未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

INTERIM FINANCIAL STATEMENTS MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES (FORMERLY KNOWN AS HORIZONS EXCHANGE TRADED FUNDS SERIES)

MIRAE ASSET HORIZONS KOSPI 200 ETF

MIRAE ASSET HORIZONS S&P EMERGING ASIA CONSUMER ETF

MIRAE ASSET HORIZONS S&P GLOBAL CONSUMER BRANDS ETF

MIRAE ASSET HORIZONS MSCI CHINA ETF

MIRAE ASSET HORIZONS HANG SENG HIGH DIVIDEND YIELD ETF

MIRAE ASSET HORIZONS CSI 300 ETF

MIRAE ASSET HORIZONS S&P ASIA EX JAPAN HEALTHCARE ETF

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017

(SUB-FUNDS OF MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES)

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

Unaudited Condensed Interim Financial Statements

CONTENTS

Page Interim financial statements

Statement of net assets (Unaudited) 1 - 2 Statement of profit or loss and other comprehensive income (Unaudited) 3 - 4 Statement of changes in net assets attributable to unitholders (Unaudited) 5 - 6 Statement of cash flows (Unaudited) 7 - 13 Notes to the financial statements (Unaudited) 14 - 43 Investment portfolio (Unaudited) 44 - 63 Statement of movements in investment portfolio (Unaudited) 64 - 90 Performance record (Unaudited) 91 - 92 Management and administration 93 - 94

IMPORTANT:

Any opinion expressed herein reflects the Manager’s view only and are subject to change. For more information about Mirae Asset Horizons Exchange Traded Funds Series, please refer to the prospectus of the Mirae Asset Horizons Exchange Traded Funds Series which is available at our website: .

Investors should not rely on the information contained in this report for their investment decision.

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES STATEMENT OF NET ASSETS

As at 30 September 2017 (unaudited)

Mirae Asset Horizons KOSPI 200 ETF Mirae Asset Horizons S&P Emerging

Asia Consumer ETF

Mirae Asset Horizons S&P Global

Consumer Brands ETF

Mirae Asset Horizons MSCI

China ETF

As at As at As at As at As at As at As at As at

30 September 2017 31 March 2017 30 September 2017 31 March 2017 30 September 2017 31 March 2017 30 September 2017 31 March 2017

(unaudited) (audited) (unaudited) (audited) (unaudited) (audited) (unaudited) (audited) Notes HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$

ASSETS

Financial assets at fair value through profit or

loss 6(e) 35,870,243 32,128,878 4,861,306 38,513,819 52,833,211 46,629,496 751,726,403 683,894,266 Amount due from broker 6(g) ––––––80,198 –Amount due from the Manager 6(h) –38,018 ––––––Dividends receivable –404,244 19,193 –81,646 143,992 1,161,001 –Prepayments and other receivables ––20,292 29,448 ––––Bank balances 6(e) 262,635 29,316 134,263 164,596 301,311 279,037 3,957,929 2,493,460 TOTAL ASSETS36,132,878 32,600,4565,035,054 38,707,863 53,216,168 47,052,525756,925,531 686,387,726 LIABILITIES

Management fee payable 6(b) 7,533 3,760 73,367 41,112 96,993 93,948 157,610 76,082 Trustee fee payable 6(c) 18,082 14,625 20,466 11,077 25,865 25,432 321,653 156,505 Administration fee payable 6(d)(ii) 18,080 14,626 30,696 16,616 38,797 38,149 293,811 156,086 Custody fee payable 6(d)(iii) –––11,952 –18,826 –337,760 Amount due to broker 6(g) ––––––852,103 –Other payables 6(f) ––32,500 ––22,500 30,000 67,500 TOTAL LIABILITIES43,695 33,011157,029 80,757 161,655 198,8551,655,177 793,933 EQUITY

Net assets attributable to unitholders3(a) 36,089,183 32,567,4454,878,025 38,627,106 53,054,513 46,853,670755,270,354 685,593,793 TOTAL LIABILITIES AND EQUITY 36,132,878 32,600,456 5,035,054 38,707,863 53,216,168 47,052,525 756,925,531 686,387,726 Number of units in issue 3(b) 1,500,000 1,500,000 200,000 1,800,000 1,600,000 1,600,000 23,400,000 27,000,000 Net asset value per unit 3(b) 24.0595 21.7116 24.3902 21,4595 33.1591 29.2835 32.2766 25.3924

The accompanying notes are an integral part of these financial statements.

