Last refreshed: July 21, 2026 (US ET)

Portfolio Changes

PQNT · Pictet's AI selects approximately 300 international developed-market stocks. Launched in 2025.

HIGH

AI ETFs are now 41.7% defensive — consider a more cautious stance and a larger cash buffer.

From
To

Defensive

41.7%

defensive sector weight

Cash

0.1%

cash & residual

New

0

newly added

Out

0

exited

↑/↓

55/58

weight changes

Portfolio Changes

2026-07-182026-07-21

113 changes

▲ UPBATS
+0.05%
BRITISH AMERICAN TOBACCO /GBP/
Defensive1.25%1.30%
▲ UPNOVN
+0.04%
NOVARTIS AG-REG /CHF/
Growth1.35%1.39%
▲ UPASSAB
+0.04%
ASSA ABLOY AB-B /SEK/
Defensive0.68%0.72%
▲ UPROP
+0.03%
ROCHE HOLDING AG /CHF/
Growth1.40%1.43%
▲ UPZURN
+0.03%
ZURICH INSURANCE GROUP AG /CHF/
Growth1.08%1.11%
▲ UP7974
+0.03%
NINTENDO CO LTD /JPY/
Growth0.74%0.77%
▲ UPGALD
+0.03%
GALDERMA GROUP AG /CHF/
Growth1.02%1.05%
▲ UPNG.L
+0.03%
NATIONAL GRID PLC /GBP/
Defensive0.81%0.84%
▲ UP7741
+0.02%
HOYA CORP /JPY/
Growth1.11%1.13%
▲ UPIBE
+0.02%
IBERDROLA SA /EUR/
Defensive0.79%0.81%
▲ UPMUV2
+0.02%
MUENCHENER RUECKVER AG-R /EUR/
Growth0.82%0.84%
▲ UP1
+0.02%
CK HUTCHISON HOLDINGS LT /HKD/
Defensive0.82%0.84%
▲ UP2914
+0.02%
JAPAN TOBACCO INC /JPY/
Defensive0.82%0.84%
▲ UPENEL
+0.02%
ENEL SPA /EUR/
Defensive0.76%0.78%
▲ UPBAYN
+0.02%
BAYER AG-REG /EUR/
Growth0.55%0.57%
▲ UP6702
+0.02%
FUJITSU LIMITED /JPY/
Growth0.54%0.56%
▲ UP8267
+0.02%
AEON CO LTD /JPY/
Defensive0.70%0.72%
▲ UPLDO
+0.02%
LEONARDO SPA /EUR/
Defensive0.49%0.51%
▲ UP6758
+0.02%
SONY GROUP CORP /JPY/
Growth1.13%1.15%
▲ UPENGI
+0.01%
ENGIE /EUR/
Defensive0.46%0.47%
▲ UPMQG
+0.01%
MACQUARIE GROUP LTD /AUD/
Growth0.44%0.45%
▲ UPVOD
+0.01%
VODAFONE GROUP PLC /GBP/
Defensive0.36%0.37%
▲ UPSPOT
+0.01%
SPOTIFY TECHNOLOGY SA
Growth0.35%0.36%
▲ UPEXPN
+0.01%
EXPERIAN PLC /GBP/
Defensive0.35%0.36%
▲ UPRWE
+0.01%
RWE AG /EUR/
Defensive0.30%0.31%
▲ UPRHM
+0.01%
RHEINMETALL AG /EUR/
Defensive0.29%0.30%
▲ UPTLS
+0.01%
TELSTRA GROUP LTD /AUD/
Growth0.27%0.28%
▲ UPTEF
+0.01%
TELEFONICA SA /EUR/
Growth0.26%0.27%
▲ UPPOLI
+0.01%
BANK HAPOALIM BM /ILS/
Growth0.26%0.27%
▲ UPKPN
+0.01%
KONINKLIJKE KPN NV /EUR/
Growth0.25%0.26%
▲ UPKNEBV
+0.01%
KONE OYJ-B /EUR/
