Semi-annual Report ThinkCapital ETF's N.V.

ThinkCapital ETF's N.V.

Semi-annual Report 2018

1 Semi-annual Report ThinkCapital ETF's N.V.

Contents

4.1 Balance sheet (before result appropriation) 18 4.2 Statement of comprehensive income 19 4.3 Cash flow statement 19 4.4 Statement of changes in equity 20 4.5 Notes 21 Accounting policies for the Semi-annual Report 21 Accounting policies for the balance sheet 22 Accounting policies for the statement of comprehensive income 23 Accounting policies for the cash flow statement 23 Notes to the balance sheet and statement of comprehensive income 24 Other notes 27 Dividend payments in the period 27

Interests of the members of the board of directors 130

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General information

Board of Directors and Manager Think ETF Asset Management B.V. is the company’s director according to the articles of association (‘the Board of Directors’) and acts as manager of the Company as referred to in section 2:65 of the Dutch Financial Supervision Act (Wft) (‘the Manager’). The Manager has its registered office in Amsterdam and holds offices at Barbara Strozzilaan 310, 1083 HN Amsterdam. The composition of the board of directors is as follows:  Mr M. Rozemuller;  Mr G. Koning.

Supervisory Board The supervisory board of the Manager exercises supervision on the Manager’s management and on the general course of affairs at the Manager. The supervisory board is made up of:  Mr B.J. Smith;  Mr A.E. Philips;  Mr T.M.R. Hunke;  Mr J.R. Simon.

Address Morningstar Holland B.V. Barbara Strozzilaan 310 De Entrée 246 1083 HN Amsterdam 1101 EE Amsterdam Chamber of Commerce: 34359726

Legal adviser Correspondence address Keijzer & Cie Barbara Strozzilaan 310 Strawinskylaan 53 1083 HN Amsterdam 1077 XW Amsterdam

Telephone: +31 (0) 20 719 5100 Custodian, Paying and ENL agent KAS Bank N.V. Website Nieuwezijds Voorburgwal 225 www.thinketfs.nl 1012 RL Amsterdam

Auditor Liquidity providers & Authorised Participants KPMG Accountants N.V. Flow Traders B.V. Laan van Langerhuize 1 Jacob Bontiusplaats 9 1186 DS Amstelveen 1018 LL Amsterdam

Tax adviser Optiver VOF Loyens & Loeff N.V. Strawinskylaan 3095 Fred Roeskestraat 100 1077 ZX Amsterdam 1076 ED Amsterdam

IMC B.V. Index calculation and distribution Strawinskylaan 377 Markit 1077 XX Amsterdam 2 More London River Side London, SE1 2AP Susquehanna International Group United Kingdom 401 City Avenue, Bela, CYNWYD, PA 19004 United States Solactive Germany AG Guiollettstr. 54 Ora Traders B.V. 60324 Frankfurt am Main Naritaweg 127 1043 BS Amsterdam Global Property Research B.V. T: +31205810880 Beethovenstraat 300 1077 WZ Amsterdam Jane Street Financial Limited Floor 30, 20 Fenchurch Street Euronext Amsterdam N.V. London, EC3M 3BY Beursplein 5 United Kingdom 1000 GD Amsterdam

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UCITS depositary KAS Trust & Depositary Services B.V. Nieuwezijds Voorburgwal 225 1012 RL Amsterdam

External compliance officer Erwin Wellen Consultancy Korte Leidsedwarsstraat 94-C 1017 RD Amsterdam

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Profile

ThinkCapital ETF’s N.V. (also referred to hereafter as ‘ThinkCapital’ or the ‘Company’) was incorporated on 2 October 2009. The Company is an open-ended investment company with variable capital under Dutch law in the sense of article 2:76a of the Dutch Civil Code. This means that the Company will in principle issue, reissue or purchase shares on request on any trading day. The Manager was granted a licence as referred to in section 2:65 Wft on 12 October 2009.

Structure The Company has what is referred to as an umbrella structure. This entails that the ordinary shares are divided into several series of shares, each designated with a letter. Every series of shares is designated as a fund to which a portion of the Company’s assets is allocated (hereafter: ‘Sub-fund’). Separate records are kept for every Sub-fund so that all the income and costs attributable to a Sub-fund are reported per Sub-fund. If the Prospectus makes reference to the assets of a Sub-fund, this is defined as the Company’s assets allocated to the relevant Sub-fund.

The amount to be paid up on every share in a Sub-fund and the assets attributable thereto is invested for the benefit of the relevant Sub-fund. Every Sub-fund has an individual investment policy, which means every Sub-fund has its own risk profile and pricing. Increases and decreases in the value of the portfolio of a particular Sub-fund are exclusively for the benefit of or at the expense of the holders of the shares in that Sub-fund. The specific characteristics of a Fund are described in more detail in a Supplement to every Sub-fund.

Since its incorporation, the Company has had the following Sub-funds listed:

In 2009 - Sub-fund A: Think AEX UCITS ETF, NL0009272749 - Sub-fund B: Think AMX UCITS ETF, NL0009272756 - Sub-fund C: Think Total Market UCITS ETF Defensief, NL0009272764 - Sub-fund D: Think Total Market UCITS ETF Neutraal, NL0009272772 - Sub-fund E: Think Total Market UCITS ETF Offensief, NL0009272780

As of 14 April 2011 - Sub-fund F: Think Global Equity UCITS ETF, NL0009690221 - Sub-fund G: Think Global Real Estate UCITS ETF, NL0009690239 - Sub-fund H: Think iBoxx Corporate Bond UCITS ETF, NL0009690247 - Sub-fund I: Think iBoxx Government Bond UCITS ETF, NL0009690254

As of 26 November 2012 - Sub-fund J: Think iBoxx AAA-AA Government Bond UCITS ETF, NL0010273801

As of 13 May 2013 - Sub-fund K: Think Sustainable World UCITS ETF, NL0010408704

As of 1 October 2014 - Sub-fund L: Think European Equity UCITS ETF, NL0010731816

As of 11 November 2015 - Sub-fund M: Think Morningstar North America Equity UCITS ETF, NL0011376074

As of 23 May 2016 - Sub-fund N: Think Morningstar High Dividend UCITS ETF, NL0011683594

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Issue and purchase of ordinary shares The Company is an open-ended investment company. This means that the Board of Directors will, on request, issue shares and/or sell purchased shares at the transaction price of a share as determined at the moment of issue or sale. The transaction price corresponds to the Net Intrinsic Value of the relevant share in a specific Sub-fund. The Board of Directors reserves the right to temporarily suspend the issue or purchase of shares. Suspension can take place, for instance, in cases in which the determination of the Net Intrinsic Value can also be suspended, as further explained in section VII (determination of Net Intrinsic Value) of the Prospectus. Shares in the Company can be bought and sold on Euronext Amsterdam through NYSE Euronext, whereby the Liquidity Provider ensures that there is both a bid and ask price at which the share can be traded.

UCITS The Company is an Undertaking for Collective Investment in Transferable Securities (UCITS). The Manager has had a licence as referred to in section 2:65 Wft since 4 March 2011. In order to obtain a licence, restrictions aimed at investor protection are imposed for the investment policy of a UCITS. The most important restrictions entail, summarised here, that the aim of a UCITS is exclusively to invest in financial instruments or other liquid financial assets with application of the principle of risk diversification. On grounds of the so-called UCITS directive, the shares of a UCITS can be relatively easily offered for sale in another member state of the European Union or a state which is not a member of the European Union but which is party to the Agreement on the European Economic Area.

Investment policy Unlike traditional investment institutions which have an active investment policy and where the investment institution actively seeks out investments that are consistent with its investment policy, the Company in principle has a passive investment policy whereby the assets to be allocated to a Sub-fund are invested for the benefit of the Sub-fund with the aim of following the Index or Indices which serve as the benchmark for the Sub-fund as closely as possible. This keeps management costs low and ensures that the composition of the assets of every Sub-fund is transparent.

The assets of a Sub-fund can be invested in underlying securities from various indices or combinations of indices in different asset classes, always taking into account the index or indices specified in the relevant supplement of the Prospectus and the ratios in which the Sub-fund invests in these indices. The Company can invest the assets of a Sub-fund in derivative financial investment instruments such as options, futures and credit derivatives and currency risks can be hedged. This will always be specified in the particular Supplement. The Company will buy financial investment instruments via regulated markets anywhere in the world. The Company is not authorised to contract loans as a debtor and/or lend out Underlying Securities.

Investment policy for Series A: Think AEX UCITS ETF The aim of the Think AEX UCITS ETF is to follow the AEX index® (the ‘AEX®’) as closely as possible. The AEX® is the index made up of the 25 largest listed stocks on Euronext Amsterdam N.V. As such the AEX® reflects the performance of Dutch blue chips and is a good indicator of the Dutch market as a whole.

The weight taken up by a share in the AEX® is determined with reference to the market capitalisation: the greater a company’s market capitalisation, the greater its weight in the AEX®. A maximum of 15% applies per listed stock. The market capitalisation is calculated by multiplying a share’s price by the number of issued shares. For the sake of tradability, only the number of freely tradable shares, the so-called ‘free float’, is included in the calculation. Locked-in shares are left out of consideration. The AEX® is reweighted at least once a year.

The Think AEX UCITS ETF will likewise be reweighted annually in order to be brought back in line with the (annually) reweighted AEX®. Costs incurred in connection with the reweighting of Think AEX UCITS ETF are at the expense of this Sub- fund.

Investment policy for Series B: Think AMX UCITS ETF The aim of the Think AMX UCITS ETF is to follow the AMX index® (the ‘AMX®’) as closely as possible. The AMX® is the index made up of the 25 largest listed stocks on Euronext Amsterdam N.V. after the listed stock traded on the AEX index®. As such the AMX® is a good indicator of the performance of medium-sized Dutch businesses.

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The weight taken up by a share in the AMX® is determined with reference to the market capitalisation: the greater a company’s market capitalisation, the greater its weight in the AMX®. A maximum of 15% applies per listed stock. The market capitalisation is calculated by multiplying a share’s price by the number of issued shares. For the sake of tradability, only the number of freely tradable shares, the so-called ‘free float’, is included in the calculation. Locked-in shares are left out of consideration. The AMX® is reweighted at least once a year.

The Think AMX UCITS ETF will likewise be reweighted annually in order to be brought back in line with the (annually) reweighted AMX®. The costs incurred in connection with the reweighting of the Think AMX UCITS ETF are at the expense of this Sub-fund.

Investment policy for Series C: Think Total Market UCITS ETF Defensief The aim of the Think Total Market UCITS ETF Defensief is to follow the Indices below as closely as possible, in the ratios indicated here:

- 35% Markit iBoxx EUR Liquid Sovereign Diversified 1-10 Index - 35% Markit iBoxx EUR Liquid Corporates Index - 25% Solactive Global Equity Index - 5% GPR Global 100 Index

The allocation across the Indices is reweighted annually on the first Tuesday in September, so that the allocation is brought back in line with the original ratios. If this is not a trading day, the review will take place on the next following trading day. The costs incurred in connection with the reweighting of the Think Total Market UCITS ETF Defensief are at the expense of this Sub-fund.

Investment policy for Series D: Think Total Market UCITS ETF Neutraal The aim of the Think Total Market UCITS ETF Neutraal is to follow the Indices below as closely as possible, in the ratios indicated here:

- 25% Markit iBoxx EUR Liquid Sovereign Diversified 1-10 Index - 25% Markit iBoxx EUR Liquid Corporates Index - 40% Solactive Global Equity Index - 10% GPR Global 100 Index

The allocation across the Indices is reweighted annually on the first Tuesday in September, so that the allocation is brought back in line with the original ratios. If this is not a trading day, the review will take place on the next following trading day. The costs incurred in connection with the reweighting of the Think Total Market UCITS ETF Neutraal are at the expense of this Sub- fund.

Investment policy for Series E: Think Total Market UCITS ETF Offensief The aim of the Think Total Market UCITS ETF Offensief is to follow the Indices below as closely as possible, in the ratios indicated here:

- 15% Markit iBoxx EUR Liquid Sovereign Diversified 1-10 Index - 15% Markit iBoxx EUR Liquid Corporates Index - 60% Solactive Global Equity Index - 10% GPR Global 100 Index

The allocation across the Indices is reweighted annually on the first Tuesday in September, so that the allocation is brought back in line with the original ratios. If this is not a trading day, the review will take place on the next following trading day. The costs incurred in connection with the reweighting of the Think Total Market UCITS ETF Offensief are at the expense of this Sub- fund.

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Investment policy for Series F: Think Global Equity UCITS ETF The aim of the Think Global Equity UCITS ETF is to follow the Solactive Global Equity Index as closely as possible. The (general) criteria below apply to the (composition of the) Solactive Global Equity Index: - first shares are selected with a primary stock-market listing in developed countries worldwide, as described in the ‘Solactive Global Equity Index Guideline’; - exclusively ordinary and preferred shares and Depositary Receipts are eligible; - Limited Partnerships and shares listed in Hong Kong that achieve more than 75% of their turnover outside the specified developed countries are excluded; - exclusively shares with semi-annual average trading volume of EUR 25 million per day are eligible; - only the most liquid listing for each company is eligible; - the 250 largest shares are then selected based on free float market capitalisation; - the index is equally weighted on the reweighting date, after that the weighting can vary due to price fluctuations; - the index is reviewed annually on the third Tuesday of March, so that the 250 shares are equally weighted again. Shares can also be added or removed. If this is not a trading day, the reweighting takes place on the next trading day; and - for each geographic region, the weighting in the index is capped at 40% at the moment of reweighting.

Investment policy for Series G: Think Global Real Estate UCITS ETF The aim of the Think Global Real Estate UCITS ETF is to follow the GPR Global 100 Index as closely as possible. The (general) criteria below apply to the (composition of the) GPR Global 100 Index: - the index is based on 100 leading property companies in the world and represents 70-80% of the global (investible) property market capitalisation; - the index consists of 40 property shares from America, 30 property shares from Asia and 30 property shares from Europe, the Middle East and Africa; - for every region, the shares are selected on the basis of liquidity measured over the past year; - the index uses a weighting method based on freely tradable market capitalisation; - the index is reweighted annually on the third Friday of March and September. Shares can also be added or removed with the reweighting. If this is not a Trading Day, the reweighting takes place on the next Trading Day; and - the weighting in the index is capped at 20% per share. If just one share exceeds this 20%, the maximum for this one share can be increased to 35%.