1

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES STATEMENT OF NET ASSETS (CONTINUED)

As at 30 September 2017 (unaudited)

Mirae Asset Horizons Hang Seng

High Dividend Yield ETF Mirae Asset Horizons CSI 300 ETF Mirae Asset Horizons S&P Asia Ex Japan Healthcare

ETF

As at As at As at As at As at As at

30 September 2017 31 March 2017 30 September 2017 31 March 2017 30 September 2017 31 March 2017

(unaudited) (audited) (unaudited) (audited) (unaudited) (audited) Notes HK$ HK$ RMB RMB HK$ HK$

ASSETS

Financial assets at fair value through profit or

loss 6(e) 229,425,491 196,806,916 129,311,230 110,528,453 26,398,673 24,742,771 Dividends receivable 1,598,618 433,089 ––19,706 17,492 Amount due from the Manager 6(h) ––35,852 –––Deposit reserve - China Exchange Clearing ––39,120 37,242 ––Bank balances 6(e) 764,129 278,823 1,861,702 377,757 233,097 131,901 TOTAL ASSETS231,788,238 197,518,828131,247,904 110,943,452 26,651,476 24,892,164

LIABILITIES

Management fee payable 6(b) 161,346 94,066 125,419 67,515 60,204 26,759 Trustee fee payable 6(c) 89,637 52,827 60,201 32,777 20,934 7,211 Formation fee payable 6(d)(i) –––70,997 1,368,764 1,392,513 Administration fee payable 6(d)(ii) 89,637 52,827 60,201 32,777 88,968 30,648 Custody fee payable 6(d)(iii) –105,512 –127,108 –21,169 Amount due to broker 6(g) ––51,832 –––Redemption payable 6(i) ––20,615 76,573 ––Other payables 6(f) 22,500 67,500 6,000 6,000 –7,500 TOTAL LIABILITIES363,120 372,732 324,268 413,747 1,538,870 1,485,800 EQUITY

Net assets attributable to unitholders3(a) 231,425,118 197,146,096 130,923,636 110,529,70525,112,606 23,406,364 TOTAL LIABILITIES AND EQUITY 231,788,238 197,518,828 131,247,904110,943,45226,651,476 24,892,164 Number of units in issue 3(b) 8,000,000 7,800,000 10,000,000 9,500,0002,400,000 2,400,000 Net asset value per unit 3(b) 28.9282 25.2751 13.0924 11.634710.4636 9.7527

The accompanying notes are an integral part of these financial statements.

2

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons KOSPI 200 ETF Mirae Asset Horizons S&P Emerging Asia

Consumer ETF

Mirae Asset Horizons S&P Global

Consumer Brands ETF Mirae Asset Horizons MSCI China ETF

For the six months

ended For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017 30 September 2016

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Notes HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ INCOME

Dividend income 92,135 29,376 779,411 699,778 682,211 1,675,999 16,641,084 9,333,935 Interest income 65 165 1 1 4 28 85 23 Net gain on financial assets at fair value through

profit or loss 5 3,512,835 3,108,902 5,223,185 3,873,082 5,857,512 3,637,207 162,317,264 40,140,502 Net exchange (loss)/gain (6,894) 25,417 (137,242) (10,804) (5,256) (74,266) (8,551) (18,194)

3,598,141 3,163,860 5,865,355 4,562,057 6,534,471 5,238,968 178,949,882 49,456,266 EXPENSES

Management fee 6(b) (8,766) (8,841) (86,813) (78,097) (113,149) (228,597) (183,342) (105,049) Trustee fee 6(c) (21,037) (21,218) (24,052) (20,825) (30,173) (60,960) (374,168) (214,385) Custody fee and bank charges 6(d)(iii) (779) (50,748) (521) (12,361) (123) (13,908) (39,781) (158,797) Transaction costs on financial assets at fair value

through profit or loss 6(a) (3,868) (33,930) (90,896) (18,652) (12,802) (71,727) (203,992) (132,902) Legal expenses ––(1,422) –––––Professional fee 6(d)(iv) –––(177) ––––Registration fee ––(7,734) (997) ––––Administration fee 6(d)(ii) (21,037) (21,218) (36,075) (31,239) (45,260) (91,439) (346,134) (216,529) Other expenses –––––––(4,500)

(55,487) (135,955) (247,513) (162,348) (201,507) (466,631) (1,147,417) (832,162) Operating profit3,542,654 3,027,905 5,617,842 4,399,709 6,332,964 4,772,337 177,802,465 48,624,104 FINANCE COSTS

