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Management fees

Smartshares and other ETF management fees are generally substantially lower than actively managed funds. Management fees are charged as a percentage per annum of the net asset value of the holding.

Details of the principal Smartshares management fees are set out below.

SmartFONZ and SmartMOZY
No. of units held Management fee % per annum
of net asset value of holding
Up to 1,999 0.90%
2,000 to 399,999 0.75%
400,000 to 999,999 0.60%
1,000,000 to 2,499,999 0.40%
2,500,000 or more To be negotiated with the Manager

SmartTENZ
No. of units held Management fee % per annum
of net asset value of holding
7,000 to 499,999 0.60%
500,000 to 1,499,999 0.20%
1,500,000 to 4,99,999 0.10%
5,000,000 or more To be negotiated with the Manager
Any holding of SmartTENZ units acquired or sold down to less than 7,000 will be subject to an administration charge of $3 per month.

SmartMIDZ
No. of units held Management fee % per annum
of net asset value of holding
2,000 to 399,999 0.75%
400,000 to 2,499,999 0.40%
2,500,000 To be negotiated with the Manager
Any holdings of fewer than 2,000 SmartMIDZ units will be subject to a minimum charge of $3 per month.

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Smartshares Limited is a wholly owned subsidiary of New Zealand Exchange Limited (NZX) and is the manager of SmartFONZ, SmartTENZ, SmartMIDZ, SmartMOZY and SmartOZZY Funds. NZX does not guarantee the performance of SmartFONZ, SmartTENZ, SmartMIDZ, SmartMOZY, and SmartOZZY Funds. Units in SmartFONZ, SmartTENZ, SmartMIDZ, SmartMOZY, and SmartOZZY Funds have been accepted for quotation by NZX and will be quoted upon completion of allotment procedures. However the Special Division which regulates NZX takes no responsibility for this offer. Copies of relevant Investment Statements can be obtained by contacting a Primary Market Participant or Smartshares Ltd directly at www.smartshares.nzx.com or by phoning 0800 80 87 80. All currency in New Zealand dollars unless otherwise stated.