Investment policy for Series H: Think iBoxx Corporate Bond UCITS ETF The aim of the Think iBoxx Corporate Bond UCITS ETF, Sub-fund H of ThinkCapital ETF’s N.V., is to follow the Markit iBoxx EUR Liquid Corporates Index as closely as possible. The (general) criteria below apply to the (composition of the) Markit iBoxx EUR Liquid Corporates Index: - the index consists of a maximum of 40 corporate bonds. These must be investment grade; - zero coupon bonds, exotic bonds and callable bonds are excluded from selection for the index. These are ‘plain vanilla bonds’; - the minimum remaining maturity is eighteen months; - The minimum issue is 750 million euros; - a maximum of one bond per company is selected; - the reweighting takes place on the last day of February, May, August and November. The costs incurred in connection with the reweighting of the Think iBoxx Corporate Bond UCITS ETF are at the expense of this Sub-fund. - the weighting is on the basis of the outstanding amount of the bonds.

Investment policy for Series I: Think iBoxx Government Bond UCITS ETF The aim of the Think iBoxx Government Bond UCITS ETF is to follow the Markit iBoxx EUR Liquid Sovereign Diversified 1-10 Index as closely as possible. The (general) criteria below apply to the (composition of the) Markit iBoxx EUR Liquid Sovereign Diversified 1-10 Index: - the index consists of a maximum of 25 European government bonds with a maturity of 1 to 10 years, listed in euros; - the bonds have a minimum issue of 2 billion; - at the moment of selection and reweighting, the bonds have a minimum remaining maturity of 18 months; - the weighting is on the basis of the outstanding amount of the bonds. - the government bonds must pay a fixed coupon, ‘plain vanilla bonds’; - the number of bonds per country is capped at 4; - the weight per country in the index is maximum 20%; - the reweighting takes place on the last day of January, April, July and October. The costs incurred in connection with the reweighting of the Think iBoxx Government Bond UCITS ETF are at the expense of this Sub-fund.

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Investment policy for Series J: Think iBoxx AAA-AA Government Bond UCITS ETF The aim of the Think iBoxx AAA-AA Government Bond UCITS ETF is to follow the Markit iBoxx EUR Liquid Sovereigns Capped AAA-AA 1-5 Index as closely as possible.

The (general) criteria below apply to the (composition of the) Markit iBoxx EUR Liquid Sovereigns Capped AAA-AA 1-5 Index: - the index consists of a maximum of 15 European government bonds with a maturity of 1.25 to 5.5 years, listed in euros; - the bonds have a minimum issue of 2 billion; - the bonds have a minimum rating of AA; - at the moment of selection and reweighting, the bonds have a minimum remaining maturity of 18 months; - the weighting is on the basis of the outstanding amount of the bonds. - the government bonds must pay a fixed coupon, ‘plain vanilla bonds’; - the number of bonds per country is capped at 3; - the weight per country in the index is maximum 30%; - the reweighting takes place on the last day of February, May, August and November. The costs incurred in connection with the reweighting of the Think iBoxx AAA-AA Government Bond UCITS ETF are at the expense of this Sub-fund.

Investment policy for Series K: Think Sustainable World UCITS ETF The aim of the Think Sustainable World UCITS ETF is to follow the Solactive Sustainable World Equity Index as closely as possible. The (general) criteria below apply to the (composition of the) Solactive Sustainable World Equity Index: - first shares are selected with a primary stock-market listing in developed countries worldwide, as described in the ‘Solactive Sustainable World Equity Index Guideline’; - exclusively ordinary and preferred shares and Depositary Receipts are eligible; - Limited Partnerships and shares listed in Hong Kong that achieve more than 75% of their turnover outside the specified developed countries are excluded; - exclusively shares with semi-annual average trading volume of EUR 25 million per day are eligible; - only the most liquid listing for each company is eligible; - VigeoEIRIS tests the universe for a number of sustainability criteria, the shares that do not satisfy the criteria are removed from the universe; - the 250 largest shares are then selected based on free float market capitalisation; - the index is equally weighted on the reweighting date, after that the weighting can vary due to price fluctuations; - the index is reviewed annually on the fourth Tuesday of March, so that the 250 shares are equally weighted again. Shares can also be added or removed. If this is not a trading day, the reweighting takes place on the next trading day; and - for each geographic region, the weighting in the index is capped at 40% at the moment of reweighting.

Investment policy for Series L: Think European Equity UCITS ETF The aim of the Think European Equity UCITS ETF is to follow the Solactive European Equity Index as closely as possible. The (general) criteria below apply to the (composition of the) Solactive European Equity Index: - first shares are selected with a primary stock-market listing in developed European countries, as described in the ‘Solactive European Equity Index Guideline’; - exclusively ordinary and preferred shares and Depositary Receipts are eligible; - Limited Partnerships are excluded; - exclusively shares with semi-annual average trading volume of EUR 10 million per day are eligible; - only the most liquid listing for each company is eligible; - the 100 largest shares are then selected based on free float market capitalisation; - the index is equally weighted on the reweighting date, after that the weighting can vary due to price fluctuations; - the index is reviewed annually on the third Tuesday of March, so that the 100 shares are equally weighted again. Shares can also be added or removed. If this is not a Trading Day, the reweighting takes place on the next Trading Day; and - for each country, the weighting in the index is capped at 20% at the moment of reweighting.

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Investment policy for Series M: Think Morningstar® North America Equity UCITS ETF The aim of the Think Morningstar® North America Equity UCITS ETF is to follow the Morningstar® North America Equal Weight 100 Index as closely as possible. The (general) criteria below apply to the (composition of the) Think Morningstar® North America Equal Weight 100 Index: - the universe is determined based on the Morningstar® Developed Americas Index; - the 100 largest shares are selected from this based on free float market capitalisation; - the index is equally weighted on the reweighting date, after that the weighting can vary due to price fluctuations; - the index is reweighted annually on the third Friday of June so that the 100 shares are again equally weighted. Shares can also be added or removed. If this is not a Trading Day, the reweighting takes place on the next Trading Day; and - the 100 largest shares are determined on the last trading day in May.

Investment policy for Series N: Think Morningstar® High Dividend UCITS ETF The aim of the Think Morningstar® High Dividend UCITS ETF is to follow the Morningstar® Developed Markets Large Cap Dividend Leaders Index as closely as possible. The (general) criteria below apply to the (composition of the) Think Morningstar® Developed Markets Large Cap Dividend Leaders Index: - the universe is determined based on the Morningstar® Global Markets ex-US Index and Morningstar® US Market Index; - companies are eligible for inclusion in the index if various criteria based on (historical) dividend payments are met; - from these, the 100 shares with the highest dividend yield are selected; - on the reweighting date, the index is weighted based on the total dividend made available. The available dividend is calculated by multiplying the freely tradable outstanding shares by the last annual dividend. After that the weighting can vary due to price fluctuations; - the weighting in the index is capped at 40% per sector. In addition, the maximum weighting per share is 5%; - the index is reweighted semi-annually on the third Friday of June and December. Shares can also be added or removed; and - the 100 largest shares are determined on the basis of dividend yield on the last trading day in May and November.

Tax The Company is a public company with registered office in Amsterdam, incorporated under Dutch law. The Company opts for the status of fiscal investment institution (FII) as referred to in section 28 of the Corporation Tax Act 1969. An FII is subject to a 0% rate for the levy of corporation tax if certain conditions are satisfied.

Dividend tax The Company will in principle have to withhold 15% dividend tax on dividends it pays out. This dividend tax is not at the Company’s expense, but at the expense of the Company’s shareholders. When paying the withheld dividend tax to the tax and customs administration, the Sub-fund may deduct an amount in connection with the Dutch and foreign source taxation withheld on dividends and interest income received by it (‘deduction’).

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Report from the Board of Directors

Report on the first half of 2018 The year 2018 marked the ninth year of the existence of ThinkCapital ETF’s N.V. since the listing of the first Think ETF on 14 December 2009.

The total fund assets, also called assets under management or AUM, increased in the first half of 2018 from EUR 1,509 million on 31 December 2017 to EUR 1,573 million on 30 June 2018. This increase was carried by various equity ETFs, while the fixed income ETFs exhibited a decrease. At the end of July 2018, the assets under management increased slightly to just under EUR 1.7 billion.

Financial information The Sub-funds have the objective of following their benchmark, in other words the selected index, as closely as possible. The degree to which they succeed at this is shown by the Tracking Difference and Tracking Error, which is why the emphasis is on these. The financial development of the Sub-funds represents the price developments in the indices followed; the manager has no influence on these price developments. For the financial details of the various Sub-funds, see the individual financial statements of the different Sub-funds.

The Tracking Difference (T.D.) is the difference in yield between the product and a particular benchmark. The benchmark is often an index. It could be a well-known stock market index, or a ‘customised index’. It is important in this context whether the benchmark is a price index or a gross total return index.

In addition to the Tracking Difference, the Tracking Error is relevant as well. The following definition applies for the Tracking Error (T.E.).

Tracking Error = Annual volatility of the daily tracking differences. T.E. = whereby p is the fund yield and b is the index yield.

The key reasons behind the differences between the product yield and benchmark yield are, successively, the management fee, the cash drag, the dividend tax drag and pricing differences (for bond ETFs).

The term cash drag stands for the fact that the dividends and coupon payments received are held in the fund as cash and are not reinvested, therefore. The term dividend tax drag means that the claim for a refund of the withheld dividend tax only becomes visible after the fund pays dividend.

The Tracking Differences and Tracking Errors of the 14 ThinkCapital UCITS ETFs are set out below.

Series Benchmark Tracking Tracking Difference Error

Series A - Think AEX UCITS ETF AEX GROSS Total Return Index 0.22% 0.41% Series B - Think AMX UCITS ETF AMX GROSS Total Return Index (0.23%) 0.34% Series C - Think Total Market UCITS ETF Defensief Think Total Market Index Defensief 0.22% 0.24% Series D - Think Total Market UCITS ETF Neutraal Think Total Market Index Neutraal (0.28%) 0.21% Series E - Think Total Market UCITS ETF Offensief Think Total Market Index Offensief (0.53%) 0.26% Series F - Think Global Equity UCITS ETF TGE Index GROSS Total Return (0.13%) 0.18% Series G - Think Global Real Estate UCITS ETF TRE Index GROSS Total Return 0.18% 0.17% Series H - Think iBoxx Corporate Bond UCITS ETF iBoxx Corp Index GROSS Total Return (0.04%) 0.13% Series I - Think iBoxx Government Bond UCITS ETF iBoxx Sov. Index GROSS Total Return (0.09%) 0.21% Series J – Think iBoxx AAA-AA Government Markit iBoxx EUR Liquid Sovereign Bond UCITS ETF Capped AAA-AA 1-5 Index (0.06%) 0.09% Series K: Think Sustainable World UCITS ETF Think Sustainable World Index 0.24% 0.19% Series L: Think European Equity UCITS ETF Think European Equity Index (0.11%) 0.35% Series M: Think Morningstar® North America Morningstar® North America 100 Equal Equity UCITS ETF Weight Index (0.28%) 0.19% Series N: Think Morningstar® High Dividend Morningstar® Developed Markets Large Cap UCITS ETF Dividend Leaders Index 0.20% 0.26%

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Tracking Difference = yield of Think UCITS ETF (including dividend) – yield of gross total return benchmark (including dividend). Tracking Error = The standard deviation from the difference between the price development of the Think UCITS ETF and the relevant benchmark.

Below are the key figures for each Sub-fund. The figures reported for 2018 relate to, respectively, 30 June and the period from 1 January to 30 June, inclusive. The figures for prior years relate to, respectively, 31 December and the period from 1 January to 31 December, inclusive.

Series A: Think AEX UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 186,184,386 164,663,854 147,596,282 156,158,414 86,834,857 Number of outstanding shares 3,370,000 3,020,000 3,045,000 3,520,000 2,045,000 Dividend payment 1.09 1.66 1.59 1.13 1.11

Intrinsic value per share 55.25 54.52 48.47 44.36 42.46

Yield 3.33% 16.05% 13.24% 7.05% 8.23% Benchmark yield 3.55% 16.52% 13.59% 7.36% 8.66%

Series B: Think AMX UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 37,969,006 36,607,043 20,557,740 23,354,576 13,359,441 Number of outstanding shares 490,000 440,000 300,000 335,000 210,000 Dividend payment 1.36 1.75 1.39 1.20 1.31

Intrinsic value per share 77.49 83.20 68.53 69.72 63.62

Yield (5.27%) 24.06% 0.45% 11.48% 2.56% Benchmark yield (5.04%) 24.71% 0.84% 11.98% 3.42%

Series C: Think Total Market UCITS ETF Defensief

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 8,474,065 8,331,737 6,676,370 2,180,893 1,598,904 Number of outstanding shares 153,000 150,000 120,000 40,000 30,000 Dividend payment 0.28 1.27 1.25 1.75 1.95

Intrinsic value per share 55.39 55.54 55.64 54.52 53.30

Yield 0.22% 2.13% 4.39% 5.59% 6.64% Benchmark yield 0.44% 2.57% 4.74% 3.55% 5.40%

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Series D: Think Total Market UCITS ETF Neutraal

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 16,460,992 16,046,579 9,471,563 4,619,300 3,316,786 Number of outstanding shares 278,000 270,000 160,000 80,000 60,000 Dividend payment 0.41 1.43 1.35 1.95 1.75

Intrinsic value per share 59.21 59.43 59.20 57.74 55.28

Yield 0.32% 2.83% 4.94% 7.99% 7.97% Benchmark yield1 0.60% 3.30% 5.36% 6.06% 5.03%

Series E: Think Total Market UCITS ETF Offensief

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 11,079,668 11,161,083 7,324,022 4,713,321 3,875,723 Number of outstanding shares 180,000 180,000 120,000 80,000 70,000 Dividend payment 0.54 1.47 1.29 2.15 1.80

Intrinsic value per share 61.55 62.01 61.03 58.92 55.37

Yield 0.14% 4.02% 5.91% 10.29% 7.44% Benchmark yield 0.67% 4.54% 6.41% 8.24% 4.68%

Series F: Think Global Equity UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 708,429,952 629,269,566 522,405,425 375,790,127 228,333,302 Number of outstanding shares 17,706,190 15,806,190 13,750,000 10,450,000 6,900,000 Dividend payment 0.54 0.93 0.88 0.81 0.70

Intrinsic value per share 40.01 39.81 37.99 35.96 33.09

Yield 1.85% 7.28% 8.34% 11.09% 13.85% Benchmark yield 1.98% 7.51% 8.80% 11.98% 14.27%

Series G: Think Global Real Estate UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 170,033,030 186,526,348 163,190,565 117,784,531 65,266,748 Number of outstanding shares 4,585,404 5,085,404 4,150,000 2,900,000 1,800,000 Dividend payment 0.64 1.16 1.23 1.04 0.99