Interest expense (331) (5) (3,519) (2,242) (2,286) (1,049) ––Profit before tax3,542,323 3,027,900 5,614,323 4,397,467 6,330,678 4,771,288 177,802.465 48,624,104 Withholding tax on dividend income8 (20,585) (6,469) (69,106) (67,968) (129,835) (399,009) (1,378,855) (744,523) Withholding tax on capital gains ––(76,830) (12,925) ––––Profit after tax and total comprehensive

income for the period 3,521,738 3,021,431 5,468,387 4,316,574 6,200,843 4,372,279 176,423,610 47,879,581 The accompanying notes are an integral part of these financial statements.

3

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons Hang Seng

High Dividend Yield ETF Mirae Asset Horizons CSI 300 ETF

Mirae Asset Horizons S&P Asia

Ex Japan Healthcare ETF1

For the six months

ended For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Notes HK$ HK$ RMB RMB HK$ INCOME

Dividend income 8,861,862 14,122,875 2,294,913 2,468,715 181,735 Interest income 3 40 1,751 2,121 1 Net gain on financial assets at fair value through

profit or loss 5 28,472,656 20,815,226 12,162,991 1,075,661 1,745,310 Net exchange (loss)/gain (563) 484 (94) 4 (15,198)

37,333,958 34,938,625 14,459,561 3,546,501 1,911,848 EXPENSES

Management fee 6(b) (188,372) (248,399) (146,763) (139,596) (68,785) Trustee fee 6(c) (104,651) (137,999) (70,446) (67,006) (23,222) Custody fee and bank charges 6(d)(iii) (21,640) (111,372) (1,273) (101,820) (993) Transaction costs on financial assets at fair value

through profit or loss 6(a) (301,188) (446,989) (23,194) (27,517) (6,397) Administration fee 6(d)(ii) (104,651) (137,999) (70,446) (67,006) (98,694) Other expenses –(4,500) –(3,857) –

(720,502) (1,087,258) (312,122) (406,802) (198,091) Operating profit36,613,456 33,851,367 14,147,439 3,139,699 1,713,757 FINANCE COSTS

Interest expense (2,022) ––(15) (5) Profit before tax36,611,434 33,851,367 14,147,439 3,139,684 1,713,752 Withholding tax on dividend income8 (274,761) (567,736) (239,456) (256,904) (7,510) Profit after tax and total comprehensive income

for the period 36,336,673 33,283,631 13,907,983 2,882,780 1,706,242 1As this Sub-Fund commenced operations only on 24 November 2016, no comparatives are available.

The accompanying notes are an integral part of these financial statements.

4

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons KOSPI 200 ETF Mirae Asset Horizons S&P Emerging Asia

Consumer ETF

Mirae Asset Horizons S&P Global

Consumer Brands ETF

Mirae Asset Horizons MSCI

China ETF

For the six months

ended For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017 30 September 2016

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ Balance at the beginning of the period32,567,445 36,742,47238,627,106 32,741,396 46,853,670 99,382,750 685,593,793 497,990,407 Issue of units during the period

- in-kind1–––––––52,713,850 - cash creation and cash component –––––11,047,995 38,857,357 822,490 Redemption of units during the period

- in-kind1––––––(38,215,295) (122,892,657) - cash redemption and cash component –(9,790,314) (39,217,468) –––(107,389,110) (16,611,090) Net (redemption)/issue of units –(9,790,314) (39,217,468) ––11,047,995 (106,747,048) (85,967,407) Profit after tax and total comprehensive income for the

period 3,521,738 3,021,431 5,468,387 4,316,574 6,200,843 4,372,279 176,423,610 47,879,581 Balance at the end of the period36,089,183 29,973,589 4,878,025 37,057,970 53,054,513 114,803,024755,270,355 459,902,581

The accompanying notes are an integral part of these financial statements.

