  |
| Amphenol Corp. - Class A | 249 | 31461 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 13 | 16396 |
|  |  | 47857 |
| **Environmental Control - 0.3%** |  |  |
| Pentair PLC | 563 | 49043 |
| Veralto Corp. | 1060 | 93725 |
|  |  | 142768 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (continued)** | **Shares** | **Value** |
| **Hand & Machine Tools - 0.4%** |  |  |
| Snap-on, Inc. | 636 | $231008 |
| **Healthcare - Products - 4.8%** |  |  |
| Abbott Laboratories | 5514 | 566122 |
| Agilent Technologies, Inc. | 673 | 76709 |
| Boston Scientific Corp.<sup>(a)</sup> | 6364 | 399341 |
| Danaher Corp. | 2603 | 493529 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 424 | 238241 |
| Insulet Corp.<sup>(a)</sup> | 512 | 107438 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 101 | 46560 |
| ResMed, Inc. | 212 | 47590 |
| Stryker Corp. | 212 | 69661 |
| Thermo Fisher Scientific, Inc. | 821 | 403546 |
|  |  | 2448737 |
| **Healthcare - Services - 0.8%** |  |  |
| HCA Healthcare, Inc. | 424 | 200654 |
| UnitedHealth Group, Inc. | 848 | 229460 |
|  |  | 430114 |
| **Home Builders - 0.1%** |  |  |
| PulteGroup, Inc. | 312 | 36694 |
| **Insurance - 4.8%** |  |  |
| Aflac, Inc. | 848 | 93034 |
| Allstate Corp. (The) | 848 | 175824 |
| American International Group, Inc. | 636 | 47859 |
| Arch Capital Group Ltd.<sup>(a)</sup> | 1060 | 101750 |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2672 | 1280423 |
| Chubb Ltd. | 597 | 194580 |
| Cincinnati Financial Corp. | 121 | 19039 |
| Hartford Insurance Group, Inc. (The) | 1375 | 185941 |
| Loews Corp. | 848 | 90516 |
| MetLife, Inc. | 1470 | 103958 |
| Prudential Financial, Inc. | 1829 | 178675 |
|  |  | 2471599 |
| **Internet - 10.6%** |  |  |
| Alphabet, Inc. - Class A | 5613 | 1614074 |
| Alphabet, Inc. - Class C | 4295 | 1232064 |
| Amazon.com, Inc.<sup>(a)</sup> | 6475 | 1348548 |
| Booking Holdings, Inc. | 30 | 126310 |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 456 | 68468 |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 490 | 40508 |
| Meta Platforms, Inc. - Class A | 1239 | 708869 |
| Netflix, Inc.<sup>(a)</sup> | 1925 | 185089 |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 1797 | 124532 |
|  |  | 5448462 |
| **Lodging - 0.3%** |  |  |
| Hilton Worldwide Holdings, Inc. | 212 | 64465 |
| Las Vegas Sands Corp. | 448 | 24138 |
| Marriott International, Inc./MD - Class A | 212 | 69339 |
|  |  | 157942 |
| **Machinery - Construction & Mining - 1.9%** |  |  |
| Caterpillar, Inc. | 530 | 375484 |
| GE Vernova, Inc. | 612 | 534215 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (continued)** | **Shares** | **Value** |
| **Machinery - Construction & Mining - 1.9% (continued)** |  |  |
| Vertiv Holdings Co. - Class A | 303 | $75925 |
|  |  | 985624 |
| **Machinery - Diversified - 1.1%** |  |  |
| Deere & Co. | 212 | 119420 |
| Otis Worldwide Corp. | 2336 | 180059 |
| Rockwell Automation, Inc. | 755 | 270954 |
|  |  | 570433 |
| **Media - 0.4%** |  |  |
| FactSet Research Systems, Inc. | 212 | 46002 |
| Fox Corp. - Class A | 426 | 24878 |
| Paramount Skydance Corp. - Class B | 3394 | 30614 |
| Walt Disney Co. | 226 | 21782 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 3990 | 109565 |
|  |  | 232841 |
| **Mining - 0.3%** |  |  |
| Freeport-McMoRan, Inc. | 589 | 34621 |
| Newmont Corp. | 1036 | 112147 |
|  |  | 146768 |
| **Miscellaneous Manufacturer - 0.7%** |  |  |
| 3M Co. | 152 | 22075 |
| Illinois Tool Works, Inc. | 1272 | 331089 |
|  |  | 353164 |
| **Office & Business Equipment - 0.1%** |  |  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 257 | 53734 |
| **Oil & Gas - 1.6%** |  |  |
| Exxon Mobil Corp. | 1546 | 262295 |
| Marathon Petroleum Corp. | 424 | 103532 |
| Phillips 66 | 951 | 173253 |
| Valero Energy Corp. | 1077 | 266105 |
|  |  | 805185 |
| **Pharmaceuticals - 5.0%** |  |  |
| AbbVie, Inc. | 4085 | 888446 |
| Bristol-Myers Squibb Co. | 3292 | 199660 |
| Cardinal Health, Inc. | 212 | 44798 |
| Cencora, Inc. | 250 | 78535 |
| CVS Health Corp. | 848 | 60903 |
| Eli Lilly & Co. | 1305 | 1200300 |
| Johnson & Johnson | 334 | 81643 |
|  |  | 2554285 |
| **Pipelines - 0.9%** |  |  |
| Kinder Morgan, Inc. | 10316 | 345896 |
| Targa Resources Corp. | 421 | 105557 |
| Williams Cos., Inc. (The) | 250 | 18195 |
|  |  | 469648 |
| **Private Equity - 1.9%** |  |  |
| Blackstone, Inc. | 4399 | 505841 |
| KKR & Co., Inc. | 4826 | 446405 |
|  |  | 952246 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7% (continued)** | **Shares** | **Value** |
| **Real Estate - 0.3%** |  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 3279 | $132275 |
| **REITs - 0.4%** |  |  |
| American Tower Corp. | 424 | 73174 |
| VICI Properties, Inc. - Class A | 4253 | 116192 |
|  |  | 189366 |
| **Retail - 4.7%** |  |  |
| Costco Wholesale Corp. | 439 | 437433 |
| Dollar Tree, Inc.<sup>(a)</sup> | 441 | 48294 |
| Domino's Pizza, Inc. | 50 | 17939 |
| McDonald's Corp. | 848 | 263550 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 6693 | 617831 |
| TJX Cos., Inc. (The) | 4265 | 681120 |
| Walmart, Inc. | 2646 | 328845 |
|  |  | 2395012 |
| **Semiconductors - 15.1%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 782 | 159082 |
| Analog Devices, Inc. | 477 | 151753 |
| Applied Materials, Inc. | 787 | 268989 |
| Broadcom, Inc. | 5389 | 1667949 |
| Intel Corp.<sup>(a)</sup> | 1626 | 71755 |
| Lam Research Corp. | 1276 | 272630 |
| Microchip Technology, Inc. | 3065 | 198030 |
| Micron Technology, Inc. | 1024 | 345948 |
| Monolithic Power Systems, Inc. | 424 | 463581 |
| NVIDIA Corp. | 20846 | 3635542 |
| NXP Semiconductors NV | 104 | 20474 |
| Qualcomm, Inc. | 2780 | 358008 |
| Teradyne, Inc. | 289 | 85677 |
| Texas Instruments, Inc. | 212 | 41158 |
|  |  | 7740576 |
| **Software - 8.4%** |  |  |
| Broadridge Financial Solutions, Inc. | 508 | 82540 |
| Electronic Arts, Inc. | 212 | 43221 |
| Fair Isaac Corp.<sup>(a)</sup> | 47 | 50175 |
| Microsoft Corp. | 7696 | 2848828 |
| MSCI, Inc. - Class A | 212 | 114270 |
| Oracle Corp. | 2853 | 419705 |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 1569 | 229513 |
| ServiceNow, Inc.<sup>(a)</sup> | 204 | 21328 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 986 | 194735 |
| Workday, Inc. - Class A<sup>(a)</sup> | 2223 | 288812 |
|  |  | 4293127 |
| **Telecommunications - 1.3%** |  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 103 | 12646 |
| AT&T, Inc. | 4830 | 140022 |
| Verizon Communications, Inc. | 9875 | 495725 |
|  |  | 648393 |
| **Toys, Games & Hobbies - 0.0%<sup>(b)</sup>** |  |  |
| Hasbro, Inc. | 212 | 19843 |
| **Transportation - 0.1%** |  |  |
| CH Robinson Worldwide, Inc. | 85 | 14116 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS - 99.7% (continued)** | **Shares** | **Shares** | **Value** |
| **Transportation - 0.1% (continued)** |  |  |  |
| Norfolk Southern Corp. |  | 212 | $60844 |
|  |  |  | 74960 |
| **TOTAL COMMON STOCKS** (Cost $52,258,429) |  |  | 50998468 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  | **Principal** |  |
| **Time Deposits - 0.2%** |  |  |  |
| JPMorgan Chase, New York, 2.98%, 04/01/2026 | USD | 92725 | 92725 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $92,725) |  |  | 92725 |
| **TOTAL INVESTMENTS - 99.9%** (Cost $52,351,154) |  |  | 51091193 |
| Other Assets in Excess of Liabilities - 0.1% |  |  | 32807 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $51124000 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