Intrinsic value per share 37.08 36.68 39.32 40.62 36.26

Yield 2.92% (3.80%) (0.14%) 14.96% 32.23% Benchmark yield 3.10% (3.46%) 0.24% 15.16% 32.77%

13 Semi-annual Report ThinkCapital ETF's N.V.

Series H: Think iBoxx Corporate Bond UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 36,599,018 42,819,698 98,131,914 175,615,374 109,339,865 Number of outstanding shares 2,048,390 2,363,390 5,340,000 9,755,000 5,945,000 Dividend payment 0.12 0.48 0.34 0.33 0.67

Intrinsic value per share 17.87 18.12 18.38 18.00 18.39

Yield (0.72%) 1.22% 3.97% (0.33%) 6.67% Benchmark yield (0.68%) 1.53% 4.13% (0.39%) 6.80%

Series I: Think iBoxx Government Bond UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 36,302,530 53,970,885 215,429,045 296,682,928 175,866,101 Number of outstanding shares 2,641,537 3,916,537 15,385,000 21,325,000 12,585,000 Dividend payment 0.10 0.27 0.31 0.25 0.60

Intrinsic value per share 13.74 13.78 14.00 13.91 13.97

Yield 0.46% 0.35% 2.87% 1.36% 11.82% Benchmark yield 0.54% 0.52% 3.05% 1.40% 12.09%

Series J: Think iBoxx AAA-AA Government Bond UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 146,468,460 170,976,014 290,724,783 334,940,323 335,282,354 Number of outstanding shares 6,511,000 7,506,000 12,280,000 13,870,000 13,560,000 Dividend payment 0.33 0.70 0.77 0.69 0.74

Intrinsic value per share 22.50 22.78 23.67 24.15 24.73

Yield 0.21% (0.84%) 1.19% 0.44% 2.56% Benchmark yield 0.27% (0.69%) 1.24% 0.67% 2.80%

Series K: Think Sustainable World UCITS ETF

(amounts x € 1) 2018 2017 2016 2015 2014

Fund assets 140,070,841 120,522,238 120,881,550 90,359,978 59,049,073 Number of outstanding shares 1,725,000 1,500,000 1,600,000 1,275,000 900,000 Dividend payment 0.83 1.68 1.40 1.33 1.28

Intrinsic value per share 81.20 80.35 75.55 70.87 65.61

Yield 2.09% 8.64% 8.81% 10.00% 16.24% Benchmark yield 2.33% 8.98% 9.43% 10.51% 16.92%

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Series L: Think European Equity UCITS ETF

1 October to 31 December 2014, (amounts x € 1) 2018 2017 2016 2015 inclusive

Fund assets 45,892,897 44,625,021 38,462,052 38,849,650 7,370,977 Number of outstanding shares 835,000 790,000 730,000 745,000 150,000 Dividend payment 1.25 1.35 1.65 1.32 -

Intrinsic value per share 54.96 56.49 52.69 52.15 49.14

Yield (%) (0.50%) 9.81% 4.56% 8.70% 0.20% Benchmark yield (%) (0.39%) 10.14% 4.90% 8.94% (0.17%)

Series M: Think Morningstar North America Equity UCITS ETF

11 November to 31 December 2015, (amounts x € 1) 2018 2017 2016 inclusive

Fund assets 5,097,258 4,926,790 3,383,412 2,439,424 Number of outstanding shares 175,255 175,255 125,000 100,000 Dividend payment 0.24 0.55 0.53 -

Intrinsic value per share 29.08 28.11 27.07 24.39

Yield (%) 4.32% 5.93% 13.32% (2.64%) Benchmark yield (%) 4.60% 6.26% 13.80% (2.64%)

Series N: Think Morningstar High Dividend UCITS ETF

20 May to 31 Decembe r 2016, (amounts x € 1) 2018 2017 inclusive

Fund assets 24,400,639 18,569,347 11,503,941 Number of outstanding shares 900,000 650,000 400,000 Dividend payment 0.70 1.13 0.32

Intrinsic value per share 27.11 28.57 28.76

Yield (%) (2.64%) 3.31% 16.50% Benchmark yield (%) (2.45%) 3.85% 17.20%

Dividend payments during the period Dividend was paid out on virtually all ETFs in March, June, September and December. The board of directors intends to pay out dividend every quarter if dividend was received in the particular fund. This is related to the obligation to distribute profits. Because of its tax status as a Fiscal Investment Institution, ThinkCapital is required to pass on the direct profits to the shareholders.

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Remuneration

The manager does not have a performance-related remuneration policy. The remuneration policy is in line with the manager’s strategy and the objective and investing policy of the Think UCITS ETFs. The members of the board of directors received only fixed remuneration in 2017. As a result, there are also no deferred remunerations or claw-backs involved. Variable remuneration for employees is possible at the discretion of the board of directors.

Risk management ThinkCapital’s objective is to have its ETFs follow an index as closely as possible, both as it goes up and as it goes down. This brings the investment risks of the ETFs entirely in line with the investment risks of the particular reference indices. The risk that prices can decrease is therefore not hedged. The ETFs are subject to operational risks, however. The way in which ThinkCapital offsets these operational risks as much as possible is discussed in more detail below.

ThinkCapital owns all the underlying securities for the benefit of the ETFs. No use is made of synthetic replication, therefore. The underlying securities are held in custody by KAS BANK N.V. ThinkCapital consciously opts not to lend out these underlying securities; this prevents counterparty risk from arising. Under the Securities (Bank Giro Transactions) Act (Wge), the property of the funds is legally separate from KAS BANK. Any bankruptcy on the part of KAS BANK would not affect the assets of the ThinkCapital ETFs.

Most processes and procedures are outsourced and although they are guaranteed by means of an ISAE 3402 report, ThinkCapital monitors them closely. We can identify the following operational risks:

Creation/redemption The issuing of new shares and/or the taking back of shares issued earlier. The shares are delivered on the basis of DVP, delivery versus payment, with the counterparty being an Authorised Participant (AP) or a broker. In the creation process, the ETFs are delivered and the basket of shares reflecting the percentages in the index or indices is received. The converse takes place for a redemption. Both ThinkCapital and the AP check that the composition is correct - it is in the interest of both parties that the composition be correct, after all.

Reweighting As soon as an index is reweighted, ThinkCapital takes the necessary action to reweight the ETFs as well. Either by reweighting the fund itself by means of an execution-only agreement with KAS Bank or another broker, or by outsourcing the reweighting to a third party.

Dividend payment by ThinkCapital ETFs Dividend payment takes place on cash basis and is only made from the freely distributable reserves. It is also monitored whether adequate liquid assets remain to cover the costs that will be charged to the fund in the next period. This prevents a situation from arising in which the fund must sell assets to pay the costs.

Corporate actions In the event of corporate actions in underlying securities, ThinkCapital follows the index followed by the particular ETF.

Settlement risk Virtually all settlement risks have been offset with the use of DVP. A risk that cannot be offset is the market (delta) risk of non- settlement of the underlying securities in the event a counterparty defaults. The principal is always guaranteed by the DVP settlement, however.

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Voting policy The Company did not exercise any voting rights on shares in other companies up to 2018 unless there were exceptional circumstances in which the Company’s shareholders would have been significantly disadvantaged. In those cases, the Company’s voting was guided primarily by the interests of the Company’s shareholders. An expansion of the voting policy was initiated at the beginning of 2018 with the implementation of a so-called proxy voting policy, whereby voting is conducted via a reputable party (Glass Lewis) on the basis of ESG criteria for three of the larger ETFs in terms of shares (Think Global Equity UCITS ETF, Think Global Real Estate UCITS ETF and Think Sustainable World UCITS ETF).

Efficient Portfolio Management Efficient Portfolio Management is defined as the use of techniques and instruments in relation to securities and money market management, including securities borrowing and lending, the contracting of repurchase agreements (repos) and reverse repurchase agreements. The Sub-funds did not make any use of Efficient Portfolio Management during the year under review.

Outlook We expect that the assets managed will grow further in the second half of 2018. This expectation is based on, among other things, the continued growth forecast for the ETF market in the Netherlands and Europe. Now that we have become part of the European VanEck organisation, we will be much better able to profit from European growth. Preparations are currently being made to be able to promote our ETFs in several European countries. We expect these developments to contribute to the further growth of the managed assets in the second half of 2018.

Amsterdam, 30 July 2018

The Board of Directors,

M. Rozemuller G. Koning

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Semi-annual Report as of 30 June

4.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 1,141,738,805 1,015,568,873 Bonds 233,925,229 282,528,809 Property 187,973,379 205,461,167

Investments {1} 1,563,637,413 1,503,558,849

Cash and cash equivalents {2} 4,554,095 1,923,755 Receivables {3} 6,799,601 4,852,283

Total assets 1,574,991,109 1,510,334,887

Equity Issued capital 460,988 463,528 Share premium reserve 1,345,960,626 1,282,883,185 General reserve 202,102,144 152,206,688 Result 24,984,012 73,507,830

Total equity {4} 1,573,507,770 1,509,061,231

LIABILITIES Other debts {6} 1,469,961 1,272,486 Debts to credit institutions {2} 13,378 1,170

Total liabilities 1,483,339 1,273,656

Total equity and liabilities 1,574,991,109 1,510,334,887

The numbers next to the items refer to the notes to the balance sheet and profit and loss account. The notes constitute an integral part of the financial statements.

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4.2 Statement of comprehensive income

1 January 1 January 2017 2018 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (1,341,416) 503,467 Interest income 2,957,602 4,416,357 Interest expense (34,352) (17,413) Dividend income 25,072,892 19,944,648 Price differences 34,854 (242,558)

Total investment result 26,689,581 24,604,501

Management fees {7} (1,675,679) (1,505,478) Other income and expenses (29,890) (17,555)

Total expenses (1,705,569) (1,523,033)

Total result 24,984,012 23,081,468

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

4.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (566,829,415) (414,101,051) Sales of investments 505,430,929 701,325,789 Interest received or accrued interest sold 2,139,526 7,572,794 Interest paid or accrued interest purchased (21,965) (9,549) Dividends received 23,909,779 19,016,938 Management costs paid (1,665,594) (1,567,898) Other paid income and expenses (17,599) (20,314)

Cash flow from operating activities (37,054,339) 312,216,709

Issue of shares 334,692,676 142,666,769 Purchase of shares (271,617,775) (441,868,583) Dividend payment (23,437,275) (20,166,791)

Net cash flow from financing activities 39,637,626 (319,368,605)

Price differences 34,845 (242,558)

Net cash flow 2,618,132 (7,394,454)

Liquid assets at beginning of the period 1,922,585 11,695,815

Liquid assets at end of the period 4,540,717 4,301,361

The notes constitute an integral part of the financial statements.

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4.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 463,528 620,050 Issue of shares 134,110 44,800 Purchase of shares (136,650) (228,850)

Capital position at end of financial year 460,988 436,000

Share premium Position at start of financial year 1,282,883,185 1,464,818,104 Issue of shares 334,558,566 153,959,559 Purchase of shares (271,481,125) (435,413,407)

Share premium position at end of financial year 1,345,960,626 1,183,364,256

General reserve Position at start of financial year 152,206,688 83,497,782 Unappropriated result from previous financial year 73,507,830 106,847,756 Dividend payment (23,612,374) (19,940,400)

General reserve position at end of financial year 202,102,144 170,405,138

Total position at start of financial year 1,509,061,231 1,655,783,692 Issue of shares 334,692,676 154,004,359 Purchase of shares (271,617,775) (435,642,257) Dividend payment (23,612,374) (19,940,400) Unappropriated result 24,984,012 23,081,468

Total at end of financial year 1,573,507,770 1,377,286,862

Numbers of shares Position at start of financial year 41,852,776 57,505,000 Issue of shares 13,411,000 4,480,000 Purchase of shares (13,665,000) (22,885,000)

Position at end of financial year 41,598,776 39,100,000

Issued capital includes Z shares in the amount of € 45,000.

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4.5 Notes

Accounting policies for the Semi-annual Report

General ThinkCapital ETF’s N.V. (also referred to hereafter as ‘ThinkCapital’ or the ‘Company’) was incorporated on 2 October 2009. The Company is an open-ended investment company with variable capital under Dutch law in the sense of article 2:76a of the Dutch Civil Code. This means that the Company will in principle issue, reissue or purchase shares on request on any trading day. The Manager was granted a licence as referred to in section 2:65 Wft on 12 October 2009. The most recent prospectus from ThinkCapital ETF’s N.V. dates from 23 April 2014. See chapter 2 for an overview of the Company’s activities. On 30 July 2018 the Board of Directors approved the semi-annual report for publication.

The Company’s abbreviated interim semi-annual financial report 2018 was prepared in accordance with IAS 34 ‘Interim Financial Reporting’, issued by the International Accounting Standards Board (‘IASB’) and accepted by the European Union, and the requirements arising from the Financial Supervision Act or Book 2, Title 9 of the Dutch Civil Code, respectively.

This semi-annual report has not been audited.

Use of assumptions and estimates In preparing the financial statements, the Company must make assumptions and estimates that affect the items reported on the balance sheet and profit and loss account and the conditional receivables and liabilities as of the date of the annual report. The estimates and assumptions concerning current facts, events and, to a certain extent, future events and transactions have been made to the best knowledge of the management. The actual outcomes could ultimately deviate - possibly significantly - from these estimates.

Economic position The accounting policies are aimed at setting out the Company’s economic position. The risk (positive and negative) run by the Sub-fund on assets and the availability of assets to the Sub-fund determine inclusion in the balance sheet. If a transaction results in all or virtually all future economic benefits and all or virtually all risks relating to an asset or liability being transferred to a third party, the asset or the liability is no longer reported in the balance sheet.

Valuation At the moment of acquisition, assets and liabilities are valued at acquisition price including expenses, i.e. the fair value of the asset or liability. The investments and derivative financial instruments are subsequently valued at fair value. The fair value is based on market value unless stated otherwise. The valuation at market value is based on the value for which the particular investments are listed on a stock market.

The other items are valued based on amortised cost, unless stated otherwise.

Netting A financial asset and financial liability are netted and included on the balance sheet as a net amount if there is a statutory or contractual authority to settle the asset and liability netted and simultaneously, at any point and unconditionally, and furthermore there is an intention to settle the items in this manner.

Functional and presentation currency The presentation currency is the same as the functional currency, i.e. the euro. The shares of the Company and Sub-funds are listed in euros and the transactions of the Company and Sub-funds take place virtually entirely in euros.