Defensive0.24%0.25%
▲ UPUCB
+0.01%
UCB SA /EUR/
Growth0.22%0.23%
▲ UP7832
+0.01%
BANDAI NAMCO HOLDINGS IN /JPY/
Growth0.22%0.23%
▲ UPTEN
+0.01%
TENARIS SA /EUR/
Defensive0.18%0.19%
▲ UPNAB
+0.01%
NATIONAL AUSTRALIA BANK /AUD/
Growth0.17%0.18%
▲ UPTELIA
+0.01%
TELIA CO AB /SEK/
Growth0.15%0.16%
▲ UPCICT
+0.01%
CAPITALAND INTEGRATED CO /SGD/
Defensive0.15%0.16%
▲ UPSAABB
+0.01%
SAAB AB-B /SEK/
Defensive0.15%0.16%
▲ UPSDZ
+0.01%
SANDOZ GROUP AG /CHF/
Growth0.06%0.07%
▲ UPSAP
+0.01%
SAP SE /EUR/
Defensive1.38%1.39%
▲ UPNDA
+0.01%
NORDEA BANK ABP /EUR/
Growth0.92%0.93%
▲ UPHSBA
+0.01%
HSBC HOLDINGS PLC /GBP/
Growth0.84%0.85%
▲ UPOR
+0.01%
L'OREAL /EUR/
Defensive0.81%0.82%
▲ UP6098
+0.01%
RECRUIT HOLDINGS CO LTD /JPY/
Defensive0.70%0.71%
▲ UPCS
+0.01%
AXA SA /EUR/
Growth0.69%0.70%
▲ UPTSCO
+0.01%
TESCO PLC /GBP/
Defensive0.62%0.63%
▲ UPABBN
+0.01%
ABB LTD-REG /CHF/
Defensive0.61%0.62%
▲ UP4519
+0.01%
CHUGAI PHARMACEUTICAL CO /JPY/
Growth0.61%0.62%
▲ UPSAN
+0.01%
SANOFI /EUR/
Growth0.89%0.90%
▲ UPNESN
+0.01%
NESTLE SA-REG /CHF/
Defensive0.59%0.60%
▲ UPALV
+0.01%
ALLIANZ SE REGISTERED /EUR/
Growth0.59%0.60%
▲ UPSCHN
+0.01%
SCHINDLER HOLDING AG-REG /CHF/
Defensive0.52%0.53%
▲ UPNWG
+0.01%
NATWEST GROUP PLC /GBP/
Growth0.51%0.52%
▲ UPDTE
+0.01%
DEUTSCHE TELEKOM AG-REG /EUR/
Defensive0.50%0.51%
▲ UPEDP
+0.01%
EDP SA /EUR/
Defensive0.47%0.48%
▼ DNPRY
-0.01%
PRYSMIAN SPA /EUR/
Unknown0.35%0.34%
▼ DNPLS
-0.01%
PLS GROUP LTD /AUD/
Unknown0.33%0.32%
▼ DN6988
-0.01%
NITTO DENKO CORP /JPY/
Defensive0.31%0.30%
▼ DN8473
-0.01%
SBI HOLDINGS INC /JPY/
Unknown0.31%0.30%
▼ DNSTE
-0.01%
SINGAPORE TECH ENGINEERI /SGD/
Growth0.30%0.29%
▼ DNBESI
-0.01%
BE SEMICONDUCTOR INDUSTR /EUR/
Growth0.28%0.27%
▼ DNINDT
-0.01%
INDUTRADE AB /SEK/
Defensive0.25%0.24%
▼ DNITX
-0.01%
INDUSTRIA DE DISENO TEXT /EUR/
Growth0.24%0.23%
▼ DN6762
-0.01%
TDK CORP /JPY/
Growth0.22%0.21%
▼ DNBIRG
-0.01%
BANK OF IRELAND GROUP PL /EUR/
Growth0.22%0.21%
▼ DN9502
-0.01%
CHUBU ELECTRIC POWER CO /JPY/
Defensive0.21%0.20%
▼ DNVACN
-0.01%
VAT GROUP AG /CHF/
Growth0.21%0.20%
▼ DN9984
-0.01%
SOFTBANK GROUP CORP /JPY/
Growth0.20%0.19%
▼ DN5801
-0.01%
FURUKAWA ELECTRIC CO LTD /JPY/
Unknown0.18%0.17%
▼ DN6178
-0.01%