PLC - Public Limited Company

REIT - Real Estate Investment Trust

USD - United States Dollar

(a) Non-income producing security.

(b) Less than 0.05%.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet AI Enhanced US Equity ETF** |

---

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Summary of Investment Type** | |
| **Sector** | **Percentage of<br> Net Assets** |
| Semiconductors | 15.1% |
| Computers | 11.1% |
| Internet | 10.6% |
| Software | 8.4% |
| Pharmaceuticals | 5.0% |
| Insurance | 4.8% |
| Healthcare - Products | 4.8% |
| Retail | 4.7% |
| Diversified Financial Services | 3.4% |
| Auto Manufacturers | 3.3% |
| Banks | 3.1% |
| Electric | 2.8% |
| Beverages | 2.1% |
| Aerospace & Defense | 2.1% |
| Machinery - Construction & Mining | 1.9% |
| Private Equity | 1.9% |
| Commercial Services | 1.7% |
| Oil & Gas | 1.6% |
| Agriculture | 1.5% |
| Telecommunications | 1.3% |
| Machinery - Diversified | 1.1% |
| Pipelines | 0.9% |
| Biotechnology | 0.9% |
| Healthcare - Services | 0.8% |
| Miscellaneous Manufacturer | 0.7% |
| Media | 0.4% |
| Hand & Machine Tools | 0.4% |
| REITs | 0.4% |
| Lodging | 0.3% |
| Mining | 0.3% |
| Environmental Control | 0.3% |
| Electrical Components & Equipment | 0.3% |
| Building Materials | 0.3% |
| Real Estate | 0.3% |
| Apparel | 0.2% |
| Time Deposits | 0.2% |
| Chemicals | 0.2% |
| Distribution & Wholesale | 0.2% |
| Transportation | 0.1% |
| Office & Business Equipment | 0.1% |
| Electronics | 0.1% |
| Advertising | 0.1% |
| Home Builders | 0.1% |
| Toys, Games & Hobbies | 0.0% |
| **Total Investments** | **99.9%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet Cleaner Planet ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| **Auto Parts & Equipment - 1.6%** |  |  |
| Contemporary Amperex Technology Co. Ltd. - Class H | 2731 | $213702 |
| **Building Materials - 6.9%** |  |  |
| Belimo Holding AG | 153 | 121002 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 1165 | 95915 |
| Carrier Global Corp. | 2739 | 154233 |
| Cie de Saint-Gobain S.A. | 1267 | 102276 |
| Trane Technologies PLC | 1057 | 440494 |
|  |  | 913920 |
| **Chemicals - 5.5%** |  |  |
| Ecolab, Inc. | 1287 | 342368 |
| Linde PLC | 398 | 197312 |
| Novonesis Novozymes B | 3204 | 188968 |
|  |  | 728648 |
| **Commercial Services - 0.7%** |  |  |
| United Rentals, Inc. | 131 | 95441 |
| **Distribution & Wholesale - 2.0%** |  |  |
| Copart, Inc.<sup>(a)</sup> | 3959 | 131439 |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 2681 | 132441 |
|  |  | 263880 |
| **Electric - 4.0%** |  |  |
| Iberdrola S.A. | 9196 | 209211 |
| NextEra Energy, Inc. | 2035 | 189011 |
| RWE AG | 2084 | 138500 |
|  |  | 536722 |
| **Electrical Components & Equipment - 5.6%** |  |  |
| Eaton Corp. PLC | 917 | 327983 |
| Schneider Electric SE | 1564 | 412848 |
|  |  | 740831 |
| **Electronics - 0.6%** |  |  |
| Coherent Corp.<sup>(a)</sup> | 350 | 83374 |
| **Energy - Alternate Sources - 2.4%** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 1046 | 206334 |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 952 | 114764 |
|  |  | 321098 |
| **Engineering & Construction - 1.1%** |  |  |
| TopBuild Corp.<sup>(a)</sup> | 412 | 144736 |
| **Environmental Control - 10.5%** |  |  |
| GFL Environmental, Inc. | 4730 | 197336 |
| Republic Services, Inc. - Class A | 1478 | 323712 |
| Sweco AB - Class B | 9419 | 131206 |
| Tetra Tech, Inc. | 5346 | 161021 |
| Veralto Corp. | 1054 | 93195 |
| Waste Connections, Inc. | 1501 | 243822 |
| Waste Management, Inc. | 1050 | 241279 |
|  |  | 1391571 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet Cleaner Planet ETF** |

---

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8% (continued)** | **Shares** | **Value** |
| **Food - 0.4%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 773 | $59621 |
| **Healthcare - Products - 4.5%** |  |  |
| Agilent Technologies, Inc. | 2090 | 238218 |
| Thermo Fisher Scientific, Inc. | 747 | 367173 |
|  |  | 605391 |
| **Machinery - Diversified - 3.7%** |  |  |
| Atlas Copco AB - Class A | 7483 | 128157 |
| Ingersoll Rand, Inc. | 1234 | 98868 |
| Keyence Corp. | 100 | 34484 |
| Rockwell Automation, Inc. | 182 | 65316 |
| Xylem, Inc./NY | 1355 | 161922 |
|  |  | 488747 |
| **Miscellaneous Manufacturer - 1.3%** |  |  |
| Siemens AG | 714 | 169223 |
| **Packaging & Containers - 2.2%** |  |  |
| Packaging Corp. of America | 963 | 204368 |
| SIG Group AG<sup>(a)</sup> | 5978 | 88158 |
|  |  | 292526 |
| **REITs - 0.7%** |  |  |
| Digital Realty Trust, Inc. | 517 | 93169 |
| **Semiconductors - 36.4%** |  |  |
| Analog Devices, Inc. | 901 | 286644 |
| Applied Materials, Inc. | 2045 | 698961 |
| ASM International NV | 224 | 164405 |
| ASML Holding NV | 568 | 732460 |
| Broadcom, Inc. | 1142 | 353460 |
| Infineon Technologies AG | 7163 | 313622 |
| KLA Corp. | 150 | 220862 |
| Lam Research Corp. | 1179 | 251905 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 1055 | 97862 |
| Marvell Technology, Inc. | 5479 | 542695 |
| Monolithic Power Systems, Inc. | 72 | 78721 |
| NVIDIA Corp. | 773 | 134811 |
| NXP Semiconductors NV | 1782 | 350805 |
| ON Semiconductor Corp.<sup>(a)</sup> | 3032 | 187741 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 941 | 318011 |
| Tokyo Electron Ltd. | 430 | 100628 |
|  |  | 4833593 |
| **Software - 8.3%** |  |  |
| Autodesk, Inc.<sup>(a)</sup> | 1185 | 283689 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1697 | 471545 |
| Nemetschek SE | 1067 | 78313 |
| SAP SE | 956 | 161811 |
| Synopsys, Inc.<sup>(a)</sup> | 291 | 115376 |
|  |  | 1110734 |
| **Telecommunications - 0.8%** |  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 877 | 107678 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet Cleaner Planet ETF** |