Foreign currency Assets and liabilities denominated in foreign currencies are converted to the euros at the exchange rate on the balance sheet date. This valuation is part of the valuation at current cost. Exchange rate differences are recognised under the indirect investment income in the profit and loss account. Income and expenditure arising from transactions in foreign currencies are converted at the exchange rate on the balance sheet date.

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Accounting policies for the balance sheet

Investments The financial investments are valued at fair value, unless stated otherwise. For the shares, bonds, structured products and other fixed income securities included under financial investments, the fair value is determined based on the current market prices or other market listings.

The investments are designated as ‘At fair value with changes in value through profit and loss’. All investments are held for trading purposes.

Upon first recognition, investments are valued at acquisition price, i.e. fair value, whereby the transaction costs are charged directly to the profit and loss account.

The fair value of investments is based on listed bid prices or derived from cash flow models. For the investments in investment institutions included under financial investments, the fair value is determined based on the current market prices, using the bid price. If these are not available, the fair value is determined based on the most recent net intrinsic value available. Unrealised and realised changes in value are recognised directly in the profit and loss account under investment result.

The fair values of financial instruments are determined on three levels:  Level 1: The fair values are based on listed bid prices in active markets. A financial instrument is considered listed on an active market if the listed price is available regularly and if these prices reflect the current and regularly occurring arm's- length market transactions;  Level 2: For financial instruments for which no active market exists or for which listed bid prices are not available, valuation techniques are used. Valuation techniques include recent transactions on a real economic basis between well-informed and willing parties or reference to similar instruments for which market prices or valuation models are indeed available. The data used for the valuation techniques are observable market-related data that originate from reliable external sources. The valuation techniques used are assessed and approved internally. Tests are carried out to determine whether the valuation process has resulted in the correct fair value of the position and whether the valuations have been correctly expressed in the profit and loss account.  Level 3: Based on valuation models using variables not related to observable market-related data.

Derivatives Derivative financial instruments, including currency contracts, futures, forward contracts, currency and interest rate swaps, and other derivative financial instruments, are valued at fair value when the contract is entered into and designated as at fair value with changes in value through profit or loss.

The fair value of publicly traded derivatives is based on listed bid prices for assets held or liabilities to be issued and listed ask prices for assets to be acquired or liabilities held.

The fair value of derivatives not traded publicly depends on the type of instrument and is based on a discounted value model or an option pricing model. The Company recognises derivatives with a positive market value under assets and recognises derivatives with a negative market value under liabilities.

Changes in the fair value of derivatives held for trading purposes are recognised in the profit and loss account under the result from financial instruments.

Cash and cash equivalents These are demand deposits in current account at banks.

Receivables The receivables are tax receivables, current interest, receivables from entries not yet settled and other receivables. Receivables are valued at amortised cost less any provisions for bad debt deemed necessary, if applicable.

Equity Shares in the Company, the Sub-funds, can be bought and sold on Euronext Amsterdam through NYSE Euronext, whereby the Liquidity Provider ensures that there is both a bid and ask price at which the share can be traded. This is a market party that publishes prices throughout the trading day at which it is willing to buy or sell the shares in the Sub-funds. Other investors and market parties can also create additional liquidity. The role of the

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Liquidity Provider aims to ensure there is enough liquidity on the market for both buyers and sellers of the shares in the Sub- funds. In connection with this, the Liquidity Provider has concluded an agreement with Euronext N.V. which includes the obligation for the Liquidity Provider to provide a two-way market consisting of bid and ask prices, to guarantee minimum turnover in the trade in a particular Sub-fund (expressed as a certain number of shares or amount in cash), and furthermore to set the market within a maximum bandwidth or spread (usually expressed as a percentage). Because of this, there are no ‘puttable instruments’ involved and the issued shares of the Sub-funds are presented as equity.

Other debts The other debts are management fees still payable and the liability for the share of the founding costs still to be paid.

Accounting policies for the statement of comprehensive income

Dividend income Dividends are recognised on the ex-dividend date, taking into account any dividend tax that cannot be claimed back.

Interest income and expense Interest is recognised in the period to which it pertains.

Changes in the value of investments This is the indirect investment income from realised and unrealised changes in value and exchange rate differences. This income is recognised in the period to which it pertains.

Costs Costs are recognised in the period to which they pertain. The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. For the height of the management costs of the particular Sub-fund, see the relevant Supplement. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs; these are not charged separately by the Sub-fund, therefore. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs do not include transaction costs.

Accounting policies for the cash flow statement

Cash flow statement The cash flow statement is prepared in accordance with the direct method whereby the operating receipts and expenditure is presented as such. Receipts and expenditure on account of investments are included under the cash flow from investing activities. Receipts and expenditure in relation to entries and exits by participants are recognised as cash flow from financing activities. The liquid assets in the cash flow statement include the demand deposits and debts at banks.

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Notes to the balance sheet and statement of comprehensive income

1. Investments

Composition of investments according to characteristic of financial instrument

(amounts x € 1) 30 June 2018 31 December 2017

Investment Series A - Think AEX UCITS ETF 186,086,777 164,654,223 Investment Series B - Think AMX UCITS ETF 37,903,308 36,606,824 Investment Series C - Think Total Market UCITS ETF Defensief 8,403,758 8,286,728 Investment Series D - Think Total Market UCITS ETF Neutraal 16,313,422 15,969,230 Investment Series E - Think Total Market UCITS ETF Offensief 10,985,748 11,126,287 Investment Series F - Think Global Equity UCITS ETF 704,838,841 627,570,384 Investment Series G - Think Global Real Estate UCITS ETF 168,660,569 185,739,995 Investment Series H - Think iBoxx Corporate Bond UCITS ETF 36,373,395 42,524,067 Investment Series I - Think iBoxx Government Bond UCITS ETF 36,222,526 53,785,289 Investments Series J - Think iBoxx AA-AAA Government Bond UCITS ETF 143,901,028 169,094,037 Investment Series K - Think Sustainable World UCITS ETF 139,117,597 120,258,775 Investment Series L - Think European Equity UCITS ETF 45,548,632 44,476,966 Investment Series M - Think Morningstar® North America Equity UCITS ETF 5,090,830 4,922,688 Investment Series N - Think Morningstar® High Dividend UCITS ETF 24,190,982 18,543,356

Total 1,563,637,413 1,503,558,849

All investments are classified as financial instruments valued at fair value with changes in value through profit and loss.

All investments of the Sub-funds are ‘financial instruments admitted to listing on a regulated market’ and are therefore classified as Level 1 investments.

Summary of changes in investments

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Opening balance 1,503,558,849 1,646,547,938 Purchases of investments 566,829,415 422,165,227 Sales of investments (505,409,435) (701,345,334) Changes in value (1,341,416) 503,467

Closing balance 1,563,637,413 1,367,871,298

2. Cash and cash equivalents

As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

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3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 3,350,183 2,187,066 Accrued interest on bonds 3,443,383 2,637,688 Other receivables 6,035 27,529

Total 6,799,601 4,852,283

4. Equity

The company’s authorised capital amounts to three million euros (EUR 3,000,000) divided into ten (10) priority shares and two hundred ninety-nine million nine hundred ninety-nine thousand nine hundred ninety (299,999,990) ordinary shares, divided into twenty-six (26) series of ordinary shares designated with the letters A to Z, each with nominal value of one cent (EUR 0.01). The issued capital and share premium is fully paid up. EUR 45,000 is issued and paid up on the Z shares (the company’s foundation capital). The issued and paid-up capital per Sub-fund is disclosed in the summaries of the individual Sub-funds A, B, C, D E, F, G, H, I, J, K, L, M and N.

Capitalisation The authorised capital of the Company amounts to € 3,000,000 divided into 299,999,990 ordinary shares and 10 priority shares, all with nominal value of € 0.01. The ordinary shares are divided into 26 series of shares. A series of shares is designated as a Sub-fund. The Board of Directors reserves the right to, if desired, open up a new share series (not yet issued) in supplement to a Sub-fund already opened up.

Issue and purchase of ordinary shares The Company is an open-ended investment company. This means that the Board of Directors will, on request, issue shares and/or sell purchased shares at the transaction price of a share as determined at the moment of issue or sale. The transaction price corresponds to the Net Intrinsic Value of the particular share in a specific Sub-fund increased or decreased by transaction costs. The Board of Directors reserves the right to temporarily suspend the issue or purchase of shares. Suspension can take place, for instance, in cases in which the determination of the Net Intrinsic Value can also be suspended. Shares in the Company can be bought and sold on Euronext Amsterdam through NYSE Euronext, whereby the Liquidity Provider ensures that, under normal circumstances, there is both a bid and ask price at which the share can be traded for the majority of the trading day.

Priority shares The Company has issued 1 priority share to the Manager. The Priority has, among other things, rights in relation to the appointment, suspension, dismissal and determination of the remuneration and other employment conditions of directors of the Company. The Priority determines the number of members of the Board of Directors. For the appointment of a new director, within one month after having been invited to do so by the Board of Directors, it nominates at least 2 candidates from which the meeting of shareholders can appoint one. This nomination is binding for the meeting of shareholders unless this meeting deprives the nomination of its binding character in a resolution adopted by a majority of at least two-thirds of the votes cast, which represent more than half of the issued capital. A resolution to amend the Articles of Association, to merge, split or dissolve the Company can, other than at the proposal of the Priority, only be taken by the general meeting with a majority of at least two-thirds of the votes cast representing more than half of the issued capital.

Dividend policy Pursuant to its status as fiscal investment institution, the Company will, within eight months of the conclusion of the financial year, pay out to the shareholders as dividend the taxable profit available for distribution, less the distribution deficits from previous years to be set off. The dividend is determined individually per Sub-fund. The level of dividend varies per Sub-fund and is based on a combination of the dividend and the coupons paid out on the shares or bonds, respectively, which form the Underlying Securities of the particular Sub-fund. The dividend is paid out in cash. The Company in principle intends to pay out (interim) dividend four times per calendar year. The dividend payments are announced via the website www.thinketfs.nl.

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5. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Position at start of financial year 1,509,016,203 1,655,783,692 Issue of shares 334,692,676 154,004,359 Purchase of shares (271,617,775) (435,642,257) Dividend payment (23,612,374) (19,940,400) Interest income 2,957,602 4,416,357 Interest expense (34,342) (17,413) Dividend income 25,072,892 19,944,648 Changes in the value of investments (1,341,416) 503,467 Management fees (1,675,679) (1,505,478) Price differences 34,845 (242,558) Other income and expenses (29,890) (17,555)

Position at end of financial year 1,573,462,742 1,377,286,862

6. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 285,895 275,810 Dividend tax payable 1,140,095 945,427 Other current liabilities 43,971 51,249

Total 1,469,961 1,272,486

7. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the net intrinsic value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 1,675,679 (comparable period in 2017: € 1,505,478).

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Management costs per Sub-fund Prospectus

Series A: Think AEX UCITS ETF 0.30% Series B: Think AMX UCITS ETF 0.35% Series C: Think Total Market UCITS ETF Defensief 0.28% Series D: Think Total Market UCITS ETF Neutraal 0.30% Series E: Think Total Market UCITS ETF Offensief 0.32% Series F: Think Global Equity UCITS ETF 0.20% Series G: Think Global Real Estate UCITS ETF 0.25% Series H: Think iBoxx Corporate Bond UCITS ETF 0.15% Series I: Think iBoxx Government Bond UCITS ETF 0.15% Series J: Think iBoxx AAA-AA Government Bond UCITS ETF 0.15% Series K: Think Sustainable World UCITS ETF 0.30% Series L: Think European Equity UCITS ETF 0.20% Series M: Think Morningstar North America Equity UCITS ETF 0.20% Series N: Think Morningstar High Dividend UCITS ETF 0.38%

Other notes

Dividend payments in the period

The board of directors intends to pay out dividend every quarter. The following dividend payments took place during the reporting period.

Dividend per Date share

Series A: Think AEX UCITS ETF 21 March 2018 EUR 0.15 20 June 2018 EUR 0.94

Series B: Think AMX UCITS ETF 20 June 2018 EUR 1.36

Series C: Think Total Market UCITS ETF Defensief 21 March 2018 EUR 0.10 20 June 2018 EUR 0.18

Series D: Think Total Market UCITS ETF Neutraal 21 March 2018 EUR 0.15 20 June 2018 EUR 0.26

Series E: Think Total Market UCITS ETF Offensief 21 March 2018 EUR 0.15 20 June 2018 EUR 0.39

Series F: Think Global Equity UCITS ETF 21 March 2018 EUR 0.14 20 June 2018 EUR 0.40

Series G: Think Global Real Estate UCITS ETF 21 March 2018 EUR 0.24 20 June 2018 EUR 0.40

Series H: Think iBoxx Corporate Bond UCITS ETF 21 March 2018 EUR 0.05 20 June 2018 EUR 0.07

Series I: Think iBoxx Government Bond UCITS ETF 21 March 2018 EUR 0.05 20 June 2018 EUR 0.05

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Dividend per Date share

Series J: Think iBoxx AAA-AA Government Bond UCITS ETF 21 March 2018 EUR 0.10 20 June 2018 EUR 0.23

Series K: Think Sustainable World UCITS ETF 21 March 2018 EUR 0.18 20 June 2018 EUR 0.65

Series L: Think European Equity UCITS ETF 21 March 2018 EUR 0.15 20 June 2018 EUR 1.10

Series M: Think Morningstar North America Equity UCITS ETF 21 March 2018 EUR 0.10 20 June 2018 EUR 0.14

Series N: Think Morningstar High Dividend UCITS ETF 21 March 2018 EUR 0.15 20 June 2018 EUR 0.55

Personnel employed The company did not employ any personnel during the reporting period.

Tax status The Company is a public company with registered office in Amsterdam, incorporated under Dutch law. The Company opts for the status of fiscal investment institution (FII) as referred to in section 28 of the Corporation Tax Act 1969. An FII is subject to a 0% rate for the levy of corporation tax if certain conditions are satisfied.

Securities borrowing and lending The Sub-funds do not lend out any securities.

Return commissions and soft commissions There were no return commissions or soft commissions during the reporting period.

Outsourcing of tasks ThinkCapital outsources many of its tasks to third parties. This allows the organisation to remain small. ThinkCapital is still always responsible for the performance of these tasks.

The outsourced tasks and responsibilities are set out below:

Process Outsourced to Investment accounting KAS Bank N.V.

Financial administration umbrella KAS Bank N.V. structure Calculation and submission of NAV Index providers Euronext, Markit and Solactive and iNAV Preparation and sending of compo Markit and Solactive on the basis of information from KAS Bank N.V. file

Preparation and sending of DRA KAS Bank N.V. reports to DNB

28 Semi-annual Report Think AEX UCITS ETF ThinkCapital ETF's N.V.

ThinkCapital ETF's N.V.