JAPAN POST HOLDINGS CO L /JPY/
Unknown0.17%0.16%
▼ DN1801
-0.01%
TAISEI CORP /JPY/
Defensive0.15%0.14%
▼ DN5803
-0.01%
FUJIKURA LTD /JPY/
Defensive0.15%0.14%
▼ DN6504
-0.01%
FUJI ELECTRIC COMPANY/JPY/
Defensive0.14%0.13%
▼ DNSTAN
-0.01%
STANDARD CHARTERED PLC/GBP/
Growth0.14%0.13%
▼ DN6594
-0.01%
NIDEC CORP /JPY/
Defensive0.13%0.12%
▼ DNANTO
-0.01%
ANTOFAGASTA PLC /GBP/
Defensive0.12%0.11%
▼ DN8802
-0.01%
MITSUBISHI ESTATE CO LTD /JPY/
Unknown0.12%0.11%
▼ DNSAND.SS
-0.01%
SANDVIK AB /SEK/
Unknown0.10%0.09%
▼ DN4062
-0.01%
IBIDEN CO LTD /JPY/
Unknown0.09%0.08%
▼ DNSTMPA
-0.01%
STMICROELECTRONICS NV /EUR/
Unknown0.08%0.07%
▼ DN6752
-0.01%
PANASONIC CORP /JPY/
Unknown0.07%0.06%
▼ DN8031
-0.01%
MITSUI & CO LTD /JPY/
Defensive1.21%1.20%
▼ DNABN
-0.01%
ABN AMRO BANK NV-CVA /EUR/
Growth1.12%1.11%
▼ DNINGA
-0.01%
ING GROEP NV /EUR/
Growth1.09%1.08%
▼ DNISP
-0.01%
INTESA SANPAOLO /EUR/
Growth1.09%1.08%
▼ DNUBSG
-0.01%
UBS GROUP AG-REG /CHF/
Growth0.99%0.98%
▼ DNMC
-0.01%
LVMH MOET HENNESSY LOUIS /EUR/
Growth0.95%0.94%
▼ DNEL
-0.01%
ESSILORLUXOTTICA /EUR/
Defensive0.88%0.87%
▼ DNRR.L
-0.01%
ROLLS-ROYCE HOLDINGS PLC /GBP/
Defensive0.83%0.82%
▼ DNSIE.GR
-0.01%
SIEMENS AG-REG /EUR/
Defensive0.76%0.75%
▼ DNAAL
-0.01%
ANGLO AMERICAN PLC /GBP/
Defensive0.72%0.71%
▼ DNLSEG
-0.01%
LONDON STOCK EXCHANGE GR /GBP/
Unknown0.62%0.61%
▼ DN6501
-0.01%
HITACHI LTD /JPY/
Defensive0.62%0.61%
▼ DN1812
-0.01%
KAJIMA CORP /JPY/
Defensive0.60%0.59%
▼ DNRMS
-0.01%
HERMES INTERNATIONAL /EUR/
Growth0.57%0.56%
▼ DNGSK
-0.01%
GSK PLC /GBP/
Defensive0.56%0.55%
▼ DNDBK
-0.01%
DEUTSCHE BANK AG-REGISTE /EUR/
Growth0.56%0.55%
▼ DNRIO
-0.01%
RIO TINTO PLC /GBP/
Defensive0.99%0.98%
▼ DN5802
-0.02%
SUMITOMO ELECTRIC INDUST /JPY/
Defensive0.40%0.38%
▼ DN7011
-0.02%
MITSUBISHI HEAVY INDUSTR /JPY/
Defensive0.66%0.64%
▼ DN8306
-0.02%
MITSUBISHI UFJ FINANCIAL /JPY/
Growth0.62%0.60%
▼ DN8604
-0.02%
NOMURA HOLDINGS INC /JPY/
Growth0.29%0.27%
▼ DN5713
-0.02%
SUMITOMO METAL MINING CO /JPY/
Defensive0.28%0.26%
▼ DNASM
-0.02%
ASM INTERNATIONAL NV /EUR/
Defensive0.54%0.52%
▼ DNBBVA
-0.02%
BANCO BILBAO VIZCAYA ARG /EUR/
Growth1.18%1.16%
▼ DN8601
-0.02%
DAIWA SECURITIES GROUP I /JPY/
Growth0.51%0.49%
▼ DN6146