---

March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS - 99.8% (continued)** | **Shares** | **Shares** | **Value** |
| **Water - 0.6%** |  |  |  |
| American Water Works Co., Inc. |  | 570 | $77571 |
| **TOTAL COMMON STOCKS** (Cost $13,034,124) |  |  | 13272176 |
| **SHORT-TERM INVESTMENTS - 0.1%** |  | **Principal** |  |
| **Time Deposits - 0.1%** |  |  |  |
| Brown Brothers Harriman & Co., New York, 0.80%, 04/01/2026 | SEK | 2 | 0 <sup>(b)</sup> |
| Citibank, London, 0.85%, 04/01/2026 | EUR | 5358 | 6174 |
| Citibank, London, 2.67%, 04/01/2026 | GBP | 663 | 874 |
| HSBC, Hong Kong, 1.20%, 04/01/2026 | HKD | 13 | 2 |
| Skandinaviska Enskilda Banken AB, Stockholm, (0.57)%, 04/01/2026 | CHF | 2007 | 2498 |
| Skandinaviska Enskilda Banken AB, Stockholm, 0.96%, 04/01/2026 | DKK | 10806 | 1666 |
| Sumitomo Mitsui Banking Corp., Tokyo, 0.20%, 04/01/2026 | JPY | 178 | 1 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,215) |  |  | 11215 |
| **TOTAL INVESTMENTS - 99.9%** (Cost $13,045,339) |  |  | 13283391 |
| Other Assets in Excess of Liabilities - 0.1% |  |  | 12382 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $13295773 |
| Percentages are stated as a percent of net assets. |  |  |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| CHF - Swiss Franc |
| DKK - Danish Krone |
| EUR - Euro |
| GBP - British Pound |
| HKD - Hong Kong Dollar |
| JPY - Japanese Yen |
| PLC - Public Limited Company<br> REIT - Real Estate Investment Trust |
| SEK - Swedish Krona |

---

(a) Non-income producing security.

(b) Less than 0.05.

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **Schedule of Investments** | **Pictet Cleaner Planet ETF** |

---

March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Summary of Investment Type** | |
| **Sector** | **Percentage of<br> Net Assets** |
| Semiconductors | 36.4% |
| Environmental Control | 10.5% |
| Software | 8.3% |
| Building Materials | 6.9% |
| Electrical Components & Equipment | 5.6% |
| Chemicals | 5.5% |
| Healthcare - Products | 4.5% |
| Electric | 4.0% |
| Machinery - Diversified | 3.7% |
| Energy - Alternate Sources | 2.4% |
| Packaging & Containers | 2.2% |
| Distribution & Wholesale | 2.0% |
| Auto Parts & Equipment | 1.6% |
| Miscellaneous Manufacturer | 1.3% |
| Engineering & Construction | 1.1% |
| Telecommunications | 0.8% |
| Commercial Services | 0.7% |
| REITs | 0.7% |
| Electronics | 0.6% |
| Water | 0.6% |
| Food | 0.4% |
| Time Deposits | 0.1% |
| **Total Investments** | **99.9%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities** 

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Pictet AI &<br> Automation ETF** | **Pictet AI Enhanced<br> International<br> Equity ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;Investments, at value (Note 2) | $4733289 | $5142449 |
| &nbsp;&nbsp;Cash | 611 |  |
| &nbsp;&nbsp;Foreign currency, at value (cost $73 and $313) | 62 | 286 |
| &nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 45583 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 3052 | 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim | 152 | 2196 |
| Total assets | 4782749 | 5166011 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 106900 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 4) | 4165 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian |  | 9963 |
| Total liabilities | 111065 | 11688 |
| **NET ASSETS** | $4671684 | $5154323 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;Paid-in capital | $5015081 | $4737186 |
| &nbsp;&nbsp;Total (accumulated losses)/distributable earnings | (343397) | 417137 |
| Total net assets | $4671684 | $5154323 |
| &nbsp;&nbsp;Net assets | $4671684 | $5154323 |
| &nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 200000 | 250000 |
| &nbsp;&nbsp;Net asset value per share | $23.36 | $20.62 |
| **COST:** |  |  |
| &nbsp;&nbsp;Investments, at cost | $4914948 | $5220285 |
| (a) Unlimited shares authorized without par value. |  |  |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities** 

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Pictet AI Enhanced<br> US Equity ETF** | **Pictet Cleaner<br> Planet ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;Investments, at value (Note 2) | $51091193 | $13283391 |
| &nbsp;&nbsp;Cash | 521 |  |
| &nbsp;&nbsp;Foreign currency, at value (cost $– and $68) |  | 10 |
| &nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 241148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 24795 | 8203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim | 200 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 422397 |
| Total assets | 51357857 | 13715708 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 227007 | 391384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 4) | 6800 | 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian |  | 20459 |
| &nbsp;&nbsp;Other payables | 50 |  |
| Total liabilities | 233857 | 419935 |
| **NET ASSETS** | $51124000 | $13295773 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;Paid-in capital | $52397789 | $13207030 |
| &nbsp;&nbsp;Total (accumulated losses)/distributable earnings | (1273789) | 88743 |
| Total net assets | $51124000 | $13295773 |
| &nbsp;&nbsp;Net assets | $51124000 | $13295773 |
| &nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 2120000 | 525000 |
| &nbsp;&nbsp;Net asset value per share | $24.12 | $25.33 |
| **COST:** |  |  |
| &nbsp;&nbsp;Investments, at cost | $52351154 | $13045339 |
| (a) Unlimited shares authorized without par value. |  |  |

---

The accompanying notes are an integral part of these financial statements.

**Statements of Operations** 

---

| | | |
|:---|:---|:---|
|  | **Pictet AI &<br> Automation ETF** | **Pictet AI Enhanced<br> International<br> Equity ETF** |
| **INVESTMENT INCOME:** | **Period Ended <br> March 31, 2026<sup>(a)</sup> (Unaudited)** | **Period Ended <br> March 31, 2026<sup>(a)</sup> (Unaudited)** |
| &nbsp;&nbsp;Interest income | $1124 | $811 |
| &nbsp;&nbsp;Dividend income | 19147 | 81900 |
| &nbsp;&nbsp;Other income | 59 | 347 |
| &nbsp;&nbsp;Less: Dividend withholding taxes | (1393) | (9168) |
| Total investment income | 18937 | 73890 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;Investment advisory fee (Note 4) | 30586 | 12327 |
| &nbsp;&nbsp;Interest expenses | 239 | 3456 |
| &nbsp;&nbsp;Income tax expenses |  | 894 |
| &nbsp;&nbsp;Other expenses |  | 269 |
| Total expenses | 30825 | 16946 |
| **NET INVESTMENT (LOSS) INCOME** | (11888) | 56944 |
| **REALIZED AND UNREALIZED (LOSS) GAIN** |  |  |
| Net realized (loss) gain from: |  |  |
| &nbsp;&nbsp;Investments | (379198) | 119493 |
| &nbsp;&nbsp;In-kind redemptions | 243656 | 378729 |
| &nbsp;&nbsp;Foreign currency transactions | (4869) | (22941) |
| Net realized (loss) gain | (140411) | 475281 |
| Net change in unrealized (depreciation) appreciation on: |  |  |
| &nbsp;&nbsp;Investments | (181659) | (77836) |
| &nbsp;&nbsp;Foreign currency transactions | 143 | (144) |
| Net change in unrealized (depreciation) | (181516) | (77980) |
| Net realized and unrealized (loss) gain | (321927) | 397301 |
| **NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(333815) | $454245 |

