Smart US Large Value ETF — Regulatory Filings 2017

May 23, 2017

Tuesday, 23 May 2017

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USV NTA & Allotment Notice

Smartshares Limited would like to report details of the Units on Issue for the US Large Value Fund (USV) as at 22 May 2017

Units on Issue: 13,284,500 Units Allotted/(Redeemed): - Net Tangible Assets (NTA): $2.75158 Tracking Difference 0.47%

Please note Basket applications and redemptions will be unavailable from Tuesday 16 May to Tuesday 30 May. Basket applications and redemptions will resume on Wednesday 31 May.

The objective of the US Large Value Fund (USV) is to invest in Vanguard's Value ETF (VTV), which aims to track the CRSP US Large Cap Value Index. The CRSP US Large Cap Value Index includes U.S. companies that comprise the top 85% of investable market capitalization that are considered Value securities

Code	Security description
VTV	CRSP US Large Cap Value Index

About Smartshares

Smartshares is the pioneer of ETFs in New Zealand, launching the first ETF (TNZ - the NZ Top 10 Fund) in 1996. Smartshares is New Zealand’s only issuer of ETFs listed on the NZX Main Board, with in excess of 10,000 unit holders and more than NZD $1.6 billion of funds under management. The Special Division of the New Zealand Markets Disciplinary Tribunal regulates Smartshares in a similar way to NZX Regulation’s regulation of other listed issuers. Smartshares funds are listed on NZX so you can buy or sell them just like individual shares. The listed funds are designed to “track” (or, in some cases, outperform) an index. Each Smartshares ETF is designed to provide investors with similar returns to a direct investment in all the securities that make up the ETF. To learn more and obtain a copy of the Product Disclosure Statement, please visit: www.smartshares.co.nz

For further information please contact: Smartshares Limited 0800 80 87 80 smartshares@smartshares.co.nz

www.smartshares.com