5

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons Hang Seng

High Dividend Yield ETF Mirae Asset Horizons CSI 300 ETF

Mirae Asset Horizons S&P Asia

Ex Japan Healthcare ETF2

For the six months

ended For the six months

ended

For the six months

ended

For the six months

ended

For the six months

ended

30 September 2017 30 September 2016 30 September 2017 30 September 2016 30 September 2017

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Notes HK$ HK$ RMB RMB HK$ Balance at the beginning of the period197,146,096 265,796,996 110,529,705 112,314,213 23,406,364

Issue of units during the period

- cash creation and cash component 16,856,892 9,388,204 6,531,369 ––Redemption of units during the period

- in-kind1(312,582) (98,064) –––- cash redemption and cash component (9,961,961) (51,185,954) (45,421)(5,317,663) –Net issue/(redemption) of units 6,582,349 (41,895,814) 6,485,948 (5,317,663) –

Distribution to unitholders 9 (8,640,000) (12,444,000) –––Profit after tax and total comprehensive income for the

period 36,336,673 33,283,631 13,907,983 2,882,780 1,706,242

Balance at the end of the period231,425,118 244,740,813 130,923,636 109,879,33025,112,606

1For major non-cash transactions please refer to note 4.

2As this Sub-Fund commenced operations only on 24 November 2016, no comparatives are available.

The accompanying notes are an integral part of these financial statements.

6

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons KOSPI 200 ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note HK$ HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 3,542,323 3,027,900 Adjustments for:

Dividend income (92,135) (29,376) Interest income (65) (165) Interest expense 331 5

3,450,454 2,998,364 (Increase)/decrease in financial assets at fair value through profit or loss (3,741,365) 6,412,651 Decrease in amount due from the Manager 38,018 –Increase/(decrease) in management fee payable 3,773 (274) Increase in trustee fee payable 3,457 3,375 Increase in administration fee payable 3,454 3,763 Increase in custody fee payable –38,135 Increase in other payables –14,613 Cash (used in)/generated from operations (242,209) 9,470,627 Dividends received 475,794 475,757 Interest received 65 165 Interest paid (331) (5) Net cash flows generated from operating activities 233,319 9,946,544 CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid on redemption of units –(9,790,314) Net cash flows used in financing activities –(9,790,314) NET INCREASE IN CASH AND CASH EQUIVALENTS 233,319 156,230 Cash and cash equivalents at the beginning of the period 29,316 36,400 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 262,635 192,630 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 262,635 192,630 The accompanying notes are an integral part of these financial statements.

7

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons S&P Emerging Asia

Consumer ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note HK$ HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 5,614,323 4,397,467 Adjustments for:

Dividend income (779,411) (699,778) Interest income (1) (1) Interest expense 3,519 2,242

4,838,430 3,699,930 Decrease/(increase) in financial assets at fair value through profit or

loss 33,652,513 (4,283,589) Decrease/(increase) in prepayment and other receivables 9,156 (35,552) Increase in management fee payable 32,255 1,743 Increase in trustee fee payable 9,389 4,460 Increase in administration fee payable 14,080 6,689 Decrease in custody fee payable (11,952) (490) Increase in other payables 32,500 –Cash generated from/(used in) operations 38,576,371 (606,809) Dividends received 691,112 599,539 Interest received 1 1 Interest paid (3,519) (2,242) Withholding tax on capital gains paid (76,830) (12,925) Net cash flows generated from/(used in) operating activities 39,187,135 (22,436) CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid on redemption of units (39,217,468) –Net cash flows used in financing activities (39,217,468) –NET DECREASE IN CASH AND CASH EQUIVALENTS (30,333) (22,436) Cash and cash equivalents at the beginning of the period 164,596 293,766 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 134,263 271,330 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 134,263 271,330 The accompanying notes are an integral part of these financial statements.

8

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons S&P Global

Consumer Brands ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note HK$ HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 6,330,678 4,771,288 Adjustments for:

Dividend income (682,211) (1,675,999) Interest income (4) (28) Interest expense 2,286 1,049

5,650,749 3,096,310 Increase in financial assets at fair value through profit or loss (6,203,715) (16,078,013) Decrease in amount due from broker –28,806 Increase in management fee payable 3,045 4,544 Increase in trustee fee payable 433 12,504 Increase in administration fee payable 648 18,756 Decrease in custody fee payable (18,826) (740) Decrease in other payables (22,500) –Cash used in operations (590,166) (12,917,833) Dividends received 614,722 1,466,967 Interest received 4 28 Interest paid (2,286) (1,049) Net cash flows generated from/(used in) operating activities 22,274 (11,451,887) CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from issue of units –11,047,995 Net cash flows generated from financing activities –11,047,995 NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENTS 22,274 (403,892) Cash and cash equivalents at the beginning of the period 279,037 973,828 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 301,311 569,936 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 301,311 569,936 The accompanying notes are an integral part of these financial statements.