---

(a) Inception date of the Fund was October 15, 2025.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations** 

---

| | | |
|:---|:---|:---|
|  | **Pictet AI Enhanced US Equity ETF** | **Pictet Cleaner** <br> **Planet ETF** |
| **INVESTMENT INCOME:** | **Period Ended <br> March 31, 2026<sup>(a)</sup> (Unaudited)** | **Period Ended <br> March 31, 2026<sup>(b)</sup><br> (Unaudited)** |
| &nbsp;&nbsp;Interest income | $551 | $478 |
| &nbsp;&nbsp;Dividend income | 38317 | 61088 |
| &nbsp;&nbsp;Other income |  | 150 |
| &nbsp;&nbsp;Less: Dividend withholding taxes | (16) | (3260) |
| Total investment income | 38852 | 58456 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;Investment advisory fee (Note 4) | 6892 | 42184 |
| &nbsp;&nbsp;Interest expenses |  | 183 |
| Total expenses | 6892 | 42367 |
| **NET INVESTMENT INCOME** | 31960 | 16089 |
| **REALIZED AND UNREALIZED (LOSS) GAIN** |  |  |
| Net realized (loss) from: |  |  |
| &nbsp;&nbsp;Investments | (45788) | (151227) |
| &nbsp;&nbsp;Foreign currency transactions |  | (4970) |
| Net realized (loss) | (45788) | (156197) |
| Net change in unrealized (depreciation) appreciation on: |  |  |
| &nbsp;&nbsp;Investments | (1259961) | 238052 |
| &nbsp;&nbsp;Foreign currency transactions |  | 701 |
| Net change in unrealized (depreciation) appreciation | (1259961) | 238753 |
| Net realized and unrealized (loss) gain | (1305749) | 82556 |
| **NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(1273789) | $98645 |

---

(a) Inception date of the Fund was February 25, 2026. <br> (b) Inception date of the Fund was October 15, 2025.

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Pictet AI &<br> Automation ETF** | **Pictet AI Enhanced<br> International**<br>**Equity ETF** |
|  | **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** | **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;Net investment (loss) income | $(11888) | $56944 |
| &nbsp;&nbsp;Net realized (loss) gain | (140411) | 475281 |
| &nbsp;&nbsp;Net change in unrealized (depreciation) | (181516) | (77980) |
| Net (decrease) increase in net assets from operations | (333815) | 454245 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;From earnings | (9582) | (37108) |
| Total distributions to shareholders | (9582) | (37108) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;Shares sold | 9943996 | 10154346 |
| &nbsp;&nbsp;Shares redeemed | (4928915) | (5417160) |
| Net increase in net assets from capital transactions | 5015081 | 4737186 |
| **NET INCREASE IN NET ASSETS** | 4671684 | 5154323 |
| **NET ASSETS:** |  |  |
| Beginning of period |  |  |
| End of period | $4671684 | $5154323 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 400004 | 500004 |
| &nbsp;&nbsp;Shares redeemed | (200004) | (250004) |
| Net increase in shares outstanding | 200000 | 250000 |

---

(a) Inception date of the Fund was October 15, 2025.

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Pictet AI Enhanced<br> US Equity ETF** | **Pictet Cleaner<br> Planet ETF** |
|  | **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** | **Period Ended<br> March 31, 2026<sup>(b)</sup><br> (Unaudited)** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;Net investment income | $31960 | $16089 |
| &nbsp;&nbsp;Net realized (loss) | (45788) | (156197) |
| &nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (1259961) | 238753 |
| Net (decrease) increase in net assets from operations | (1273789) | 98645 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;From earnings |  | (9902) |
| Total distributions to shareholders |  | (9902) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;Shares sold | 52397789 | 13207130 |
| &nbsp;&nbsp;Shares redeemed |  | (100) |
| Net increase in net assets from capital transactions | 52397789 | 13207030 |
| **NET INCREASE IN NET ASSETS** | 51124000 | 13295773 |
| **NET ASSETS:** |  |  |
| Beginning of period |  |  |
| End of period | $51124000 | $13295773 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 2120000 | 525004 |
| &nbsp;&nbsp;Shares redeemed |  | (4) |
| Net increase in shares outstanding | 2120000 | 525000 |

---

(a) Inception date of the Fund was February 25, 2026.

(b) Inception date of the Fund was October 15, 2025.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **Pictet AI &<br> Automation ETF** | |
|  | **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** | **Pictet AI Enhanced<br> International<br> Equity ETF**<br> **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** |
| **SELECTED PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $24.86 | $20.12 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment (loss) income<sup>(b)</sup> | (0.03) | 0.13 |
| Net realized and unrealized (loss) gain on investments<sup>(c)</sup> | (1.45) | 0.45 |
| Total from investment operations | (1.48) | 0.58 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| &nbsp;&nbsp;Net investment income | (0.02) | (0.08) |
| Total distributions | (0.02) | (0.08) |
| **Net asset value, end of period** | $23.36 | $20.62 |
| **Total Return at Net Asset Value<sup>(d)</sup>** | (5.95)% | 2.87% |
| **Total Return at Market Value<sup>(e)</sup>** | (5.46)% | 5.07% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $4672 | $5154 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.70% | 0.41% |
| Ratio of operational expenses to average net assets<sup>(f)</sup> | 0.70% | 0.30% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | (0.27)% | 1.38% |
| Portfolio turnover rate<sup>(g)</sup> | 74% | 86% |

---

(a) Inception date of the Fund was October 15, 2025.

(b) Net investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d) Not annualized for periods less than one year.

(e) Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **Pictet AI Enhanced<br> US Equity ETF** | **Pictet Cleaner <br> Planet ETF** |
|  | **Period Ended<br> March 31, 2026<sup>(a)</sup><br> (Unaudited)** | **Period Ended<br> March 31, 2026<sup>(b)</sup><br> (Unaudited)** |
| **SELECTED PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $25.38 | $25.22 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(c)</sup> | 0.03 | 0.03 |
| Net realized and unrealized (loss) gain on investments<sup>(d)</sup> | (1.29) | 0.10 |
| Total from investment operations | (1.26) | 0.13 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| &nbsp;&nbsp;Net investment income |  | (0.02) |
| Total distributions |  | (0.02) |
| **Net asset value, end of period** | $24.12 | $25.33 |
| **Total Return at Net Asset Value<sup>(e)</sup>** | (4.99)% | 0.50% |
| **Total Return at Market Value<sup>(f)</sup>** | (5.07)% | 1.11% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $51124 | $13296 |
| Ratio of expenses to average net assets<sup>(g)</sup> | 0.22% | 0.70% |
| Ratio of operational expenses to average net assets<sup>(g)</sup> | 0.22% | 0.70% |
| Ratio of net investment income to average net assets<sup>(g)</sup> | 1.02% | 0.27% |
| Portfolio turnover rate<sup>(h)</sup> | 16% | 58% |

---

(a) Inception date of the Fund was February 25, 2026.

(b) Inception date of the Fund was October 15, 2025.

(c) Net investment income per share has been calculated based on average shares outstanding during the periods.

(d) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e) Not annualized for periods less than one year.