Series A Think AEX UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

5.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 179,614,987 158,104,743 Property 6,471,790 6,549,480

Investments {1} 186,086,777 164,654,223

Cash and cash equivalents {2} 148,041 52,753

Total assets 186,234,818 164,706,976

Equity Issued capital 33,700 30,200 Share premium reserve 134,145,190 115,501,942 General reserve 45,276,162 27,034,737 Result 6,729,334 22,096,975

Total equity {3} 186,184,386 164,663,854

LIABILITIES Other debts {4} 50,432 43,122

Total liabilities 50,432 43,122

Total equity and liabilities 186,234,818 164,706,976

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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5.2 Statement of comprehensive income

1 January 1 January 2017 2018 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 2,819,397 6,942,556 Interest expense (4,692) (815) Dividend income 4,193,681 2,892,374 Price differences 1,174 -

Total investment result 7,009,560 9,834,115

Management costs {5} (279,401) (213,823) Other expenses (825) -

Total expenses (280,226) (213,823)

Total result 6,729,334 9,620,292

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

5.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (57,196,772) (8,819,611) Sales of investments 38,583,615 22,523,708 Interest paid or accrued interest purchased (4,692) (815) Dividends received 4,193,681 2,892,374 Management costs paid (273,578) (218,846) Other expenses paid 662 (105)

Cash flow from operating activities (14,697,084) 16,376,705

Issue of shares 50,502,098 5,217,175 Purchase of shares (31,855,350) (18,859,652) Dividend payment (3,855,550) (2,498,100)

Net cash flow from financing activities 14,791,198 (16,140,577)

Price differences 1,174 - Net cash flow 95,288 236,128

Liquid assets at beginning of the period 52,753 39,688

Liquid assets at end of the period 148,041 275,816

The notes constitute an integral part of the financial statements.

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5.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 30,200 30,450 Issue of shares 9,250 1,000 Purchase of shares (5,750) (3,750)

Capital position at end of financial year 33,700 27,700

Share premium Position at start of financial year 115,501,942 115,875,395 Issue of shares 50,492,848 5,216,175 Purchase of shares (31,849,600) (18,855,902)

Share premium position at end of financial year 134,145,190 102,235,668

General reserve Position at start of financial year 27,034,737 10,786,498 Unappropriated result from previous financial year 22,096,975 20,903,939 Dividend payment (3,855,550) (2,498,100)

General reserve position at end of financial year 45,276,162 29,192,337

Total position at start of financial year 164,663,854 147,596,282 Issue of shares 50,502,098 5,217,175 Purchase of shares (31,855,350) (18,859,652) Dividend payment (3,855,550) (2,498,100) Unappropriated result 6,729,334 9,620,292

Total at end of financial year 186,184,386 141,075,997

Numbers of shares Position at start of financial year 3,020,000 3,045,000 Issue of shares 925,000 100,000 Purchase of shares (575,000) (375,000)

Position at end of financial year 3,370,000 2,770,000

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5.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 158,104,743 6,549,480 164,654,223 Purchases of investments 55,321,112 1,875,660 57,196,772 Sales of investments (37,309,857) (1,273,758) (38,583,615) Changes in value 3,498,989 (679,592) 2,819,397

Total 179,614,987 6,471,790 186,086,777

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 140,169,243 7,428,330 147,597,573 Purchases of investments 8,574,420 245,191 8,819,611 Sales of investments (21,464,206) (1,059,502) (22,523,708) Changes in value 7,153,091 (210,535) 6,942,556

Closing balance 134,432,548 6,403,484 140,836,032

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 186,086,777 164,654,223

Total 186,086,777 164,654,223

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currenc y Market value % of NAV Shares Royal Dutch Shell PLC EUR 31,959,584 17.1 Unilever NV EUR 26,756,685 14.4 ASML Holding NV EUR 25,168,037 13.5 ING Groep NV EUR 16,466,534 8.8 Koninklijke Philips Electronics NV EUR 11,780,646 6.3 Koninklijke Ahold Delhaize NV EUR 8,787,828 4.7 Heineken NV EUR 7,664,038 4.1 Relx NV EUR 6,064,656 3.3 Akzo Nobel NV EUR 6,048,387 3.2 ArcelorMittal EUR 5,733,140 3.1 Koninklijke DSM NV EUR 5,370,615 2.9 Wolters Kluwer NV EUR 4,815,962 2.6 NN Group NV EUR 3,672,659 2.0 ABN AMRO Group NV EUR 3,237,232 1.7 Aegon NV EUR 3,144,737 1.7 Koninklijke KPN NV EUR 2,692,846 1.4 Randstad Holdings NV EUR 2,064,497 1.1 ASR Nederland NV EUR 1,767,504 0.9 Aalberts Industries NV EUR 1,403,253 0.8 Gemalto NV EUR 1,316,195 0.7 Galapagos NV EUR 1,105,713 0.6 Koninklijke Vopak NV EUR 956,328 0.5 Signify NV EUR 897,120 0.5 Altice NV EUR 740,791 0.4 Total shares 179,614,987 96.4

Property shares Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 6,471,790 3.5 Total property shares 6,471,790 3.5

Total investments 186,086,777 99.9

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 164,663,854 147,596,282 Issue of shares 50,502,098 5,217,175 Purchase of shares (31,855,350) (18,859,652) Dividend payment (3,855,550) (2,498,100) Interest expense (4,692) (815) Dividend income 4,193,681 2,892,374 Changes in the value of investments 2,819,397 6,942,556 Management costs (279,401) (213,823) Price differences 1,174 - Other expenses (825) -

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Position at end of financial year 186,184,386 141,075,997

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4. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 47,908 42,085 Other current liabilities 2,524 1,037

Total 50,432 43,122

5. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 279,401 (comparable period in 2017: € 213,823).

36 Semi-annual Report Think AMX UCITS ETF ThinkCapital ETF's N.V.

ThinkCapital ETF's N.V.

Series B Think AMX UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

6.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 33,416,317 32,782,061 Property 4,486,991 3,824,763

Investments {1} 37,903,308 36,606,824

Cash and cash equivalents {2} 60,665 5,758 Receivables {3} 16,862 5,872

Total assets 37,980,835 36,618,454

Equity Issued capital 4,900 4,400 Share premium reserve 33,888,219 29,884,150 General reserve 6,052,093 1,672,208 Result (1,976,206) 5,046,285

Total equity {4} 37,969,006 36,607,043

LIABILITIES Other debts {5} 11,829 11,411

Total liabilities 11,829 11,411

Total equity and liabilities 37,980,835 36,618,454

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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6.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (2,688,405) 3,116,256 Interest expense (644) (255) Dividend income 779,853 453,665

Total investment result (1,909,196) 3,569,666

Management costs {6} (65,630) (38,373) Other expenses (1,380) -

Total expenses (67,010) (38,373)

Total result (1,976,206) 3,531,293

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

6.3 Cash flow statement

1 January 1 January 2017 2018 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (13,965,268) (6,321,805) Sales of investments 9,980,379 6,672,663 Interest paid or accrued interest purchased (644) (255) Dividends received 768,863 449,531 Management costs paid (64,735) (37,748) Other expenses paid (1,857) (87)

Cash flow from operating activities (3,283,262) 762,299

Issue of shares 4,004,569 3,032,288 Purchase of shares - (3,370,802) Dividend payment (666,400) (398,250)

Net cash flow from financing activities 3,338,169 (736,764)

Net cash flow 54,907 25,535

Liquid assets at beginning of the period 5,758 6,479

Liquid assets at end of the period 60,665 32,014

The notes constitute an integral part of the financial statements.

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6.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 4,400 3,000 Issue of shares 500 400 Purchase of shares - (450)

Capital position at end of financial year 4,900 2,950

Share premium Position at start of financial year 29,884,150 18,328,682 Issue of shares 4,004,069 3,031,888 Purchase of shares - (3,370,352)

Share premium position at end of financial year 33,888,219 17,990,218

General reserve Position at start of financial year 1,672,208 2,193,943 Unappropriated result from previous financial year 5,046,285 32,115 Dividend payment (666,400) (398,250)

General reserve position at end of financial year 6,052,093 1,827,808

Total position at start of financial year 36,607,043 20,557,740 Issue of shares 4,004,569 3,032,288 Purchase of shares - (3,370,802) Dividend payment (666,400) (398,250) Unappropriated result (1,976,206) 3,531,293

Total at end of financial year 37,969,006 23,352,269

Numbers of shares Position at start of financial year 440,000 300,000 Issue of shares 50,000 40,000 Purchase of shares - (45,000)

Position at end of financial year 490,000 295,000

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6.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 32,782,061 3,824,763 36,606,824 Purchases of investments 13,171,944 793,324 13,965,268 Sales of investments (9,809,014) (171,365) (9,980,379) Changes in value (2,728,674) 40,269 (2,688,405)

Total 33,416,317 4,486,991 37,903,308

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 17,365,392 3,185,519 20,550,911 Purchases of investments 5,621,647 700,159 6,321,806 Sales of investments (5,851,905) -820,758 (6,672,663) Changes in value 3,091,894 24,362 3,116,256

Closing balance 20,227,028 3,089,282 23,316,310

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 37,903,308 36,606,824

Total 37,903,308 36,606,824

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares IMCD Group NV EUR 2,743,152 7.3 OCI EUR 2,326,855 6.1 SBM Offshore NV EUR 2,224,302 5.9 ASM International NV EUR 2,112,872 5.6 Boskalis Westminster EUR 2,014,263 5.3 TKH Group NV EUR 2,001,866 5.3 Air France-KLM EUR 2,000,888 5.3 APERAM SA EUR 1,802,991 4.7 BE Semiconductor Industries NV EUR 1,683,563 4.4 Corbion NV EUR 1,467,075 3.9 Takeaway.com Holding BV EUR 1,415,128 3.7 Advanced Metallurgical Group NV EUR 1,376,496 3.6 PostNL NV EUR 1,322,648 3.5 GrandVision BV EUR 1,169,226 3.1 Flow traders EUR 1,110,389 2.9 Koninklijke Wessanen NV EUR 1,047,124 2.8 Arcadis NV EUR 1,032,233 2.7 Fugro NV EUR 1,004,176 2.6 TomTom EUR 958,741 2.5 Sligro Food Group NV EUR 948,647 2.5 Koninklijke BAM Groep NV EUR 851,481 2.2 Intertrust NV EUR 802,201 2.1 Total shares 33,416,317 88.0

Property shares Warehouses De Pauw SCA EUR 1,708,600 4.5 Eurocommercial Properties NV EUR 1,548,791 4.1 Wereldhave NV EUR 1,229,600 3.2 Total property shares 4,486,991 11.8

Total investments 37,903,308 99.8

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 16,862 5,872

Total 16,862 5,872

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4. Summary of changes in the assets under management

1 January 1 January 2017 2018 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 36,607,043 20,557,740 Issue of shares 4,004,569 3,032,288 Purchase of shares - (3,370,802) Dividend payment (666,400) (398,250) Interest expense (644) (255) Dividend income 779,853 453,665 Changes in the value of investments (2,688,405) 3,116,256 Management costs (65,630) (38,373) Other expenses (1,380) - Position at end of financial year 37,969,006 23,352,269

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 11,286 10,391 Other current liabilities 543 1,020

Total 11,829 11,411

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 65,630 (comparable period in 2017: € 38,373).

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ThinkCapital ETF's N.V.

Series C Think Total Market UCITS ETF Defensief

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

7.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 2,055,629 2,063,609 Bonds 5,917,208 5,798,765 Property 430,921 424,354

Investments {1} 8,403,758 8,286,728

Cash and cash equivalents {2} 23,812 - Receivables {3} 49,626 47,297

Total assets 8,477,196 8,334,025

Equity Issued capital 1,530 1,500 Share premium reserve 8,302,546 8,138,445 General reserve 148,952 28,663 Result 21,037 163,129

Total equity {4} 8,474,065 8,331,737

LIABILITIES Other debts {5} 3,131 1,118 Debts to credit institutions {2} - 1,170

Total liabilities 3,131 2,288

Total equity and liabilities 8,477,196 8,334,025

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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7.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (64,852) (99,625) Interest income 51,675 - Interest expense (272) (17) Dividend income 48,938 110,972 Price differences (85) -

Total investment result 35,404 11,330

Management costs {6} (11,652) (3,486) Other expenses (2,715) -

Total expenses (14,367) (3,486)

Total result 21,037 7,844

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

7.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (3,084,201) (1,117,573) Sales of investments 2,903,487 - Interest received 53,220 - Interest paid or accrued interest purchased - (17) Dividends received 43,624 137,549 Management costs paid (10,521) (2,747) Other expenses paid (1,833) -

Cash flow from operating activities (96,224) (982,788)

Issue of shares 164,131 1,117,561 Dividend payment (42,840) (134,300)

Net cash flow from financing activities 121,291 983,261

Price differences (85) - Net cash flow 24,982 473

Liquid assets at beginning of the period (1,170) 998

Liquid assets at end of the period 23,812 1,471

The notes constitute an integral part of the financial statements.