9

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons MSCI China ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note HK$ HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 177,802,465 48,624,104 Adjustments for:

Dividend income (16,641,084) (9,333,935) Interest income (85) (23)

161,161,296 39,290,146 Increase in financial assets at fair value through profit or loss (106,047,432) (33,518,125) Increase in amount due from broker (80,198) (38,004) Increase/(decrease) in management fee payable 81,528 (1,623) Increase in trustee fee payable 165,148 36,520 Decrease in formation fee payable –(15,979) Increase in administration fee payable 137,725 36,886 Increase in amount due to broker 852,102 –Decrease in custody fee payable (337,760) (131,121) Decrease in other payables (37,500) (30,000) Cash generated from operations 55,894,909 5,628,700 Dividends received 14,101,228 8,057,415 Interest received 85 23 Net cash flows generated from operating activities 69,996,222 13,686,138 CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from issue of units 38,857,357 822,490 Cash paid on redemption of units (107,389,110) (16,611,090) Net cash flows used in financing activities (68,531,753) (15,788,600) NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENTS 1,464,469 (2,102,462) Cash and cash equivalents at the beginning of the period 2,493,460 6,752,678 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 3,957,929 4,650,216 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 3,957,929 4,650,216 The accompanying notes are an integral part of these financial statements.

10

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons Hang Seng

High Dividend Yield ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note HK$ HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 36,611,434 33,851,367 Adjustments for:

Dividend income (8,861,862) (14,122,875) Interest income (3) (40) Interest expenses 2,022 –

27,751,591 19,728,452 (Increase)/decrease in financial assets at fair value through profit or loss (32,931,157) 14,811,065 Increase in management fee payable 67,280 3,035 Increase in trustee fee payable 36,810 28,063 Decrease in formation fee payable –(15,979) Increase in administration fee payable 36,810 28,065 (Decrease)/increase in custody fee payable (105,512) 31,993 Increase in amount due to broker –288,515 Decrease in other payables (45,000) (15,000) Cash (used in)/generated from operations (5,189,178) 34,888,209 Dividends received 7,421,572 12,394,678 Interest received 3 40 Interest paid (2,022) –Net cash flows generated from operating activities 2,230,375 47,282,927 CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from issue of units 16,856,892 9,388,204 Cash paid on redemption of units (9,961,961) (51,185,954) Cash paid on distribution to unitholders (8,640,000) (12,444,000) Net cash flows used in financing activities (1,745,069) (54,241,750) NET INCREASE/(DECREASE) IN CASH AND CASH

EQUIVALENTS 485,306 (6,958,823) Cash and cash equivalents at the beginning of the period 278,823 7,755,435 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 764,129 796,612 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 764,129 796,612 The accompanying notes are an integral part of these financial statements.

11

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset Horizons CSI 300 ETF

For the six

months ended 30 September 2017

For the six

months ended 30 September 2016

(unaudited) (unaudited)

Note RMB RMB CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 14,147,439 3,139,684 Adjustments for:

Dividend income (2,294,913) (2,468,715) Interest income (1,751) (2,121) Interest expense –15

11,850,775 668,863 (Increase)/decrease in financial assets at fair value through profit or loss (18,782,777) 3,615,595 Increase in amount due from the Manager (35,852) –(Increase)/decrease in deposit reserve - China Exchange Clearing (1,878) 1,634 Increase/(decrease) in management fee payable 57,904 (495) Increase in trustee fee payable 27,424 11,924 Decrease in formation fee payable (70,997) (184,269) Increase in administration fee payable 27,424 11,924 (Decrease)/increase in custody fee payable (127,108) 2,803 Decrease in redemption payable –(182,525) Increase in amount due to broker 51,832 –Cash (used in)/generated from operations (7,003,253) 3,945,454 Dividends received 2,055,457 2,208,751 Interest received 1,751 2,121 Interest paid –(15) Net cash flows (used in)/generated from operating activities (4,946,045) 6,156,311 CASH FLOWS FROM FINANCING ACTIVITIES

Cash received from issue of units 6,531,369 –Cash paid on redemption of units (101,379) (5,317,663) Net cash flows generated from/(used in) financing activities 6,429,990 (5,317,663) NET INCREASE IN CASH AND CASH EQUIVALENTS 1,483,945 838,648 Cash and cash equivalents at the beginning of the period 377,757 890,783 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 1,861,702 1,729,431 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 1,861,702 1,729,431 The accompanying notes are an integral part of these financial statements.