-0.03%
DISCO CORP /JPY/
Growth0.38%0.35%
▼ DNPRX
-0.03%
PROSUS NV /EUR/
Growth0.70%0.67%
▼ DN6981
-0.03%
MURATA MANUFACTURING CO /JPY/
Unknown0.32%0.29%
▼ DN8035
-0.05%
TOKYO ELECTRON LTD /JPY/
Growth0.74%0.69%
▼ DN6857
-0.05%
ADVANTEST CORP /JPY/
Growth0.77%0.72%
▼ DN285A
-0.09%
KIOXIA HOLDINGS CORP /JPY/
Growth0.64%0.55%
▼ DNASML
-0.11%
ASML HOLDING NV /EUR/
Growth3.55%3.44%
CHANGETICKERCOMPANYTYPEPREV %CURR %Δ
▲ UPBATSBRITISH AMERICAN TOBACCO /GBP/Defensive1.25%1.30%+0.05%
▲ UPNOVNNOVARTIS AG-REG /CHF/Growth1.35%1.39%+0.04%
▲ UPASSABASSA ABLOY AB-B /SEK/Defensive0.68%0.72%+0.04%
▲ UPROPROCHE HOLDING AG /CHF/Growth1.40%1.43%+0.03%
▲ UPZURNZURICH INSURANCE GROUP AG /CHF/Growth1.08%1.11%+0.03%
▲ UP7974NINTENDO CO LTD /JPY/Growth0.74%0.77%+0.03%
▲ UPGALDGALDERMA GROUP AG /CHF/Growth1.02%1.05%+0.03%
▲ UPNG.LNATIONAL GRID PLC /GBP/Defensive0.81%0.84%+0.03%
▲ UP7741HOYA CORP /JPY/Growth1.11%1.13%+0.02%
▲ UPIBEIBERDROLA SA /EUR/Defensive0.79%0.81%+0.02%
▲ UPMUV2MUENCHENER RUECKVER AG-R /EUR/Growth0.82%0.84%+0.02%
▲ UP1CK HUTCHISON HOLDINGS LT /HKD/Defensive0.82%0.84%+0.02%
▲ UP2914JAPAN TOBACCO INC /JPY/Defensive0.82%0.84%+0.02%
▲ UPENELENEL SPA /EUR/Defensive0.76%0.78%+0.02%
▲ UPBAYNBAYER AG-REG /EUR/Growth0.55%0.57%+0.02%
▲ UP6702FUJITSU LIMITED /JPY/Growth0.54%0.56%+0.02%
▲ UP8267AEON CO LTD /JPY/Defensive0.70%0.72%+0.02%
▲ UPLDOLEONARDO SPA /EUR/Defensive0.49%0.51%+0.02%
▲ UP6758SONY GROUP CORP /JPY/Growth1.13%1.15%+0.02%
▲ UPENGIENGIE /EUR/Defensive0.46%0.47%+0.01%
▲ UPMQGMACQUARIE GROUP LTD /AUD/Growth0.44%0.45%+0.01%
▲ UPVODVODAFONE GROUP PLC /GBP/Defensive0.36%0.37%+0.01%
▲ UPSPOTSPOTIFY TECHNOLOGY SAGrowth0.35%0.36%+0.01%
▲ UPEXPNEXPERIAN PLC /GBP/Defensive0.35%0.36%+0.01%
▲ UPRWERWE AG /EUR/Defensive0.30%0.31%+0.01%
▲ UPRHMRHEINMETALL AG /EUR/Defensive0.29%0.30%+0.01%
▲ UPTLSTELSTRA GROUP LTD /AUD/Growth0.27%0.28%+0.01%
▲ UPTEFTELEFONICA SA /EUR/Growth0.26%0.27%+0.01%
▲ UPPOLIBANK HAPOALIM BM /ILS/Growth0.26%0.27%+0.01%
▲ UPKPNKONINKLIJKE KPN NV /EUR/Growth0.25%0.26%+0.01%
▲ UPKNEBVKONE OYJ-B /EUR/Defensive0.24%0.25%+0.01%
▲ UPUCBUCB SA /EUR/Growth0.22%0.23%+0.01%
▲ UP7832BANDAI NAMCO HOLDINGS IN /JPY/Growth0.22%0.23%+0.01%