(f) Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all distributions at net asset value during the period and sale at the market price on the last day of the period. Total return calculated for a period of less than one year is not annualized.

(g) Annualized for periods less than one year.

(h) Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

 **NOTE 1 - ORGANIZATION**

Pictet AI & Automation ETF, Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF and Pictet Cleaner Planet ETF (each a "Fund" and collectively, the "Funds") are non-diversified series of The 2023 ETF Series Trust (the "Trust"). The Trust was organized as a Delaware statutory trust on January 23, 2023. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board"). Pictet Asset Management S.A. ("Pictet AM SA" or the "Adviser") serves as the investment adviser to the Funds. Tidal Investments LLC ("Tidal" or the "Sub-Adviser") serves as sub-adviser to the Funds. The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

Pictet AI & Automation ETF, Pictet AI Enhanced International Equity ETF and Pictet Cleaner Planet ETF commenced operations on October 15, 2025 and Pictet AI Enhanced US Equity ETF commenced operations on February 25, 2026.

Each Fund is an actively managed exchange-traded fund ("ETF") and uses an active investment strategy in seeking to achieve its investment objective.

The investment objective of each Fund is to seek long-term capital appreciation.

 **NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**A.**  ***Security Valuation.*** Equity securities, including Real Estate Investment Trusts ("REITs") listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the "NASDAQ"), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Fund is open for business.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued", consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

The following is a summary of the inputs used to value the Funds' investments as of March 31, 2026:

**Pictet AI & Automation ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $4672444 | $— | $— | $4672444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 60845 |  | 60845 |
| **Total Investments** | $4672444 | $60845 | $— | $4733289 |

---

**Pictet AI Enhanced International Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $5126186 | $1080 | $— | $5127266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights |  | 0 <sup>(b)</sup> |  | 0 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 15183 |  | 15183 |
| **Total Investments** | $5126186 | $16263 | $— | $5142449 |

---

**Pictet AI Enhanced US Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $50998468 | $— | $— | $50998468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 92725 |  | 92725 |
| **Total Investments** | $50998468 | $92725 | $— | $51091193 |

---

**Pictet Cleaner Planet ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **<u>Assets:</u>** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $13272176 | $— | $— | $13272176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits |  | 11215 |  | 11215 |
| **Total Investments** | $13272176 | $11215 | $— | $13283391 |

---

(a) See Schedules of Investments for the industry breakout.

(b) Less than 0.05.

**B.**  ***Federal Income Taxes.*** Each Fund intends to qualify as regulated investment company ("RIC") under Sub-Chapter M of the Internal Revenue Code of 1986 (the "Code") and accordingly, will generally not be subject to federal and state income taxes or federal excise taxes to the extent that they intend to make sufficient distributions of net investment income and net realized capital gains.

 

**C.**  ***Foreign Currency.*** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**D.**  ***Securities Transactions and Investment Income.*** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**E.**  ***Derivatives Transactions.*** Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

**F.**  ***Distributions to Shareholders.*** The Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF, Pictet AI & Automation ETF and Pictet Cleaner Planet ETF pay out distributions to shareholders from net investment income, if any, annually. Distributions from net investment income will fluctuate over time.

Each Fund distributes its net realized capital gains, if any, to investors at least annually. Each Fund is permitted to declare and pay dividends of its net investment income and net capital gains, if any, more frequently. Distributions are recorded on the ex-dividend date.

**G.**  ***Use of Estimates.*** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**H.**  ***Share Valuation.*** The NAV per Share is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. Funds' Shares will not be priced on the days on which the NYSE Arca, Inc. ("NYSE") is closed for trading.

**I.**  ***Guarantees and Indemnifications.*** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

**J.**  ***Illiquid Securities*.** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that the Funds limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

 **NOTE 3 - PRINCIPAL INVESTMENT RISKS**

***Active Management Risk.*** The value of investment may go down if Pictet's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the Funds' investment strategy do not work as intended. There might be also losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by Pictet, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if Pictet's investment style is out of favor or otherwise fails to produce the desired results. In addition, the Funds' investment strategies or policies may change from time to time. Legislative, regulatory, or tax developments may also affect the investment techniques available to the Adviser in connection with managing the Funds. Those changes and developments may not lead to the results intended by Pictet and could have an adverse effect on the value or performance of the Funds. Any of these factors could cause the Funds to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

***Artificial Intelligence and Automation Companies Risk.*** The Pictet AI & Automation ETF 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.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

***Convertible Securities Risk*.** Convertible securities are securities that may be exchanged for, converted into, or exercised to acquire a predetermined number of shares of the issuer's common stock at an investor's option during a specified time period (such as convertible preferred stocks, convertible debentures and warrants). A convertible security is generally a fixed income security that is senior to common stock in an issuer's capital structure but is usually subordinated to similar non-convertible securities. In exchange for the conversion feature, many corporations will pay a lower rate of interest on convertible securities than debt securities of the same corporation. In general, the market value of a convertible security is at least the higher of its "investment value" (i.e., its value as a fixed income security) or its "conversion value" (i.e., its value upon conversion into its underlying common stock).

***Cybersecurity Risk*.** The Funds and their service providers (including the Advisor) are susceptible to cyberattacks and to technological malfunctions that have effects similar to those of a cyberattack. Additionally, outside parties may attempt to fraudulently induce employees of a Fund's service provider (including the Advisor) to disclose sensitive information to gain access to a Fund's electronic infrastructure. Cyberattacks include, among others, stealing, corrupting, or preventing access to data maintained online or digitally, preventing legitimate users from accessing information or services, releasing confidential information without authorization and disrupting operations. Successful cyberattacks against, or security breakdowns of, a Fund, Pictet, or a custodian, transfer agent, or other service provider may adversely affect the Fund or its shareholders. For instance, cyberattacks may interfere with the processing of shareholder transactions, affect a Fund's ability to calculate its net asset value, cause the release or misappropriation of confidential shareholder or Fund information, impede trading, interfere with the use of quantitative models, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses and additional compliance costs. The Funds' service providers regularly experience cyberattacks and expect they will continue to do so. In addition, cyberattacks involving a counterparty to a Fund could affect the counterparty's ability to meet its obligations to the Fund, which may result in losses to the Fund and its shareholders. While Pictet has established business continuity plans and systems designed to prevent, detect and respond to cyberattacks, those plans and systems have inherent limitations, and there is not assurance they will be effective.

***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.

***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.

***ETF-Related Risks.*** Each Fund is an ETF and, as a result of this structure, is exposed to the following risks:

○ *Costs of Buying or Selling Shares Risk*. Investors buying or selling a Fund's shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy a Fund's shares (the "bid" price) and the price at which an investor is willing to sell a Fund's shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid-ask spread."

○ *Limited Authorized Participants, Market Makers and Liquidity Providers Risk*. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. This may result in a significantly diminished trading market for a Fund's shares, differences between the market price of a Fund's shares and the underlying value of those shares, and delisting of the shares.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

○ *Trading Risk*. Although each Fund's shares are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Secondary market trading in a Fund's shares may be halted by the Exchange because of market conditions or for other reasons.

○ *Cash Transactions Risk*. Each 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 a Fund's NAV.

○ *National Closed Market Trading Risk.* Because securities held by the Fund trade on non-U.S. exchanges that are closed when the Fund's primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market) used for purposes of calculating the Fund's net asset value, resulting in premiums or discounts to the Fund's net asset value that may be greater than those experienced by other exchange-traded funds.

***Foreign Currency Risk.*** The Funds may invest in non-U.S. dollar denominated securities of foreign issuers. Where the Funds' NAV is determined in U.S. dollars and the Funds invest in non-U.S. dollar denominated securities, the Funds' 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 Funds' 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.

***Foreign Securities Risk.*** The Funds may invest in foreign securities, which are generally riskier than U.S. securities. As a result the Funds 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 Funds buy securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Funds' 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.

