USG Distribution Letter – May 2020

Friday, 22 May 2020 Smartshares US Large Growth ETF Distribution - May 2020 The Smartshares US Large Growth ETF (USG) invests in the Vanguard Growth ETF, which is designed to track the return on the CRSP US Large Cap Growth Index. USG pays semi-annual distributions, where available, based on income received during that distribution calculation period from the underlying Fund. For the period 21 November 2019 to 20 May 2020, the Fund has not received sufficient income to pay a distribution and cover forecast taxes and expenses. As a result, USG will not pay a distribution for the period ending 29 May 2020. 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 18,000 unit holders and more than NZD $3.2 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 End CA:00353552 For:USG Type:CORPACT Time:2020-05-22 13:46:49