Smart NZ Mid Cap ETF — Fund Information / Factsheet 2026

Feb 17, 2026

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Smart NZ Mid Cap ETF

Fund update for the quarter ended 31 December 2025

This fund update was first made publicly available on 12 February 2026.

What is the purpose of this update?

This document tells you how the Smart NZ Mid Cap ETF has performed and what fees were charged. The document will help you to compare the fund with other funds. Smartshares Limited prepared this update in accordance with the Financial Markets Conduct Act 2013. This information is not audited and may be updated.

Description of this fund

The Smart NZ Mid Cap ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX MidCap Index. The Index is comprised of companies listed on the NZX that are included in the S&P/NZX 50 Index but are not included in the S&P/NZX 10 Index.

Total value of the fund $146,779,183 The date the fund started 7 November 2016

What are the risks of investing?

Risk indicator for the Smart NZ Mid Cap ETF

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The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the fund’s assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way.

To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at sorted.org.nz/tools/investor-profiler.

Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating.

This risk indicator is not a guarantee of a fund’s future performance. The risk indicator is based on the returns data for 5 years to 31 December 2025. While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates.

See the Product Disclosure Statement for the Smart Exchange Traded Funds – Australasia Series for more information about the risks associated with investing in this fund.

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How has the fund performed?

	Average over past 5 years	Past year
Annual return (after deductions for charges and tax)	2.16%	18.77%
Annual return (after deductions for charges but before tax)	3.05%	19.90%
Market index annual return (reflects no deduction for charges andtax)	2.93%	19.83%

The market index annual return is based on the annual return of the S&P/NZX Mid Cap Index. Additional information about the market index is available in the 'Other Material Information' document on the offer register at disclose-register.companiesoffice.govt.nz.

Annual return graph

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Fund Return Market Index Return
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Average
annual
return
41.40% 42.40%
19.96%
17.90% 17.19% 17.12%
9.26%
8.17%
5.01% 5.97%
1.88% 2.73%
0.02%
-0.50%
-10.05% -9.37%
-12.81% -12.39%
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This shows the return after fund charges and tax for each year ending 31 March since the fund started. The last bar shows the average annual return since the fund started, up to 31 December 2025.

Important: This does not tell you how the fund will perform in the future.

Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower.

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What fees are investors charged?

Investors in the Smart NZ Mid Cap ETF are charged fund charges. In the year to 31 March 2025 these were:

	% per annum of fund’s net asset value
Total fund charges	0.60%
Which are made up of:
Total management and administration charges	0.60%
Including:
Manager’s basic fee	0.58%
Other management and administration charges	0.02%1

Investors may also be charged individual action fees for specific actions or decisions (for example, withdrawing from or switching funds). See the Product Disclosure Statement for the Smart Exchange Traded Funds – Australasia Series for more information about those fees.

The fees set out above include GST where applicable.

Small differences in fees and charges can have a big impact on your investment over the long term.

Example of how this applies to an investor

Tara had $10,000 in the fund at the start of the year and did not make any further contributions. At the end of the year, Tara received a return after fund charges were deducted but before tax of $1,990 (that is 19.90% of Tara's initial $10,000). This gives Tara a total return after tax of $1,877 for the year.

What does the fund invest in?

Actual investment mix

This shows the types of assets that the fund invests in.

Cash and cash equivalents: 0.06% New Zealand fixed interest: 0.00% International fixed interest: 0.00% Australasian equities: 99.94% International equities: 0.00% Listed property: 0.00% Unlisted property: 0.00% Commodities: 0.00% Other: 0.00%

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Target investment mix

This shows the mix of assets that the fund generally intends to invest in.

Asset Category	Target Asset Mix
Cash and cash equivalents	-
New Zealand fixed interest	-
International fixed interest	-
Australasian equities	100.00%
International equities	-
Listed property	-
Unlisted property	-
Commodities	-
Other	-

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Top 10 investments

Name	% of fund’s net asset value	Type	Country	Credit rating (if applicable)
MERCURY NZ LTD	9.25%	Australasian equities	New Zealand
CHORUS LTD	8.38%	Australasian equities	New Zealand
SUMMERSET GROUP HOLDINGS LTD	6.12%	Australasian equities	New Zealand
RYMAN HEALTHCARE LTD	5.59%	Australasian equities	New Zealand
FREIGHTWAYS GROUP LTD	5.31%	Australasian equities	New Zealand
PORT OF TAURANGA LTD	4.96%	Australasian equities	New Zealand
PRECINCT PROPERTIES GROUP	4.57%	Australasian equities	New Zealand
GOODMAN PROPERTY TRUST	4.22%	Australasian equities	New Zealand
KIWI PROPERTY GROUP LTD	3.57%	Australasian equities	New Zealand
GENESIS ENERGY LTD	2.74%	Australasian equities	New Zealand

The top 10 investments make up 54.71% of the fund’s net asset value.

Currency hedging

The fund does not have foreign currency exposure.

Key personnel[2]

This shows the directors and employees who have the most influence on the investment decisions of the fund:

Key personnel2	Key personnel2	Key personnel2	Key personnel2	Key personnel2	Key personnel2
This shows the directors and employees who have the most influence on the investment decisions of the fund:
	Name	Current position	Time in current position	Previous or other current position	Time in previous or other current position
	Guy Roulston Elliffe	Director	10 years and 1 month	Corporate Governance Manager - ACC (current position)	10 years and 8 months
	Stuart Kenneth Reginald Millar	Chief Investment Officer - Smart	6 years and 7 months	Head of Portfolio Management - ANZ Investments	6 years and 4 months
	Alister John Williams	Director	10 years and 1 month	Investment Manager - Trust Management	5 years and 4 months
	Jon Raby	Director	2 months	Chief Financial Officer - ASB Bank	11 years
	Lisa Turnbull	Chief Executive Officer - Smart	2 months	Chief Executive Officer - NZX Wealth Technologies	8 years and 11 months

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Further information

You can also obtain this information, the Product Disclosure Statement for the Smart Exchange Traded Funds – Australasia Series, and some additional information from the offer register at discloseregister.companiesoffice.govt.nz.

Notes

• 1 We charge fixed fund charges that cover normal fund operating costs. For disclosure purposes, supervisor, audit and legal costs are not included in the manager’s basic fee, but are included in the other management and administration charges. This may be shown as 0.00% due to rounding.

• 2 John Raby was appointed as a director with effect from 1 October 2025, replacing Guy Elliffe who ceased to be a director on 31 December 2025. Lisa Turnbull was appointed as Chief Executive Officer of Smart with effect from 16 October 2025

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