***Market Capitalization Risk*.** 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. In addition, securities of small-cap and mid-cap companies may trade in an over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Smaller capitalization companies frequently rely on narrower product lines, niche markets, limited financial resources, a few key employees and inexperienced management. Smaller capitalization companies have more speculative prospects for future growth, sustained earnings and market share than larger companies and may be more vulnerable to adverse business or market developments. Accordingly, it may be difficult for the Funds to sell small-cap securities at a desired time or price. Generally, the smaller the company, the greater these risks become. Although securities issued by larger companies tend to have less overall volatility than securities issued by smaller companies, 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.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

***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 Funds invest may change significantly in short-term periods.

***Operational Risk.*** The Funds are subject to operational risks resulting from other services provided by Pictet and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency and other operational services. Examples of operational risks include the risk of loss caused by inadequate procedures and controls, human error and system failures by a service provider that result in trading delays or errors that prevent a Fund from realizing investment gains or avoiding losses. In addition, a service provider may be unable to provide a net asset value for a Fund or share class on a timely basis. Pictet is not contractually liable to the Funds for losses associated with operational risk absent its willful misfeasance, bad faith, gross negligence or reckless disregard of its contractual obligations to provide services to the Funds.

***Risks Relating to Companies Focused on Robotics, Cybersecurity, Semiconductors and Software.*** The Funds 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.

 **NOTE 4** **- COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") calculated daily and paid monthly at an annual rate of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| Pictet AI & Automation ETF | 0.70% |
| Pictet AI Enhanced International Equity ETF | 0.30% |
| Pictet AI Enhanced US Equity ETF | 0.22% |
| Pictet Cleaner Planet ETF | 0.70% |

---

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by, and appropriately allocated to, the Funds, except for the advisory fee payable to the Adviser; interest charges on any borrowings, taxes, brokerage commissions, and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expenses related to the provision of securities lending services; acquired fund fees and expenses (other than management and shareholder service fees paid to the Adviser attributable to the Funds' investment in such acquired funds); fees and expenses related to the provision of securities lending services; acquired fund fees and expenses; taxes, including accrued deferred tax liability; legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; extraordinary expenses (as mutually determined by the Board and the Adviser); and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. Investment Advisory Fees for the period ended March 31, 2026, are disclosed in the Statement of Operations.

The Sub-Adviser serve as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for portfolio trading oversight as well as trading portfolio securities and other investment instruments on behalf of the Funds and selecting broker-dealers to execute purchase and sale transactions, all subject to the supervision of the Adviser and oversight of the Board for the services it provides to each of the Funds. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly at an annual rate based on each Fund's average daily net assets as follows: 4 basis points on the first $250 million of Fund assets; 3 basis points on Fund assets between $250 million and $1 billion; 2.5 basis points on Fund assets between $1 billion and $3 billion; 2 basis points on Fund assets between $3 billion and $5 billion; and 1.5 basis points on Fund assets above $5 billion, subject to a $25,000 minimum annual fee.

Brown Brothers Harriman & Co. ("BBH") serves as the administrator, custodian and transfer agent to the Funds. For services provided under the administration agreement with the Trust, BBH is entitled to a fee based on assets under management, paid by the Adviser.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Funds' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

 **NOTE 5 - PURCHASES AND SALES OF SECURITIES**

For the period ended March 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Pictet AI & Automation ETF | $6859485 | $7943379 |
| Pictet AI Enhanced International Equity ETF | 7446924 | 9544059 |
| Pictet AI Enhanced US Equity ETF | 6165335 | 4610983 |
| Pictet Cleaner Planet ETF | 7719749 | 7583559 |

---

For the period ended March 31, 2026, there were no purchases and sales of long-term U.S. government securities.

For the period ended March 31, 2026, the costs of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Pictet AI & Automation ETF | $9626371 | $3552831 |
| Pictet AI Enhanced International Equity ETF | 10138385 | 3334438 |
| Pictet AI Enhanced US Equity ETF | 45678524 |  |
| Pictet Cleaner Planet ETF | 13042114 |  |

---

 **NOTE 6 - FEDERAL INCOME TAX INFORMATION**

The tax character of distributions paid during the period ended March 31, 2026, were as follows:

**Pictet AI & Automation ETF**

---

| | |
|:---|:---|
| **Distributions paid from:** | March 31, 2026 |
| Ordinary Income | $9582 |

---

**Pictet AI Enhanced International Equity ETF**

---

| | |
|:---|:---|
| **Distributions paid from:** | March 31, 2026 |
| Ordinary Income | $37108 |

---

**Pictet AI Enhanced US Equity ETF**

---

| | |
|:---|:---|
| **Distributions paid from:** | March 31, 2026 |
| Ordinary Income | $— |

---

**Pictet Cleaner Planet ETF**

---

| | |
|:---|:---|
| **Distributions paid from:** | March 31, 2026 |
| Ordinary Income | $9902 |

---

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

As of the period ended March 31, 2026, gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Pictet AI & Automation ETF | $4914948 | $267215 | $(448874) | $(181659) |
| Pictet AI Enhanced International <br>Equity ETF | 5220285 | 296157 | (373993) | (77836) |
| Pictet AI Enhanced US Equity ETF | 52351154 | 393649 | (1653610) | (1259961) |
| Pictet Cleaner Planet ETF | 13045339 | 937920 | (699868) | 238052 |

---

 **NOTE 7 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard creation transaction fees for the Funds regardless of the number of Creation Units created in the transaction, are presented in the table below.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Creation Transaction Fee** |
| Pictet AI & Automation ETF | &nbsp;&nbsp;$500 |
| Pictet AI Enhanced International Equity ETF | &nbsp;&nbsp;$1000 |
| Pictet AI Enhanced US Equity ETF | &nbsp;&nbsp;$350 |
| Pictet Cleaner Planet ETF | &nbsp;&nbsp;$500 |

---

**Notes to the Financial Statements**

March 31, 2026 (Unaudited)

**NOTE 8 - RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving the Funds' investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 9 - SEGMENT REPORTING**

The Officers of the Funds act as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that each Fund operates as a single segment. The CODM monitors the operating results of each Fund as a whole and each Fund makes investments in accordance with its investment objective as outlined in its prospectus. The financial information used by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

The accounting policies of the segment are the same as those described in Note 2. Significant Accounting Policies. The financial statements include all the details of the segment assets, segment revenue and expenses, and reflect the financial result of the segment.

**NOTE 10 - NEW ACCOUNTING PRONOUNCEMENTS**

In December 2023, FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. The Funds have evaluated ASU 2023-09, which did not have a material impact on the Funds' financial statements or disclosures.

**NOTE 11 - SUBSEQUENT EVENTS**

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Trust has determined that there are no subsequent events to note.

**Additional Information (Unaudited)**

***Proxy Voting Policies and Procedures***

The Board has delegated the responsibility to vote proxies for securities held in a Fund's portfolio to each Fund's investment adviser. Proxies for the portfolio securities are voted in accordance with the relevant Adviser's proxy voting policies and procedures. Information regarding how a Fund voted proxies relating to its portfolio securities during the most recent twelve-month period ended June 30 will be available without charge by calling (855) 994-4778 and on the SEC's website at <u>http://www.sec.gov</u>.

***Portfolio Holdings Information***

The Trust files the Funds' complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the Commission's website at http://www.sec.gov. Information regarding the Trust's Form N-PORT filings is also available, without charge, by calling toll-free, (855) 994-4778.

***Discount & Premium Information***

Information regarding how often shares of each Fund traded on Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.pictet.com/etf.