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7.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 1,500 1,200 Issue of shares 30 200

Capital position at end of financial year 1,530 1,400

Share premium Position at start of financial year 8,138,445 6,468,707 Issue of shares 164,101 1,117,361

Share premium position at end of financial year 8,302,546 7,586,068

General reserve Position at start of financial year 28,663 758 Unappropriated result from previous financial year 163,129 205,705 Dividend payment (42,840) (108,800)

General reserve position at end of financial year 148,952 97,663

Total position at start of financial year 8,331,737 6,676,370 Issue of shares 164,131 1,117,561 Dividend payment (42,840) (108,800) Unappropriated result 21,037 7,844

Total at end of financial year 8,474,065 7,692,975

Numbers of shares Position at start of financial year 150,000 120,000 Issue of shares 3,000 20,000

Position at end of financial year 153,000 140,000

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7.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares Bonds shares Total 2018

Opening balance 2,063,609 5,798,765 424,354 8,286,728 Purchases of investments 425,762 2,628,244 30,195 3,084,201 Sales of investments (406,175) (2,465,275) (30,869) (2,902,319) Changes in value (27,567) (44,526) 7,241 (64,852)

Total 2,055,629 5,917,208 430,921 8,403,758

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Shares Bonds Total 2017 J

Opening balance 2,109,108 4,566,238 6,675,346 Purchases of investments 365,490 752,083 1,117,573 Changes in value (758) (98,867) (99,625)

Closing balance 2,473,840 5,219,454 7,693,294

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 8,403,758 8,286,728

Total 8,403,758 8,286,728

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares Central Japan Railway Co JPY 24,678 0.3 IBM USD 19,264 0.2 Royal Bank of Canada CAD 17,531 0.2 British American Tobacco PLC GBP 17,497 0.2 Allianz SE EUR 17,348 0.2 Toronto-Dominion Bank/The CAD 17,340 0.2 Sanofi EUR 17,300 0.2 Altria Group Inc USD 15,565 0.2 Tokyo Electron Ltd JPY 14,707 0.2 BASF SE EUR 14,170 0.2 Other 1,880,229 22.2 Total shares 2,055,629 24.3

Bonds NETHERLANDS GOVERNMENT 0.25% 15/7/2025 EUR 269,928 3.2 FRANCE (GOVT OF) 1% 25/5/2027 EUR 262,624 3.1 FRANCE (GOVT OF) 2.25% 25/5/2024 EUR 252,734 3.0 NETHERLANDS GOVERNMENT 0.75% 15/7/2027 EUR 233,038 2.8 GOLDMAN SACHS GROUP INC 1.375% 15/5/2024 EUR 187,073 2.2 VODAFONE GROUP PLC 2.2% 25/8/2026 EUR 170,497 2.0 BONOS Y OBLIG DEL ESTADO 1.3% 31/10/2026 EUR 167,805 2.0 BUONI POLIENNALI DEL TES 3.75% 1/9/2024 EUR 160,422 1.9 SUMITOMO MITSUI FINL GRP 1.546% 15/6/2026 EUR 144,561 1.7 LINDE FINANCE BV 1% 20/4/2028 EUR 141,709 1.7 Other 3,926,817 46.2 Total bonds 5,917,208 69.8

Property shares Simon Property Group Inc USD 37,609 0.4 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 17,159 0.2 Prologis Inc USD 15,135 0.2 Public Storage USD 14,961 0.2 Mitsubishi Estate Co Ltd JPY 14,918 0.2 AvalonBay Communities Inc USD 10,306 0.1 Welltower Inc USD 10,202 0.1 Equity Residential USD 10,146 0.1 Digital Realty Trust Inc USD 10,130 0.1 Mitsui Fudosan Co Ltd JPY 9,594 0.1 Other 280,761 3.4 Total property shares 430,921 5.1

Total investments 8,403,758 99.2

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

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3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 5,752 438 Accrued interest on bonds 43,816 45,633 Other 58 1,226

Total 49,626 47,297

4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 8,331,737 6,676,370 Issue of shares 164,131 1,117,561 Dividend payment (42,840) (108,800) Interest income 51,675 - Interest expense (272) (17) Dividend income 48,938 110,972 Changes in the value of investments (64,852) (99,625) Management costs (11,652) (3,486) Price differences (85) - Other expenses (2,715) - Position at end of financial year 8,474,065 7,692,975

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 1,954 823 Dividend tax payable 1,176 - Other current liabilities 1 295

Total 3,131 1,118

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6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 11,652 (comparable period in 2017: € 3,486).

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ThinkCapital ETF's N.V.

Series D Think Total Market UCITS ETF Neutraal

Semi-annual Report 2018

52 Semi-annual Report Think Total Market UCITS ETF Neutraal ThinkCapital ETF's N.V.

Semi-annual report as of 30 June 2018

8.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 6,428,505 6,402,229 Bonds 8,196,932 7,982,627 Property 1,687,985 1,584,374

Investments {1} 16,313,422 15,969,230

Cash and cash equivalents {2} 76,407 14,208 Receivables {3} 76,909 64,503

Total assets 16,466,738 16,047,941

Equity Issued capital 2,780 2,700 Share premium reserve 15,850,235 15,386,556 General reserve 543,343 308,063 Result 64,634 349,260

Total equity {4} 16,460,992 16,046,579

LIABILITIES Other debts {5} 5,746 1,362

Total liabilities 5,746 1,362

Total equity and liabilities 16,466,738 16,047,941

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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8.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (132,232) (172,964) Interest income 64,022 - Interest expense (784) (106) Dividend income 161,720 189,451 Price differences (302) -

Total investment result 92,424 16,381

Management costs {6} (24,160) (6,004) Other expenses (3,630) (1)

Total expenses (27,790) (6,005)

Total result 64,634 10,376

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

8.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (3,969,522) (4,785,681) Sales of investments 3,494,053 - Interest received 68,051 - Interest paid or accrued interest purchased - (106) Dividends received 143,546 230,770 Management costs paid (21,444) (5,665) Other expenses paid (1,962) -

Cash flow from operating activities (287,278) (4,560,682)

Issue of shares 463,759 4,788,321 Dividend payment (113,980) (226,380)

Net cash flow from financing activities 349,779 4,561,941

Price differences (302) - Net cash flow 62,199 1,259

Liquid assets at beginning of the period 14,208 257

Liquid assets at end of the period 76,407 1,516

The notes constitute an integral part of the financial statements.

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8.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 2,700 1,600 Issue of shares 80 800

Capital position at end of financial year 2,780 2,400

Share premium Position at start of financial year 15,386,556 8,822,200 Issue of shares 463,679 4,787,521

Share premium position at end of financial year 15,850,235 13,609,721

General reserve Position at start of financial year 308,063 147,415 Unappropriated result from previous financial year 349,260 500,348 Dividend payment (113,980) (188,300)

General reserve position at end of financial year 543,343 459,463

Total position at start of financial year 16,046,579 9,471,563 Issue of shares 463,759 4,788,321 Dividend payment (113,980) (188,300) Unappropriated result 64,634 10,376

Total at end of financial year 16,460,992 14,081,960

Numbers of shares Position at start of financial year 270,000 160,000 Issue of shares 8,000 80,000

Position at end of financial year 278,000 240,000

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8.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares Bonds shares Total 2018

Opening balance 6,402,229 7,982,627 1,584,374 15,969,230 Purchases of investments 1,575,711 2,218,724 175,087 3,969,522 Sales of investments (1,447,898) (1,948,131) (97,069) (3,493,098) Changes in value (101,537) (56,288) 25,593 (132,232)

Total 6,428,505 8,196,932 1,687,985 16,313,422

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Shares Bonds Total 2017

Opening balance 4,900,160 4,568,318 9,468,478 Purchases of investments 2,518,365 2,267,316 4,785,681 Changes in value (52,027) (120,937) (172,964)

Closing balance 7,366,498 6,714,697 14,081,195

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 16,313,422 15,969,230

Total 16,313,422 15,969,230

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares IBM USD 64,612 0.4 BAE Systems PLC GBP 58,789 0.4 Royal Bank of Canada CAD 58,330 0.4 Sanofi EUR 56,842 0.3 Altria Group Inc USD 51,510 0.3 BNP Paribas SA EUR 51,222 0.3 BASF SE EUR 47,672 0.3 Netflix Inc USD 46,936 0.3 Iberdrola SA EUR 42,513 0.3 AT&T Inc USD 42,271 0.3 Other 5,907,808 35.9 Total shares 6,428,505 39.2

Bonds BUNDESREPUB. DEUTSCHLAND 0.5% 15/8/2027 EUR 311,084 1.9 ROYAL BK SCOTLND GRP PLC 2% 8/3/2023 EUR 244,133 1.5 FRANCE (GOVT OF) 1% 25/5/2027 EUR 237,512 1.4 FRANCE (GOVT OF) 0.5% 25/5/2025 EUR 237,329 1.4 BONOS Y OBLIG DEL ESTADO 1.3% 31/10/2026 EUR 228,825 1.4 JPMORGAN CHASE & CO 1.5% 29/10/2026 EUR 221,111 1.3 OMV AG 1% 14/12/2026 EUR 203,154 1.2 BRITISH TELECOMMUNICATIO 0.625% 10/3/2021 EUR 189,105 1.1 SNAM SPA 0,875% 25/10/2026 EUR 183,992 1.1 NESTLE FINANCE INTL LTD 1.75% 2/11/2037 EUR 170,619 1.0 Other 5,970,068 36.3 Total bonds 8,196,932 49.6

Property shares Simon Property Group Inc USD 132,502 0.8 Public Storage USD 69,367 0.4 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 63,353 0.4 Prologis Inc USD 57,951 0.4 Mitsui Fudosan Co Ltd JPY 49,128 0.3 Mitsubishi Estate Co Ltd JPY 47,780 0.3 Digital Realty Trust Inc USD 45,395 0.3 AvalonBay Communities Inc USD 39,750 0.2 Welltower Inc USD 39,035 0.2 Equity Residential USD 38,731 0.2 Other 1,104,993 6.8 Total property shares 1,687,985 10.3

Total investments 16,313,422 99.1

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

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3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 20,361 2,187 Accrued interest on bonds 53,350 58,163 Other 3,198 4,153

Total 76,909 64,503

4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 16,046,579 9,471,563 Issue of shares 463,759 4,788,321 Dividend payment (113,980) (188,300) Interest income 64,022 - Interest expense (784) (106) Dividend income 161,720 189,451 Changes in the value of investments (132,232) (172,964) Management costs (24,160) (6,004) Price differences (302) - Other expenses (3,630) (1) Position at end of financial year 16,460,992 14,081,960

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 4,078 1,362 Dividend tax payable 1,658 - Other current liabilities 10 -

Total 5,746 1,362

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6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 24,160 (comparable period in 2017: € 6,004).

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ThinkCapital ETF's N.V.

Series E Think Total Market UCITS ETF Offensief

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

9.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 6,505,087 6,668,705 Bonds 3,314,140 3,344,024 Property 1,166,521 1,113,558

Investments {1} 10,985,748 11,126,287

Cash and cash equivalents {2} 59,540 11,458 Receivables {3} 37,440 26,195

Total assets 11,082,728 11,163,940

Equity Issued capital 1,800 1,800 Share premium reserve 10,185,686 10,185,686 General reserve 876,397 599,574 Result 15,785 374,023

Total equity {4} 11,079,668 11,161,083

LIABILITIES Other debts {5} 3,060 2,857

Total liabilities 3,060 2,857

Total equity and liabilities 11,082,728 11,163,940

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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9.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (133,671) (59,956) Interest income 20,425 - Interest expense (468) (46) Dividend income 150,776 126,040 Price differences (343) -

Total investment result 36,719 66,038

Management costs {6} (17,515) (4,330) Other expenses (3,419) -

Total expenses (20,934) (4,330)

Total result 15,785 61,708

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

9.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (2,534,800) (2,482,927) Sales of investments 2,545,276 - Interest received 21,755 - Interest paid or accrued interest purchased - (46) Dividends received 134,125 161,103 Management costs paid (17,401) (4,979) Other expenses paid (3,330) -

Cash flow from operating activities 145,625 (2,623,849)

Issue of shares - 2,488,928 Dividend payment (97,200) (159,700)

Net cash flow from financing activities (97,200) 2,329,228

Price differences (343) - Net cash flow 48,082 2,379

Liquid assets at beginning of the period 11,458 280

Liquid assets at end of the period 59,540 2,659

The notes constitute an integral part of the financial statements.

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9.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 1,800 1,200 Issue of shares - 400

Capital position at end of financial year 1,800 1,600

Share premium Position at start of financial year 10,185,686 6,471,048 Issue of shares - 2,488,528

Share premium position at end of financial year 10,185,686 8,959,576

General reserve Position at start of financial year 599,574 304,103 Unappropriated result from previous financial year 374,023 537,671 Dividend payment (97,200) (134,200)

General reserve position at end of financial year 876,397 707,574

Total position at start of financial year 11,161,083 7,314,022 Issue of shares - 2,488,928 Dividend payment (97,200) (134,200) Unappropriated result 15,785 61,708

Total at end of financial year 11,079,668 9,730,458

Numbers of shares Position at start of financial year 180,000 120,000 Issue of shares - 40,000

Position at end of financial year 180,000 160,000

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9.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares Bonds shares Total 2018

Opening balance 6,668,705 3,344,024 1,113,558 11,126,287 Purchases of investments 1,875,641 542,261 116,898 2,534,800 Sales of investments (1,913,295) (548,550) (79,823) (2,541,668) Changes in value (125,964) (23,595) 15,888 (133,671)

Total 6,505,087 3,314,140 1,166,521 10,985,748

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Shares Bonds Total 2017

Opening balance 5,236,137 2,077,259 7,313,396 Purchases of investments 1,793,195 689,732 2,482,927 Changes in value (10,963) (48,993) (59,956)

Closing balance 7,018,369 2,717,998 9,736,367

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 10,985,748 11,126,287

Total 10,985,748 11,126,287

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares Keyence Corp JPY 58,532 0.5 AT&T Inc USD 40,454 0.4 Murata Manufacturing Co Ltd JPY 37,434 0.3 Aviva PLC GBP 35,289 0.3 ConocoPhillips USD 35,002 0.3 Netflix Inc USD 34,867 0.3 Kering EUR 34,336 0.3 Occidental Petroleum Corp USD 34,331 0.3 Shire PLC GBP 34,289 0.3 EOG Resources Inc USD 33,571 0.3 Other 6,126,982 55.3 Total shares 6,505,087 58.6

Bonds FRANCE (GOVT OF) 0.25% 25/11/2026 EUR 98,863 0.9 FRANCE (GOVT OF) 1.75% 25/11/2024 EUR 90,763 0.8 BUNDESREPUB. DEUTSCHLAND 0.5% 15/2/2026 EUR 85,810 0.8 BUNDESREPUB. DEUTSCHLAND 0.25% 15/2/2027 EUR 83,490 0.8 BUNDESREPUB. DEUTSCHLAND 0.5% 15/8/2027 EUR 82,887 0.7 BONOS Y OBLIG DEL ESTADO 2.75% 31/10/2024 EUR 80,199 0.7 BUNDESREPUB. DEUTSCHLAND 0% 15/8/2026 EUR 79,197 0.7 FRANCE (GOVT OF) 0.5% 25/5/2025 EUR 78,769 0.7 FRANCE (GOVT OF) 1% 25/5/2027 EUR 76,381 0.7 BONOS Y OBLIG DEL ESTADO 1.4% 31/1/2020 EUR 75,976 0.7 Other 2,481,805 21.7 Total bonds 3,314,140 29.2

Property shares Simon Property Group Inc USD 100,288 0.9 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 62,033 0.6 Prologis Inc USD 45,628 0.4 Public Storage USD 39,637 0.4 Mitsubishi Estate Co Ltd JPY 30,030 0.3 Digital Realty Trust Inc USD 29,912 0.3 Mitsui Fudosan Co Ltd JPY 29,836 0.3 AvalonBay Communities Inc USD 27,382 0.2 Welltower Inc USD 26,954 0.2 Equity Residential USD 26,783 0.2 Other 748,038 6.6 Total property shares 1,166,521 10.4

Total investments 10,985,748 99.2

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

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3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 20,556 3,905 Accrued interest on bonds 16,802 18,600 Other 82 3,690

Total 37,440 26,195

4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 11,161,083 7,324,022 Issue of shares - 2,488,928 Dividend payment (97,200) (134,200) Interest income 20,425 - Interest expense (468) (46) Dividend income 150,776 126,040 Changes in the value of investments (133,671) (59,956) Management costs (17,515) (4,330) Price differences (343) - Other expenses (3,419) - Position at end of financial year 11,079,668 9,740,458

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 2,941 2,827 Dividend tax payable 111 - Other current liabilities 8 30

Total 3,060 2,857

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 17,515 (comparable period in 2017: € 4,330).