12

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES STATEMENT OF CASH FLOWS (CONTINUED)

For the six months ended 30 September 2017 (unaudited)

Mirae Asset

Horizons S&P Asia

Ex Japan Healthcare

ETF1

For the six

months ended

30 September 2017

(unaudited)

Note HK$ CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 1,713,752 Adjustments for:

Dividend income (181,735) Interest income (1) Interest expense 5

1,532,021 Increase in financial assets at fair value through profit or loss (1,655,902) Increase in management fee payable 33,445 Increase in trustee fee payable 13,723 Decrease in formation fee payable (23,749) Increase in administration fee payable 58,320 Decrease in custody fee payable (21,169) Decrease in other payables (7,500) Cash used in operations (70,811) Dividends received 172,011 Interest received 1 Interest paid (5) Net cash flows generated from operating activities 101,196 NET INCREASE IN CASH AND CASH EQUIVALENTS 101,196 Cash and cash equivalents at the beginning of the period 131,901 CASH AND CASH EQUIVALENTS AT THE END OF THE

PERIOD 233,097 ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 6(e) 233,097

1As this Sub-Fund commenced operations only on 24 November 2016, no comparatives are available.

The accompanying notes are an integral part of these financial statements.

13

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

14 1. GENERAL INFORMATION

Mirae Asset Horizons Exchange Traded Funds Series (the “Trust ”) is an umbrella unit trust governed by its trust deed dated 23 December 2010 as amended by the supplemental deeds dated 16 December 2011, 23 December 2011, 5 November 2012, 14 May 2013, 3 September 2014, 16 November 2015, 11 August 2016, 29 September 2016, 5 October 2016 and 24 November 2016 (collectively, the “Trust Deed ”) between Mirae Asset Global Investments (Hong Kong) Limited (the “Manager ”) and Cititrust Limited (the “Trustee ”). The Trust Deed is governed by Hong Kong Law.

Effective from 24 November 2016, the name of the Trust and certain sub-funds was changed by adding “Mirae Asset” before “Horizons” in the English name. Please refer to the table below which sets out the old names and new names of the Trust and certain sub-funds:

Current name New name

Horizons Exchange Traded Funds Series Mirae Asset Horizons Exchange Traded Funds

Series

Horizons KOSPI 200 ETF Mirae Asset Horizons KOSPI 200 ETF Horizons S&P Emerging Asia Consumer ETF Mirae Asset Horizons S&P Emerging Asia

Consumer ETF

Horizons S&P Global Consumer Brands ETF Mirae Asset Horizons S&P Global Consumer

Brands ETF

Horizons MSCI China ETF Mirae Asset Horizons MSCI China ETF

Horizons Hang Seng High Dividend Yield ETF Mirae Asset Horizons Hang Seng High Dividend

Yield ETF

Horizons CSI 300 ETF Mirae Asset Horizons CSI 300 ETF

As at 30 September 2017, the Trust has established seven sub-funds, each a separate sub-fund of the Trust, which are authorised by the Securities and Futures Commission of Hong Kong (the "SFC") pursuant to section 104 (1) of the Securities and Futures Ordinance. The seven sub-funds, including Mirae Asset Horizons KOSPI 200 ETF, Mirae Asset Horizons S&P Emerging Asia Consumer ETF , Mirae Asset Horizons S&P Global Consumer Brands ETF, Mirae Asset Horizons MSCI China ETF, Mirae Asset Horizons Hang Seng High Dividend Yield ETF, Mirae Asset Horizons CSI 300 ETF and Mirae Asset Horizons S&P Asia ex Japan Healthcare ETF, are referred to individually or collectively as the "Sub-Fund(s)". The Sub-Funds are also listed on the Stock Exchange of Hong Kong Limited (a subsidiary of The Hong Kong Exchanges and Clearing Limited):

Name of Sub-Funds Listing date on the Stock Exchange of Hong Kong

Limited (the “ SEHK ”) Mirae Asset Horizons KOSPI 200 ETF 17 January 2011 Mirae Asset Horizons S&P Emerging Asia Consumer ETF 27 January 2012 Mirae Asset Horizons S&P Global Consumer Brands ETF 27 January 2012 Mirae Asset Horizons MSCI China ETF 17 June 2013 Mirae Asset Horizons Hang Seng High Dividend Yield ETF 17 June 2013 Mirae Asset Horizons CSI 300 ETF 26 September 2014 Mirae Asset Horizons S&P Asia Ex Japan Healthcare ETF 30 November 2016

These financial statements relate to the above-mentioned Sub-Funds. The Manager and the Trustee (collectively, the “Management ”) are responsible for the preparation of the financial statements.