▲ UPTENTENARIS SA /EUR/Defensive0.18%0.19%+0.01%
▲ UPNABNATIONAL AUSTRALIA BANK /AUD/Growth0.17%0.18%+0.01%
▲ UPTELIATELIA CO AB /SEK/Growth0.15%0.16%+0.01%
▲ UPCICTCAPITALAND INTEGRATED CO /SGD/Defensive0.15%0.16%+0.01%
▲ UPSAABBSAAB AB-B /SEK/Defensive0.15%0.16%+0.01%
▲ UPSDZSANDOZ GROUP AG /CHF/Growth0.06%0.07%+0.01%
▲ UPSAPSAP SE /EUR/Defensive1.38%1.39%+0.01%
▲ UPNDANORDEA BANK ABP /EUR/Growth0.92%0.93%+0.01%
▲ UPHSBAHSBC HOLDINGS PLC /GBP/Growth0.84%0.85%+0.01%
▲ UPORL'OREAL /EUR/Defensive0.81%0.82%+0.01%
▲ UP6098RECRUIT HOLDINGS CO LTD /JPY/Defensive0.70%0.71%+0.01%
▲ UPCSAXA SA /EUR/Growth0.69%0.70%+0.01%
▲ UPTSCOTESCO PLC /GBP/Defensive0.62%0.63%+0.01%
▲ UPABBNABB LTD-REG /CHF/Defensive0.61%0.62%+0.01%
▲ UP4519CHUGAI PHARMACEUTICAL CO /JPY/Growth0.61%0.62%+0.01%
▲ UPSANSANOFI /EUR/Growth0.89%0.90%+0.01%
▲ UPNESNNESTLE SA-REG /CHF/Defensive0.59%0.60%+0.01%
▲ UPALVALLIANZ SE REGISTERED /EUR/Growth0.59%0.60%+0.01%
▲ UPSCHNSCHINDLER HOLDING AG-REG /CHF/Defensive0.52%0.53%+0.01%
▲ UPNWGNATWEST GROUP PLC /GBP/Growth0.51%0.52%+0.01%
▲ UPDTEDEUTSCHE TELEKOM AG-REG /EUR/Defensive0.50%0.51%+0.01%
▲ UPEDPEDP SA /EUR/Defensive0.47%0.48%+0.01%
▼ DNPRYPRYSMIAN SPA /EUR/Unknown0.35%0.34%-0.01%
▼ DNPLSPLS GROUP LTD /AUD/Unknown0.33%0.32%-0.01%
▼ DN6988NITTO DENKO CORP /JPY/Defensive0.31%0.30%-0.01%
▼ DN8473SBI HOLDINGS INC /JPY/Unknown0.31%0.30%-0.01%
▼ DNSTESINGAPORE TECH ENGINEERI /SGD/Growth0.30%0.29%-0.01%
▼ DNBESIBE SEMICONDUCTOR INDUSTR /EUR/Growth0.28%0.27%-0.01%
▼ DNINDTINDUTRADE AB /SEK/Defensive0.25%0.24%-0.01%
▼ DNITXINDUSTRIA DE DISENO TEXT /EUR/Growth0.24%0.23%-0.01%
▼ DN6762TDK CORP /JPY/Growth0.22%0.21%-0.01%
▼ DNBIRGBANK OF IRELAND GROUP PL /EUR/Growth0.22%0.21%-0.01%
▼ DN9502CHUBU ELECTRIC POWER CO /JPY/Defensive0.21%0.20%-0.01%
▼ DNVACNVAT GROUP AG /CHF/Growth0.21%0.20%-0.01%
▼ DN9984SOFTBANK GROUP CORP /JPY/Growth0.20%0.19%-0.01%
▼ DN5801FURUKAWA ELECTRIC CO LTD /JPY/Unknown0.18%0.17%-0.01%
▼ DN6178JAPAN POST HOLDINGS CO L /JPY/Unknown0.17%0.16%-0.01%
▼ DN1801TAISEI CORP /JPY/Defensive0.15%0.14%-0.01%
▼ DN5803FUJIKURA LTD /JPY/Defensive0.15%0.14%-0.01%
▼ DN6504FUJI ELECTRIC COMPANY/JPY/Defensive0.14%0.13%-0.01%
▼ DNSTANSTANDARD CHARTERED PLC/GBP/Growth0.14%0.13%-0.01%