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ThinkCapital ETF's N.V.

Series F Think Global Equity UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

10.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 698,878,589 618,611,596 Property 5,960,252 8,958,788

Investments {1} 704,838,841 627,570,384

Cash and cash equivalents {2} 2,222,169 914,652 Receivables {3} 1,899,265 1,163,530

Total assets 708,960,275 629,648,566

Equity Issued capital 177,062 158,062 Share premium reserve 594,265,722 518,104,310 General reserve 101,674,851 71,097,213 Result 12,312,317 39,909,981

Total equity {4} 708,429,952 629,269,566

LIABILITIES Other debts {5} 530,323 379,000

Total liabilities 530,323 379,000

Total equity and liabilities 708,960,275 629,648,566

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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10.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 1,243,363 4,549,352 Interest income 2,028 42 Interest expense (8,250) (4,976) Dividend income 11,622,994 9,372,970 Price differences 24,392 (139,995)

Total investment result 12,884,527 13,777,393

Management costs {6} (564,535) (475,083) Other expenses (7,675) (8,296)

Total expenses (572,210) (483,379)

Total result 12,312,317 13,294,014

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

10.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (165,952,225) (104,817,189) Sales of investments 89,942,494 71,460,457 Interest paid or accrued interest purchased (6,222) (4,934) Dividends received 10,871,896 8,878,955 Management costs paid (558,614) (480,580) Other expenses paid (2) (4,827)

Cash flow from operating activities (65,702,673) (24,968,118)

Issue of shares 76,180,412 41,513,665 Purchase of shares - (11,539,760) Dividend payment (9,194,614) (7,301,643)

Net cash flow from financing activities 66,985,798 22,672,262

Price differences 24,392 (139,995) Net cash flow 1,307,517 (2,435,851)

Liquid assets at beginning of the period 914,652 3,937,913

Liquid assets at end of the period 2,222,169 1,502,062

The notes constitute an integral part of the financial statements.

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10.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 158,062 137,500 Issue of shares 19,000 11,500 Purchase of shares - (3,000)

Capital position at end of financial year 177,062 146,000

Share premium Position at start of financial year 518,104,310 437,333,472 Issue of shares 76,161,412 45,357,265 Purchase of shares - (11,536,760)

Share premium position at end of financial year 594,265,722 471,153,977

General reserve Position at start of financial year 71,097,213 39,286,434 Unappropriated result from previous financial year 39,909,981 45,648,019 Dividend payment (9,332,343) (7,284,500)

General reserve position at end of financial year 101,674,851 77,649,953

Total position at start of financial year 629,269,566 522,405,425 Issue of shares 76,180,412 45,368,765 Purchase of shares - (11,539,760) Dividend payment (9,332,343) (7,284,500) Unappropriated result 12,312,317 13,294,014

Total at end of financial year 708,429,952 562,243,944

Numbers of shares Position at start of financial year 15,806,190 13,750,000 Issue of shares 1,900,000 1,150,000 Purchase of shares - (300,000)

Position at end of financial year 17,706,190 14,600,000

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10.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 618,611,596 8,958,788 627,570,384 Purchases of investments 164,388,745 1,563,480 165,952,225 Sales of investments (85,564,894) (4,362,237) (89,927,131) Changes in value 1,443,142 (199,779) 1,243,363 Total 698,878,589 5,960,252 704,838,841

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 513,804,555 7,360,633 521,165,188 Purchases of investments 102,937,516 2,420,428 105,357,944 Sales of investments (71,094,550) (385,452) (71,480,002) Changes in value 5,090,448 (541,096) 4,549,352

Closing balance 550,737,969 8,854,513 559,592,482

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 704,838,841 627,570,384

Total 704,838,841 627,570,384

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares AT&T Inc USD 3,961,669 0.6 Occidental Petroleum Corp USD 3,857,502 0.5 ConocoPhillips USD 3,818,353 0.5 Shire PLC GBP 3,798,061 0.5 EOG Resources Inc USD 3,680,626 0.5 Netflix Inc USD 3,667,383 0.5 Nike Inc USD 3,563,710 0.5 Kering EUR 3,523,993 0.5 Murata Manufacturing Co Ltd JPY 3,431,902 0.5 TJX Cos Inc USD 3,422,665 0.5 Other 662,152,725 93.4 Total shares 698,878,589 98.7

Property shares Simon Property Group Inc USD 3,198,560 0.4 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 2,761,692 0.4 Total property shares 5,960,252 0.8

Total investments 704,838,841 99.5

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 1,899,265 1,148,167 Other - 15,363

Total 1,899,265 1,163,530

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 629,269,566 522,405,425 Issue of shares 76,180,412 45,368,765 Purchase of shares - (11,539,760) Dividend payment (9,332,343) (7,284,500) Interest income 2,028 42 Interest expense (8,250) (4,976) Dividend income 11,622,994 9,372,970 Changes in the value of investments 1,243,363 4,549,352 Management costs (564,535) (475,083) Price differences 24,392 (139,995) Other expenses (7,675) (8,296) Position at end of financial year 708,429,952 562,243,944

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 99,827 93,906 Dividend tax payable 412,795 275,066 Other current liabilities 17,701 10,028

Total 530,323 379,000

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 564,535 (comparable period in 2017: € 475,083).

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ThinkCapital ETF's N.V.

Series G Think Global Real Estate UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

11.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 6,021,318 7,005,089 Property 162,639,251 178,734,906

Investments {1} 168,660,569 185,739,995

Cash and cash equivalents {2} 755,624 254,263 Receivables {3} 749,261 645,908

Total assets 170,165,454 186,640,166

Equity Issued capital 45,854 50,854 Share premium reserve 167,039,409 185,430,226 General reserve (2,365,391) 7,603,123 Result 5,313,158 (6,557,855)

Total equity {4} 170,033,030 186,526,348

LIABILITIES Other debts {5} 132,424 113,818

Total liabilities 132,424 113,818

Total equity and liabilities 170,165,454 186,640,166

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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11.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 1,495,269 (9,326,984) Interest income 412 1,198 Interest expense (6,771) (1,827) Dividend income 4,042,765 3,263,601 Price differences 13,268 (48,255)

Total investment result 5,544,943 (6,112,267)

Management costs {6} (229,400) (214,835) Other expenses (2,385) (2,501)

Total expenses (231,785) (217,336)

Total result 5,313,158 (6,329,603)

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

11.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (25,305,687) (121,516,994) Sales of investments 43,877,689 103,148,217 Interest paid or accrued interest purchased (6,359) (629) Dividends received 3,942,105 2,972,445 Management costs paid (229,866) (212,742) Other expenses paid 148 (2,065)

Cash flow from operating activities 22,278,030 (15,611,768)

Issue of shares 14,524,363 24,310,594 Purchase of shares (32,920,180) (6,066,680) Dividend payment (3,394,120) (2,437,749)

Net cash flow from financing activities (21,789,937) 15,806,165

Price differences 13,268 (48,255) Net cash flow 501,361 146,142

Liquid assets at beginning of the period 254,263 315,374

Liquid assets at end of the period 755,624 461,516

The notes constitute an integral part of the financial statements.

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11.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 50,854 41,500 Issue of shares 4,000 8,200 Purchase of shares (9,000) (1,500)

Capital position at end of financial year 45,854 48,200

Share premium Position at start of financial year 185,430,226 149,976,742 Issue of shares 14,520,363 31,784,884 Purchase of shares (32,911,180) (6,065,180)

Share premium position at end of financial year 167,039,409 175,696,446

General reserve Position at start of financial year 7,603,123 14,004,304 Unappropriated result from previous financial year (6,557,855) (831,981) Dividend payment (3,410,659) (2,394,600)

General reserve position at end of financial year (2,365,391) 10,777,723

Total position at start of financial year 186,526,348 163,190,565 Issue of shares 14,524,363 31,973,084 Purchase of shares (32,920,180) (6,066,680) Dividend payment (3,410,659) (2,394,600) Unappropriated result 5,313,158 (6,329,603)

Total at end of financial year 170,033,030 180,192,766

Numbers of shares Position at start of financial year 5,085,404 4,150,000 Issue of shares 400,000 820,000 Purchase of shares (900,000) (150,000)

Position at end of financial year 4,585,404 4,820,000

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11.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 7,005,089 178,734,906 185,739,995 Purchases of investments 692,183 24,613,504 25,305,687 Sales of investments (1,343,883) (42,536,499) (43,880,382) Changes in value (332,071) 1,827,340 1,495,269

Total 6,021,318 162,639,251 168,660,569

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 6,818,962 155,863,538 162,682,500 Purchases of investments 3,235,888 125,804,629 129,040,517 Sales of investments (4,478,170) (98,670,047) (103,148,217) Changes in value 533,804 (9,860,788) (9,326,984)

Closing balance 6,110,484 173,137,332 179,247,816

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 168,660,569 185,739,995

Total 168,660,569 185,739,995

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares Daiwa House Industry Co Ltd JPY 3,826,580 2.3 Wharf Real Estate Investment Co Ltd HKD 1,502,873 0.9 Wharf Holdings Ltd/The HKD 691,865 0.4 Total shares 6,021,318 3.5

Property shares Simon Property Group Inc USD 9,748,882 5.7 Prologis Inc USD 6,214,430 3.7 Public Storage USD 6,166,247 3.6 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 5,015,807 2.9 AvalonBay Communities Inc USD 4,259,451 2.5 Welltower Inc USD 4,219,353 2.5 Equity Residential USD 4,166,866 2.5 Digital Realty Trust Inc USD 4,157,192 2.4 Mitsubishi Estate Co Ltd JPY 4,098,798 2.4 Mitsui Fudosan Co Ltd JPY 4,025,070 2.4 Other 110,567,155 65.1 Total property shares 162,639,251 95.7

Total investments 168,660,569 99.2

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 746,565 645,905 Other 2,696 3

Total 749,261 645,908

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 186,526,348 163,190,565 Issue of shares 14,524,363 31,793,084 Purchase of shares (32,920,180) (6,066,680) Dividend payment (3,410,659) (2,394,600) Interest income 412 1,198 Interest expense (6,771) (1,827) Dividend income 4,042,765 3,263,601 Changes in the value of investments 1,495,269 (9,326,984) Management costs (229,400) (214,835) Price differences 13,268 (48,255) Other expenses (2,385) (2,501) Position at end of financial year 170,033,030 180,192,766

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 39,914 40,380 Dividend tax payable 82,804 66,265 Other current liabilities 9,706 7,173

Total 132,424 113,818

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 229,400 (comparable period in 2017: € 214,835).

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ThinkCapital ETF's N.V.

Series H Think iBoxx Corporate Bond UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

12.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Bonds 36,373,395 42,524,067

Investments {1} 36,373,395 42,524,067

Cash and cash equivalents {2} 60,504 85,871 Receivables {0} 217,914 279,110

Total assets 36,651,813 42,889,048

Equity Issued capital 20,484 23,634 Share premium reserve 27,575,785 33,292,868 General reserve 9,217,389 9,135,768 Result (214,640) 367,428

Total equity {4} 36,599,018 42,819,698

LIABILITIES Other debts {5} 52,795 69,350

Total liabilities 52,795 69,350

Total equity and liabilities 36,651,813 42,889,048

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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12.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (452,492) (511,972) Interest income 272,693 430,877 Interest expense (2,412) (1,062)

Total investment result (182,211) (82,157)

Management costs {6} (32,349) (43,624) Other expenses (80) (222)

Total expenses (32,429) (43,846)

Total result (214,640) (126,003)

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

12.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (42,271,416) (10,614,010) Sales of investments 47,969,596 68,533,232 Interest received 331,477 964,856 Management costs paid (34,104) (55,805) Other expenses paid (863) (254)

Cash flow from operating activities 5,994,690 58,828,019

Issue of shares 34,843,218 1,283,356 Purchase of shares (40,563,451) (59,302,619) Dividend payment (299,824) (853,824)

Net cash flow from financing activities (6,020,057) (58,873,087)

Net cash flow (25,367) (45,068)

Liquid assets at beginning of the period 85,871 62,354

Liquid assets at end of the period 60,504 17,286

The notes constitute an integral part of the financial statements.