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

1.GENERAL INFORMATION (CONTINUED)

Mirae Asset Horizons KOSPI 200 ETF (“KOSPI 200 ETF”)

The objective of KOSPI 200 ETF (Stock code: 2835) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the KOSPI 200 Index by investing all, or substantially all, of the assets of KOSPI 200 ETF in index securities in substantially the same weightings as constituted in the underlying index.

Mirae Asset Horizons S&P Emerging Asia Consumer ET F (“S&P Emerging Asia Consumer ETF”) The objective of S&P Emerging Asia Consumer ETF (Stock code: 3054) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the S&P Emerging Asia Consumer Index by investing all, or substantially all, of the assets of S&P Emerging Asia Consumer ETF in index securities in substantially the same weightings as constituted in the underlying index.

Mirae Asset Horizons S&P Global Consumer Brands ETF (“S&P Global Consumer Brands ETF”)

The objective of S&P Global Consumer Brands ETF (Stock code: 3056) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the S&P Global Consumer Enterprises Index by investing all, or substantially all, of the assets of S&P Global Consumer Brands ETF in index securities in substantially the same weightings as constituted in their underlying index.

Mirae Asset Horizons MSCI China ETF (“MSCI China ETF”)

The objective of MSCI China ETF (Stock code: 3040) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the MSCI China Index by investing all, or substantially all, of the assets of MSCI China ETF in index securities in substantially the same weightings as constituted in their underlying index.

Mirae Asset Horizons Hang Seng High Dividend Yield ETF (“Hang Seng High Dividend Yield ETF”)

The objective of Hang Seng High Dividend Yield ETF (Stock code: 3110) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the Hang Seng High Dividend Yield Index by investing all, or substantially all, of the assets of Hang Seng High Dividend Yield ETF in index securities in substantially the same weightings as constituted in their underlying index.

Mirae Asset Horizons CSI 300 ETF (“CSI 300 ETF”)

The objective of CSI 300 ETF (Renminbi (“RMB”) counter s tock code: 83127, Hong Kong dollar (“HK$”) counter stock cod e: 3127) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the CSI 300 Index by investing all, or substantially all, of the assets of CSI 300 ETF in index securities in substantially the same weightings as constituted in their underlying index.

Mirae Asset Horizons S&P Asia Ex Japan Healthcare ETF (“S&P Asia Ex Japan Healthcare ETF”) The objective of S&P Asia Ex Japan Healthcare ETF (Stock code: 3153) is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the S&P Pan Asia ex-JANZ Health Care 50 NTR by investing all, or substantially all, of the assets of S&P Asia Ex Japan Healthcare ETF in index securities in substantially the same weightings as constituted in the underlying Index.

15

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The condensed interim financial statements are unaudited and are prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting and the relevant disclosure provisions of the Trust Deed, and the relevant disclosure provisions specified in Appendix E of the Code on Unit Trusts and Mutual Funds of the Securities and Futures Commission of Hong Kong (the “SFC Code”).

The unaudited condensed interim financial statements do not include all the information and disclosures required in the annual financial statements.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a)Basis of preparation

The financial statements of the Sub-Funds have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB and the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions specified in Appendix E of the Code on Unit Trusts and Mutual Funds of the SFC (the “SFC Code”). The financial statements have been prepared under the historical cost convention, except for financial assets classified as fair value through profit or loss that have been measured at fair value.

The preparation of financial statements, in conformity with IFRSs, requires the Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts recognised in the financial statements and disclosure of contingent liabilities.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Going concern

The Management has made an assessment of the Sub-Fund s’ ability to continue as a going concern and is satisfied that the Sub-Funds have the resources to continue in business for the foreseeable future. Furthermore, the Management is not aware of any material uncertainties that may cast significant doubt upon the Sub-Funds’ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

16

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(a)Basis of preparation (continued)

Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations and changes in tax laws on foreign withholding tax. Given the wide range of international investments, differences arising between the actual investment income and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax expense that is already recorded. The Sub-Funds establish provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which the Sub-Funds invest. The amounts of such provisions are based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective investments’ domiciles.

All references to net assets or net asset value throughout the financial statements refer to net assets attributable to unitholders unless otherwise stated.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The accounting policies adopted are consistent with the financial statements as at 31 March 2017.

ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

The Sub-Funds have not applied the following new and revised IFRSs that have been issued but are not yet effective, in these financial statements.

IFRS 9 Financial Instruments

In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS

39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS

9 brings together all three aspects of the accounting for financial instruments project: classification

and measurement, impairment and hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory.

The Sub-Funds plan to adopt the new standard on the required effective date. During 2016, the Sub-Funds have performed a high-level impact assessment of all three aspects of IFRS 9. This preliminary assessment is based on currently available information and may be subject to changes arising from further detailed analyses or additional reasonable and supportable information being made available to the Sub-Funds in the future. Overall, the Sub-Funds expect no significant impact on the statements of net assets except for the effect of applying the impairment requirements of IFRS 9. The Sub-Funds expect a higher loss allowance resulting in a negative impact on equity and will perform a detailed assessment in the future to determine the extent.

The Sub-Funds do not expect a significant impact on the statements of net assets on applying the classification and measurement requirements of IFRS 9. The Sub-Funds expect to continue measuring at fair value all financial assets currently held at fair value.

17

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

18 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(b) Financial instruments

Classification The Sub-Funds classify their financial assets and liabilities into the following categories in accordance with IAS 39 Financial Instruments: Recognition and Measurement .

Financial assets at fair value through profit or loss

The Sub-Funds classify their investments as “financial assets at fair value through profit or loss ” in accordance with IAS 39. All financial assets at fair value through profit or loss are designated upon initial recognition on the basis that they are part of a group of financial assets which are managed and have their performance evaluated on a fair value basis, in accordance with risk management and investment strategies of the Sub-Funds.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Sub-Funds include in this category amounts relating to amount due from broker, amount due from the Manager, dividends receivable, bank balances and deposit reserve - China Exchange Clearing.

Financial liabilities

This category includes all financial liabilities, including management fee payable, trustee fee payable, formation fee payable, administration fee payable, custody fee payable, redemption payable, amount due to broker and other payables.

Recognition The Sub-Funds recognise a financial asset or a financial liability when, and only when, they become a party to the contractual provisions of the instrument. Purchases and sales of financial assets at fair value through profit or loss are accounted for on the trade date basis.

Initial measurement Financial assets at fair value through profit or loss are initially recognised at fair value, excluding transaction costs which are expensed as incurred.

Loans and receivables and financial liabilities are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue.

For financial assets and liabilities where the fair value at initial recognition does not equal the transaction price, the Sub-Funds recognise the difference in profit or loss, unless specified otherwise.

Subsequent measurement After initial measurement, financial assets at fair value through profit or loss are subsequently re-measured at fair value. Realised gains and losses and changes in unrealised gains and losses on financial assets at fair value through profit or loss are included in profit or loss in the period in which they arise. Dividend earned on these instruments is recorded separately as dividend income in profit or loss.

Loans and receivables are carried at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the loans and receivables are derecognised or impaired, as well as through the amortisation process.

未来ＭＳＣＩ中国《br-》未来恒生高股息率《br-》未来沪深三百《br-》未来沪深三百－Ｒ 2017 中期业绩

MIRAE ASSET HORIZONS EXCHANGE TRADED FUNDS SERIES

NOTES TO THE FINANCIAL STATEMENTS

30 September 2017

19 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(b) Financial instruments (continued)

Subsequent measurement (continued) Financial liabilities are measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Sub-Funds estimate cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Derecognition A financial asset is derecognised when the rights to receive cash flows from the financial asset have expired, or where the Sub-Funds have transferred its rights to receive cash flows from the financial asset, or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and either the Sub-Funds have transferred substantially all the risks and rewards of the asset or the Sub-Funds have neither transferred nor retained substantially all the risks and rewards of the financial asset, but have transferred control of the asset.

When the Sub-Funds have transferred its rights to receive cash flows from an asset (or have entered into a pass-through arrangement), and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Sub-Funds’ continuing involvement in the asset. In that case, the Sub -Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Sub-Funds have retained. The Sub-Funds derecognise a financial liability when the obligation under the liability is discharged, cancelled or expired. Fair value measurement

The Sub-Funds measure their investments in financial instruments at fair value at the end of each reporting period.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

? in the principal market for the asset or liability; or,

? in the absence of a principal market, in the most advantageous market for the asset or

liability.

The principal or the most advantageous market must be accessible by the Sub-Funds.

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