PWRD

NETZ is a concentrated stock portfolio of companies considered to be driving and benefiting from the energy transition to net zero carbon emissions. Using a proprietary screening framework, the portfolio managers analyze the broad US equity market to select companies that have a strategy to reduce or enable decarbonization at scale. The selection process combines a top-down analysis of the economy with a bottom-up, industry-by-industry, and company-by-company assessment. The fund's adviser does not use sustainability ratings or rankings to exclude specific companies or sectors from investment. As a result, the portfolio may focus on the most carbon-intensive industries in order for the adviser to drive change through its proxy voting guidelines. Such guidelines encourage companies to invest in their employees, communities, customers and the environment. In addition, as an actively managed fund, the fund's adviser has discretion to target specific investment opportunities. Prior to October 13, 2023, the fund was called the Engine No. 1 Transform Climate ETF.