Hi blackcap,

Thanks for your feedback, we take fee disclosure seriously as a low cost provider. We publish the management fees for the funds, which apply to all investors, across our website on each fund page and also on the funds summary page. It is important to remember that the fund application fee of $30 is only applicable to those who apply directly to Smartshares and only for the first investment in an ETF. It does not apply to those who buy units on market or who purchase additional units in a fund they already own. This is why it is disclosed in the PDS (which investors have to read before investing directly with Smartshares). It is not an attempt to hide the fee, purely to note it only applies in certain circumstances. Nonetheless, we do appreciate your opinion on this and we'll look at how we can update our online form to make sure this is as clear as possible.