**Board Approval of Advisory and Sub-Advisory Agreements**

At meetings held on June 9, 2025 and August 18, 2025 (the "Meetings"), the Board of Trustees (the "Board") of The 2023 ETF Series Trust ("Trust") considered and approved, for an initial two year term, the following agreements (the "Agreements") with respect to the Pictet Cleaner Planet ETF, Pictet AI-Enhanced International Equity ETF, Pictet AI & Automation ETF, Pictet Emerging Markets Debt ETF and Pictet Emerging Market Rising Economies ETF (each, a "Fund" and together, the "Funds"), each a new series of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment Advisory Agreement between the Trust and Pictet Asset Management S.A. with respect to the Pictet Cleaner Planet ETF, Pictet AI-Enhanced International Equity ETF, and Pictet AI & Automation ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment Sub-Advisory Agreement between Pictet Asset Management S.A. and Tidal Investments LLC, with respect to the Pictet Cleaner Planet ETF, Pictet AI Enhanced International Equity ETF and Pictet AI & Automation ETF.

The Board, which is comprised solely of Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940 (the "Independent Trustees"), was advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and Pictet Asset Management S.A. (the "Adviser"), along with Tidal Investments LLC (the "Sub-Adviser"), provided such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board also met with representatives of the Adviser and Sub-Adviser at the Meetings, during which the Independent Trustees and the Adviser's and Sub-Adviser's representatives discussed the materials that had been provided as well as other related matters concerning the Funds. In determining whether to approve the Agreements, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by the Adviser and Sub-Adviser to the Funds; (ii) the investment objective and strategy for the Funds and, because the Funds are new and therefore have no performance record, how the Funds' strategies might be expected to perform in the future; (iii) the profits anticipated to be realized by the Adviser and Sub-Adviser from providing advisory and sub-advisory services to the Funds; (iv) fees charged to comparable funds; (v) the extent to which economies of scale would be shared as the Funds grow; and (vi) other factors the Board deemed to be relevant.

*Nature, Extent and Quality of Services*

The Board considered the nature, extent and quality of services to be provided by the Adviser and Sub-Adviser. The Board reviewed the Agreements and both the Adviser's and Sub-Adviser's anticipated responsibilities with respect to providing investment advisory and sub-advisory services to the Funds. The Board noted that (i) the Adviser's responsibilities include providing a continuous investment program for the Funds, overseeing the activities of the Sub-Adviser, including regular review of the Sub-Adviser's performance, overseeing general portfolio compliance with relevant law, monitoring compliance with various policies and procedures and applicable securities regulations, periodic reporting to the Board, and implementing Board directives as they relate to the Funds; and (ii) the Sub-Adviser's responsibilities include portfolio management, including evaluating and selecting investments for the Funds, trading portfolio securities and other investment instruments on behalf of the Funds, and selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and oversight of the Board.

The Board considered the background, sophistication and experience of the Adviser's and Sub-Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the Funds. The Board also considered the Adviser's and Sub-Adviser's extensive administrative and compliance infrastructures. The Board appreciated the fact that both the Adviser and the Sub-Adviser have deep experience and expertise serving as the investment adviser or sub-adviser to other pooled investment vehicles.

The Board considered the Adviser's and Sub-Adviser's portfolio management resources, structures and practices, including those associated with monitoring and seeking to ensure the Funds' compliance with their respective investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's and Sub-Adviser's overall investment management businesses, including the financial resources available to them needed to deliver high quality advisory and sub-advisory services to the Funds.

*Investment Performance*

Because the Funds are new and have not yet commenced operations, the Board noted that there was no historical performance records to consider. The Board discussed with representatives of the Adviser and Sub-Adviser the proposed portfolio management teams and the investment strategies to be employed in the management of the Funds' assets. The Board considered the Adviser's and the Sub-Adviser's reputations and experience, including their experience managing other accounts.

*Fees Charged to Comparable Funds*

The Board reviewed the advisory fee to be paid by the Funds to the Adviser and the sub-advisory fee to be paid by the Adviser to the Sub-Adviser for their respective services to be provided to the Funds under the Agreements. The Board reviewed a report prepared by an independent third-party comparing the Funds' advisory fee to those paid by a group of peer funds. The Board took into consideration that the advisory fee for the Funds is a "unitary fee," meaning that the Funds pay no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that the proposed management fees for the Pictet Cleaner Planet ETF and Pictet AI-Enhanced International Equity ETF were below their peer group medians, while the proposed management fee for the Pictet AI & Automation ETF was slightly above its peer group median. The Board further noted that, under the Agreements, the Adviser is responsible for compensating the Funds' other service providers, including the Sub-Adviser, and paying the Funds' other expenses out of their own fees and resources.

*Profitability and Economies of Scale*

The Board considered information concerning the anticipated profitability of the Adviser and Sub-Adviser from managing the Funds. The Board appreciated that, because the Funds are new, information concerning the Adviser's and Sub-Adviser's profitability with respect to the Funds was based on estimates and therefore, to a large degree, speculative. The Board noted that it will have opportunities in the future to consider and evaluate each of the Adviser's and Sub-Adviser's profitability from managing the Funds after the Funds commence operations and the Adviser and Sub-Adviser begin receiving their respective fees. The Board also considered whether economies of scale or other efficiencies might result as the Funds' assets grow. As the Funds have not yet commenced operations, the Board observed that it is difficult to draw any meaningful conclusions. However, the Board noted the commitment being made by the Adviser by structuring its advisory fees as a unitary fee, which effectively acts as a cap on the Funds' total expense ratios. The Board noted that it intends to monitor for the existence of economies of scale with respect to the management of the Funds.

*Other Benefits*

The Board considered other benefits that might be derived by the Adviser and Sub-Adviser from their relationship with the Funds. The Board considered the potential benefits flowing to the Adviser from sponsoring for the first time an exchange-traded fund.

*Conclusion*

After reviewing these and other factors, the Board concluded, in the context of its overall review of the Agreements, that the nature, extent and quality of services to be provided supported its approval of the Agreements and that the fee to be charged thereunder was reasonable. In the Independent Trustees' deliberations, each Trustee gave specific factors the weight that Trustee thought appropriate. No single factor was determinative of the Board's decision to approve the Agreements on behalf of the Funds; rather, the Board based its determination on the total mix of information available to it.

At a meeting held on December 16-17, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The 2023 ETF Series Trust ("Trust") considered and approved, for an initial two year term, the following agreements (the "Agreements") with respect to the Pictet AI Enhanced US Equity ETF (the "Fund"), a new series of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment Advisory Agreement between the Trust and Pictet Asset Management S.A. (the "Adviser"), pursuant to which the Adviser will provide advisory services to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Investment Sub-Advisory Agreement between the Adviser and Tidal Investments LLC (the "Sub-Adviser"), pursuant to which the Sub-Adviser will provide sub-advisory services to the Fund.

The Board, which is comprised solely of Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940 (the "Independent Trustees"), was advised by legal counsel throughout the process.

To evaluate the Agreements, the Board requested, and the Adviser and Sub-Adviser provided such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board also met with representatives of the Adviser and Sub-Adviser at the Meeting, during which the Independent Trustees and the Adviser's and Sub-Adviser's representatives discussed the materials that had been provided as well as other related matters concerning the Fund. In determining whether to approve the Agreements, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by the Adviser and Sub-Adviser to the Fund; (ii) the investment objective and strategy for the Fund and, because the Fund is new and therefore has no performance record, how the Fund's strategies might be expected to perform in the future; (iii) the profits anticipated to be realized by the Adviser and Sub-Adviser from providing advisory and sub-advisory services to the Fund; (iv) fees charged to comparable funds; (v) the extent to which economies of scale would be shared as the Fund grows; and (vi) other factors the Board deemed to be relevant.