▼ DN6594NIDEC CORP /JPY/Defensive0.13%0.12%-0.01%
▼ DNANTOANTOFAGASTA PLC /GBP/Defensive0.12%0.11%-0.01%
▼ DN8802MITSUBISHI ESTATE CO LTD /JPY/Unknown0.12%0.11%-0.01%
▼ DNSAND.SSSANDVIK AB /SEK/Unknown0.10%0.09%-0.01%
▼ DN4062IBIDEN CO LTD /JPY/Unknown0.09%0.08%-0.01%
▼ DNSTMPASTMICROELECTRONICS NV /EUR/Unknown0.08%0.07%-0.01%
▼ DN6752PANASONIC CORP /JPY/Unknown0.07%0.06%-0.01%
▼ DN8031MITSUI & CO LTD /JPY/Defensive1.21%1.20%-0.01%
▼ DNABNABN AMRO BANK NV-CVA /EUR/Growth1.12%1.11%-0.01%
▼ DNINGAING GROEP NV /EUR/Growth1.09%1.08%-0.01%
▼ DNISPINTESA SANPAOLO /EUR/Growth1.09%1.08%-0.01%
▼ DNUBSGUBS GROUP AG-REG /CHF/Growth0.99%0.98%-0.01%
▼ DNMCLVMH MOET HENNESSY LOUIS /EUR/Growth0.95%0.94%-0.01%
▼ DNELESSILORLUXOTTICA /EUR/Defensive0.88%0.87%-0.01%
▼ DNRR.LROLLS-ROYCE HOLDINGS PLC /GBP/Defensive0.83%0.82%-0.01%
▼ DNSIE.GRSIEMENS AG-REG /EUR/Defensive0.76%0.75%-0.01%
▼ DNAALANGLO AMERICAN PLC /GBP/Defensive0.72%0.71%-0.01%
▼ DNLSEGLONDON STOCK EXCHANGE GR /GBP/Unknown0.62%0.61%-0.01%
▼ DN6501HITACHI LTD /JPY/Defensive0.62%0.61%-0.01%
▼ DN1812KAJIMA CORP /JPY/Defensive0.60%0.59%-0.01%
▼ DNRMSHERMES INTERNATIONAL /EUR/Growth0.57%0.56%-0.01%
▼ DNGSKGSK PLC /GBP/Defensive0.56%0.55%-0.01%
▼ DNDBKDEUTSCHE BANK AG-REGISTE /EUR/Growth0.56%0.55%-0.01%
▼ DNRIORIO TINTO PLC /GBP/Defensive0.99%0.98%-0.01%
▼ DN5802SUMITOMO ELECTRIC INDUST /JPY/Defensive0.40%0.38%-0.02%
▼ DN7011MITSUBISHI HEAVY INDUSTR /JPY/Defensive0.66%0.64%-0.02%
▼ DN8306MITSUBISHI UFJ FINANCIAL /JPY/Growth0.62%0.60%-0.02%
▼ DN8604NOMURA HOLDINGS INC /JPY/Growth0.29%0.27%-0.02%
▼ DN5713SUMITOMO METAL MINING CO /JPY/Defensive0.28%0.26%-0.02%
▼ DNASMASM INTERNATIONAL NV /EUR/Defensive0.54%0.52%-0.02%
▼ DNBBVABANCO BILBAO VIZCAYA ARG /EUR/Growth1.18%1.16%-0.02%
▼ DN8601DAIWA SECURITIES GROUP I /JPY/Growth0.51%0.49%-0.02%
▼ DN6146DISCO CORP /JPY/Growth0.38%0.35%-0.03%
▼ DNPRXPROSUS NV /EUR/Growth0.70%0.67%-0.03%
▼ DN6981MURATA MANUFACTURING CO /JPY/Unknown0.32%0.29%-0.03%
▼ DN8035TOKYO ELECTRON LTD /JPY/Growth0.74%0.69%-0.05%
▼ DN6857ADVANTEST CORP /JPY/Growth0.77%0.72%-0.05%
▼ DN285AKIOXIA HOLDINGS CORP /JPY/Growth0.64%0.55%-0.09%
▼ DNASMLASML HOLDING NV /EUR/Growth3.55%3.44%-0.11%