*Nature, Extent and Quality of Services*

The Board considered the nature, extent and quality of services to be provided by the Adviser and Sub-Adviser. The Board reviewed the Agreements and both the Adviser's and Sub-Adviser's anticipated responsibilities with respect to providing investment advisory and sub-advisory services to the Fund. The Board noted that (i) the Adviser's responsibilities include the general portfolio management and administration of the Fund, arranging for sub-advisory, transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate, overseeing the activities of the Sub-Adviser, including monitoring of the purchase and sale of securities by the Sub-Adviser and regular review of the Sub-Adviser's performance, overseeing general portfolio compliance with relevant law, monitoring compliance with various policies and procedures and applicable securities regulations, periodic reporting to the Board, and implementing Board directives as they relate to the Fund; and (ii) the Sub-Adviser's responsibilities include portfolio trading oversight as well as trading portfolio securities and other investment instruments on behalf of the Fund and selecting broker-dealers to execute purchase and sale transactions, all subject to the supervision of the Adviser and oversight of the Board.

The Board considered the background, sophistication and experience of the Adviser's and Sub-Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the Fund. The Board also considered the Adviser's and Sub-Adviser's extensive administrative and compliance infrastructures. The Board appreciated the fact that both the Adviser and the Sub-Adviser have deep experience and expertise serving as the investment adviser or sub-adviser to other pooled investment vehicles.

The Board considered the Adviser's and Sub-Adviser's portfolio management resources, structures and practices, including those associated with monitoring and seeking to ensure the Fund's compliance with its investment objective and policies and with applicable laws and regulations. The Board also considered information about the Adviser's and Sub-Adviser's overall investment management businesses, including the financial resources available to them needed to deliver high quality advisory and sub-advisory services to the Fund.

*Investment Performance*

Because the Fund is new and has not yet commenced operations, the Board noted that there were no historical performance records to consider. The Board discussed with representatives of the Adviser and Sub-Adviser the proposed portfolio management teams and the investment strategies to be employed in the management of the Fund's assets. The Board considered the Adviser's and the Sub-Adviser's reputations and experience, including their experience managing other accounts.

*Fees Charged to Comparable Funds*

The Board reviewed the advisory fee to be paid by the Fund to the Adviser and the sub-advisory fee to be paid by the Adviser to the Sub-Adviser for their respective services to be provided to the Fund under the Agreements. The Board reviewed a report prepared by an independent third-party comparing the Fund's advisory fee to those paid by a group of peer funds. The Board took into consideration that the advisory fee for the Fund is a "unitary fee," meaning that the Fund pays no expenses other than the advisory fee and certain expenses customarily excluded from unitary fee arrangements, such as brokerage commissions, taxes, and interest. The Board noted that that the proposed management fee for the Fund was the lowest among its peer group. The Board further noted that, under the Agreements, the Adviser is responsible for compensating the Fund's other service providers, including the Sub-Adviser, and paying the Fund's other expenses out of its own fees and resources.

*Profitability and Economies of Scale*

The Board considered information concerning the anticipated profitability of the Adviser and Sub-Adviser from managing the Fund. The Board appreciated that, because the Fund is new, information concerning the Adviser's and Sub-Adviser's profitability with respect to the Fund was based on estimates and therefore, to a large degree, speculative. The Board noted that it will have opportunities in the future to consider and evaluate each of the Adviser's and Sub-Adviser's profitability from managing the Fund after the Fund commences operations and the Adviser and Sub-Adviser begin receiving their respective fees. The Board also considered whether economies of scale or other efficiencies might result as the Fund's assets grow. As the Fund has not yet commenced operations, the Board observed that it is difficult to draw any meaningful conclusions. However, the Board noted the commitment being made by the Adviser by structuring their advisory fees as a unitary fee, which effectively acts as a cap on the Fund's total expense ratios. The Board noted that it intends to monitor for the existence of economies of scale with respect to the management of the Fund.

*Other Benefits*

The Board considered other benefits that might be derived by the Adviser and Sub-Adviser from their relationship with the Fund. The Board considered the potential benefits flowing to the Adviser, Pictet Asset Management S.A. from sponsoring a family of exchange-traded funds.

*Conclusion*

After reviewing these and other factors, the Board concluded, in the context of its overall review of the Agreements, that the nature, extent and quality of services to be provided supported its approval of the Agreements and that the fee to be charged thereunder was reasonable. In the Independent Trustees' deliberations, each Trustee gave specific factors the weight that Trustee thought appropriate. No single factor was determinative of the Board's decision to approve the Agreements on behalf of the Fund; rather, the Board based its determination on the total mix of information available to it.

**Advisor**

Pictet Asset Management S.A.

60 Route Des Acacias

Geneva, Switzerland

**Distributor**

Foreside Fund Services, LLC

190 Middle Street, Suite 301

Portland, ME 04101

**Transfer Agent**

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Boston, MA 02110

**Legal Counsel**

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Information included in Item 7, if applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Information included in Item 7, if applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Information included in Item 7, if applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Information included in Item 7, if applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

**Item 16. Controls and Procedures.**

(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](ex99-cert.htm) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](ex99-906cert.htm) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The 2023 ETF Series Trust

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;/s/ Eric Falkeis |
|  | &nbsp;&nbsp;Eric W. Falkeis, President and Principal Executive Officer of the Trust |
| Date: | &nbsp;&nbsp;June 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;/s/ Eric Falkeis |
|  | &nbsp;&nbsp;Eric W. Falkeis, President and Principal Executive Officer of the Trust |
| Date: | &nbsp;&nbsp;June 8, 2026 |

---

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;/s/ Aaron Perkovich |
|  | &nbsp;&nbsp;Aaron Perkovich, Treasurer and Principal Financial Officer of the Trust |
| Date: | &nbsp;&nbsp;June 8, 2026 |

---

## Ex-99.Cert

[THE 2023 ETF SERIES TRUST N-CSRS](pictet-ncsrs_033126.htm)

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Eric W. Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust on behalf of Pictet AI & Automation
ETF, Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF and Pictet Cleaner Planet ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 8, 2026 | &nbsp;&nbsp;/s/ Eric Falkeis |
|  | &nbsp;&nbsp;Eric W. Falkeis |
|  | &nbsp;&nbsp;President and Principal Executive Officer of the Trust |

---

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT**

**AND SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Aaron Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of The 2023 ETF Series Trust on behalf of Pictet AI & Automation
ETF, Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF and Pictet Cleaner Planet ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: June 8, 2026 | &nbsp;&nbsp;/s/ Aaron Perkovich |
|  | &nbsp;&nbsp;Aaron Perkovich |
|  | &nbsp;&nbsp;Treasurer and Principal Financial Officer of the Trust |

---

## Exhibit 99.906

[THE 2023 ETF SERIES TRUST N-CSRS](pictet-ncsrs_033126.htm)

**Exhibit 19(b)**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, Eric W. Falkeis, President and Principal Executive Officer of The 2023 ETF Series Trust (the "Registrant"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Pictet AI & Automation ETF, Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF and Pictet Cleaner Planet ETF for the semi-annual period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 8, 2026 | &nbsp;&nbsp;/s/ Eric Falkeis |
|  | &nbsp;&nbsp;Eric W. Falkeis |
|  | &nbsp;&nbsp;President and Principal Executive Officer of the Trust |

---

**Exhibit 19(b)**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, Aaron Perkovich, Principal Financial Officer of The 2023 ETF Series Trust (the "Registrant"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Pictet AI & Automation ETF, Pictet AI Enhanced International Equity ETF, Pictet AI Enhanced US Equity ETF and Pictet Cleaner Planet ETF for the semi-annual period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 8, 2026 | &nbsp;&nbsp;/s/ Aaron Perkovich |
|  | &nbsp;&nbsp;Aaron Perkovich |
|  | &nbsp;&nbsp;Treasurer and Principal Financial Officer of the Trust |

---