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12.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 23,634 53,400 Issue of shares 19,400 700 Purchase of shares (22,550) (32,400)

Capital position at end of financial year 20,484 21,700

Share premium Position at start of financial year 33,292,868 87,663,426 Issue of shares 34,823,818 1,282,656 Purchase of shares (40,540,901) (59,270,219)

Share premium position at end of financial year 27,575,785 29,675,863

General reserve Position at start of financial year 9,135,768 2,326,796 Unappropriated result from previous financial year 367,428 8,088,292 Dividend payment (285,807) (908,900)

General reserve position at end of financial year 9,217,389 9,506,188

Total position at start of financial year 42,819,698 98,131,914 Issue of shares 34,843,218 1,283,356 Purchase of shares (40,563,451) (59,302,619) Dividend payment (285,807) (908,900) Unappropriated result (214,640) (126,003)

Total at end of financial year 36,599,018 39,077,748

Numbers of shares Position at start of financial year 2,363,390 5,340,000 Issue of shares 1,940,000 70,000 Purchase of shares (2,255,000) (3,240,000)

Position at end of financial year 2,048,390 2,170,000

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12.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Bonds

Opening balance 42,524,067 Purchases of investments 42,271,416 Sales of investments (47,969,596) Changes in value (452,492)

Total 36,373,395

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Bonds

Opening balance 97,361,329 Purchases of investments 10,614,010 Sales of investments (68,533,232) Changes in value (511,972)

Closing balance 38,930,135

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 36,373,395 42,524,067

Total 36,373,395 42,524,067

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Bonds DEUTSCHE TELEKOM INT FIN 0.625% 3/4/2023 EUR 1,274,661 3.6 CREDIT AGRICOLE SA 2.625% 17/3/2027 EUR 1,267,472 3.6 GOLDMAN SACHS GROUP INC 1.375% 15/5/2024 EUR 1,233,672 3.4 HSBC HOLDINGS PLC 1.5% 15/3/2022 EUR 1,219,090 3.3 MORGAN STANLEY 1.875% 27/4/2027 EUR 1,193,201 3.3 VODAFONE GROUP PLC 2.2% 25/8/2026 EUR 1,160,650 3.2 AT&T INC 1.8% 5/9/2026 EUR 1,106,475 3.0 GLAXOSMITHKLINE CAPITAL 0.625% 2/12/2019 EUR 1,079,223 2.9 BRITISH TELECOMMUNICATIO 0.625% 10/3/2021 EUR 1,075,979 2.9 HUTCHISON WHAMPOA FIN 1.375% 31/10/2021 EUR 1,074,257 2.9 BRITISH SKY BROADCASTING 1.5% 15/9/2021 EUR 1,067,378 2.9 VERIZON COMMUNICATIONS 2.875% 15/1/2038 EUR 1,059,799 2.9 ENEL FINANCE INTL NV 1.966% 27/1/2025 EUR 1,034,768 2.8 BANK OF AMERICA CORP 0.75% 26/7/2023 EUR 1,010,772 2.8 JPMORGAN CHASE & CO 1.5% 29/10/2026 EUR 1,005,696 2.7 RICHEMONT INTERNATIONAL 1% 26/3/2026 EUR 1,004,509 2.7 APPLE INC 1,625% 10/11/2026 EUR 1,002,387 2.7 SUMITOMO MITSUI FINL GRP 1.546% 15/6/2026 EUR 1,000,652 2.7 WELLS FARGO & COMPANY 2% 27/4/2026 EUR 986,649 2.7 ANHEUSER-BUSCH INBEV NV 1.5% 18/4/2030 EUR 977,541 2.7 ROYAL BK SCOTLND GRP PLC 2% 8/3/2023 EUR 974,470 2.7 ABN AMRO BANK NV 1% 16/4/2025 EUR 967,029 2.6 BP CAPITAL MARKETS PLC 1.373% 3/3/2022 EUR 964,750 2.6 RABOBANK NEDERLAND 1,375% 3/2/2027 EUR 922,434 2.5 CREDIT SUISSE GROUP AG 1.25% 17/7/2025 EUR 898,945 2.5 BMW FINANCE NV 0,375% 10/7/2023 EUR 887,225 2.4 VOLKSWAGEN LEASING GMBH 0.25% 5/10/2020 EUR 880,659 2.4 OMV AG 1% 14/12/2026 EUR 770,995 2.1 BASF SE 0,875% 15/11/2027 EUR 763,932 2.1 BNP PARIBAS 1,125% 15/1/2023 EUR 703,585 1.9 INNOGY FINANCE BV 1.25% 19/10/2027 EUR 686,721 1.9 NATIONAL AUSTRALIA BANK 1.25% 18/5/2026 EUR 664,705 1.8 COMMERZBANK AG 0.5% 13/9/2023 EUR 664,519 1.8 TOYOTA MOTOR CREDIT CORP 0.75% 21/7/2022 EUR 633,392 1.7 DAIMLER AG 1.4% 12/1/2024 EUR 624,616 1.7 LINDE FINANCE BV 1% 20/4/2028 EUR 543,216 1.5 NESTLE FINANCE INTL LTD 1.75% 2/11/2037 EUR 542,506 1.5 RCI BANQUE SA 1,625% 26/5/2026 EUR 497,569 1.4 HEIDELBERGCEMENT FIN LUX 1.75% 24/4/2028 EUR 494,435 1.4 NORDDEUTSCHE LANDESBANK 1% 20/1/2021 EUR 452,861 1.2

Total bonds 36,373,395 99.4

Total investments 36,373,395 99.4

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

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3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Accrued interest on bonds 217,914 279,110

Total 217,914 279,110

4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 42,819,698 98,131,914 Issue of shares 34,843,218 1,283,356 Purchase of shares (40,563,451) (59,302,619) Dividend payment (285,807) (908,900) Interest income 272,693 430,877 Interest expense (2,412) (1,062) Changes in the value of investments (452,492) (511,972) Management costs (32,349) (43,624) Other expenses (80) (222) Position at end of financial year 36,599,018 39,077,748

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 4,719 6,474 Dividend tax payable 47,353 61,370 Other current liabilities 723 1,506

Total 52,795 69,350

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 32,349 (comparable period in 2017: € 43,624).

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ThinkCapital ETF's N.V.

Series I Think iBoxx Government Bond UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

13.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Bonds 36,222,526 53,785,289

Investments {1} 36,222,526 53,785,289

Cash and cash equivalents {2} - 22,641 Receivables {3} 160,442 245,703

Total assets 36,382,968 54,053,633

Equity Issued capital 26,415 39,165 Share premium reserve (931,535) 16,996,550 General reserve 36,516,266 38,041,686 Result 691,384 (1,106,516)

Total equity {4} 36,302,530 53,970,885

LIABILITIES Debts to credit institutions 13,378 - Other debts {5} 67,060 82,748

Total liabilities 80,438 82,748

Total equity and liabilities 36,382,968 54,053,633

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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13.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 422,735 (2,251,272) Interest income 313,335 823,356 Interest expense (2,562) (3,364)

Total investment result 733,508 (1,431,280)

Management costs {6} (41,829) (71,869) Other expenses (295) (91)

Total expenses (42,124) (71,960)

Total result 691,384 (1,503,240)

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

13.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (97,960,262) (41,801,204) Sales of investments 115,945,895 212,289,174 Interest received 395,899 2,319,422 Management costs paid (45,757) (99,572) Other expenses paid (1,587) (3,493)

Cash flow from operating activities 18,334,188 172,704,327

Issue of shares 84,578,220 20,570,157 Purchase of shares (102,519,055) (194,455,510) Dividend payment (429,372) (1,072,784)

Net cash flow from financing activities (18,370,207) (174,958,137)

Net cash flow (36,019) (2,253,810)

Liquid assets at beginning of the period 22,641 2,361,570

Liquid assets at end of the period (13,378) 107,760

The notes constitute an integral part of the financial statements.

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13.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 39,165 153,850 Issue of shares 61,650 14,750 Purchase of shares (74,400) (138,700)

Capital position at end of financial year 26,415 29,900

Share premium Position at start of financial year 16,996,550 175,838,909 Issue of shares 84,516,570 20,555,407 Purchase of shares (102,444,655) (192,356,952)

Share premium position at end of financial year (931,535) 4,037,364

General reserve Position at start of financial year 38,041,686 25,009,820 Unappropriated result from previous financial year (1,106,516) 14,426,466 Dividend payment (418,904) (932,200)

General reserve position at end of financial year 36,516,266 38,504,086

Total position at start of financial year 53,970,885 215,429,045 Issue of shares 84,578,220 20,570,157 Purchase of shares (102,519,055) (192,495,652) Dividend payment (418,904) (932,200) Unappropriated result 691,384 (1,503,240)

Total at end of financial year 36,302,530 41,068,110

Numbers of shares Position at start of financial year 3,916,537 15,385,000 Issue of shares 6,165,000 1,475,000 Purchase of shares (7,440,000) (13,870,000)

Position at end of financial year 2,641,537 2,990,000

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13.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Bonds

Opening balance 53,785,289 Purchases of investments 97,960,262 Sales of investments (115,945,760) Changes in value 422,735

Total 36,222,526

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Bonds

Opening balance 213,635,925 Purchases of investments 41,801,204 Sales of investments (212,289,174) Changes in value (2,251,272)

Closing balance 40,896,683

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 36,222,526 53,785,289

Total 36,222,526 53,785,289

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Bonds FRANCE (GOVT OF) 1.75% 25/11/2024 EUR 2,152,859 5.9 FRANCE (GOVT OF) 0.5% 25/5/2025 EUR 1,940,574 5.3 BUNDESREPUB. DEUTSCHLAND 0.5% 15/2/2026 EUR 1,902,298 5.2 BUNDESREPUB. DEUTSCHLAND 0.25% 15/2/2027 EUR 1,850,865 5.1 BUNDESREPUB. DEUTSCHLAND 0.5% 15/8/2027 EUR 1,811,238 5.0 BUNDESREPUB. DEUTSCHLAND 0% 15/8/2026 EUR 1,752,238 4.8 BONOS Y OBLIG DEL ESTADO 2.75% 31/10/2024 EUR 1,725,983 4.8 FRANCE (GOVT OF) 1% 25/5/2027 EUR 1,712,807 4.7 BONOS Y OBLIG DEL ESTADO 1.45% 31/10/2027 EUR 1,698,174 4.7 BONOS Y OBLIG DEL ESTADO 1.4% 31/1/2020 EUR 1,644,773 4.5 BONOS Y OBLIG DEL ESTADO 1.3% 31/10/2026 EUR 1,599,741 4.4 FRANCE (GOVT OF) 0.25% 25/11/2026 EUR 1,551,160 4.3 BUONI POLIENNALI DEL TES 2.5% 1/12/2024 EUR 1,455,604 4.0 BUONI POLIENNALI DEL TES 0.9% 1/8/2022 EUR 1,335,063 3.7 BUONI POLIENNALI DEL TES 1.5% 1/6/2025 EUR 1,314,580 3.6 BUONI POLIENNALI DEL TES 2.05% 1/8/2027 EUR 1,276,081 3.5 NETHERLANDS GOVERNMENT 0.75% 15/7/2027 EUR 1,195,224 3.3 BELGIUM KINGDOM 0.8% 22/6/2025 EUR 1,186,087 3.3 NETHERLANDS GOVERNMENT 0% 15/1/2022 EUR 1,138,144 3.1 NETHERLANDS GOVERNMENT 0.25% 15/7/2025 EUR 1,051,401 2.9 BELGIUM KINGDOM 1% 22/6/2026 EUR 1,038,712 2.9 NETHERLANDS GOVERNMENT 0.25% 15/1/2020 EUR 1,036,908 2.9 BELGIUM KINGDOM 0.8% 22/6/2027 EUR 1,018,477 2.8 OBRIGACOES DO TESOURO 2.875% 15/10/2025 EUR 939,828 2.6 REPUBLIC OF AUSTRIA 0.75% 20/10/2026 EUR 893,707 2.5 Total bonds 36,222,526 99.8

Total investments 36,222,526 99.8

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Accrued interest on bonds 160,442 245,568 Other - 135

Total 160,442 245,703

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 53,970,885 215,429,045 Issue of shares 84,578,220 20,570,157 Purchase of shares (102,519,055) (192,495,652) Dividend payment (418,904) (932,200) Interest income 313,335 823,356 Interest expense (2,562) (3,364) Changes in the value of investments 422,735 (2,251,272) Management costs (41,829) (71,869) Other expenses (295) (91) Position at end of financial year 36,302,530 41,068,110

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 4,607 8,535 Dividend tax payable 61,466 71,934 Other current liabilities 987 2,279

Total 67,060 82,748

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 41,829 (comparable period in 2017: € 71,869).

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ThinkCapital ETF's N.V.

Series J Think iBoxx AAA-AA Government Bond UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

14.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Bonds 143,901,028 169,094,037

Investments {1} 143,901,028 169,094,037

Cash and cash equivalents {2} 10,907 301,553 Receivables {3} 2,951,059 1,990,614

Total assets 146,862,994 171,386,204

Equity Issued capital 65,110 75,060 Share premium reserve 170,284,717 192,821,320 General reserve (24,189,996) (19,898,160) Result 308,629 (2,022,206)

Total equity {4} 146,468,460 170,976,014

LIABILITIES Other debts {5} 394,534 410,190

Total liabilities 394,534 410,190

Total equity and liabilities 146,862,994 171,386,204

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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14.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (1,799,433) (5,162,139) Interest income 2,232,920 3,160,872 Interest expense (3,351) (2,186)

Total investment result 430,136 (2,003,453)

Management costs {6} (121,285) (164,948) Other expenses (222) (89)

Total expenses (121,507) (165,037)

Total result 308,629 (2,168,490)

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

14.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (77,266,705) (43,061,280) Sales of investments 100,660,281 142,638,539 Interest received 1,269,124 4,288,516 Management costs paid (125,595) (181,372) Other expenses paid (842) (1,270)

Cash flow from operating activities 24,536,263 103,683,133

Issue of shares 31,154,799 4,945,759 Purchase of shares (53,701,352) (110,437,629) Dividend payment (2,280,356) (2,613,873)

Net cash flow from financing activities (24,826,909) (108,105,743)

Net cash flow (290,646) (4,422,610)

Liquid assets at beginning of the period 301,553 4,683,178

Liquid assets at end of the period 10,907 260,598

The notes constitute an integral part of the financial statements.

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14.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 75,060 122,800 Issue of shares 13,750 2,100 Purchase of shares (23,700) (45,150)

Capital position at end of financial year 65,110 79,750

Share premium Position at start of financial year 192,821,320 304,703,343 Issue of shares 31,141,049 4,943,659 Purchase of shares (53,677,652) (106,126,011)

Share premium position at end of financial year 170,284,717 203,520,991

General reserve Position at start of financial year (19,898,160) (19,044,288) Unappropriated result from previous financial year (2,022,206) 4,942,928 Dividend payment (2,269,630) (2,622,000)

General reserve position at end of financial year (24,189,996) (16,723,360)

Total position at start of financial year 170,976,014 290,724,783 Issue of shares 31,154,799 4,945,759 Purchase of shares (53,701,352) (106,171,161) Dividend payment (2,269,630) (2,622,000) Unappropriated result 308,629 (2,168,490)

Total at end of financial year 146,468,460 184,708,891

Numbers of shares Position at start of financial year 7,506,000 12,280,000 Issue of shares 1,375,000 210,000 Purchase of shares (2,370,000) (4,515,000)

Position at end of financial year 6,511,000 7,975,000

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14.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Bonds

Opening balance 169,094,037 Purchases of investments 77,266,705 Sales of investments (100,660,281) Changes in value (1,799,433)

Total 143,901,028

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Bonds

Opening balance 286,253,751 Purchases of investments 43,061,280 Sales of investments (142,638,539) Changes in value (5,162,139)

Closing balance 181,514,353

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 143,901,028 169,094,037

Total 143,901,028 169,094,037

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Bonds FRANCE (GOVT OF) 3% 25/4/2022 EUR 15,278,107 10.4 FRANCE (GOVT OF) 3.25% 25/10/2021 EUR 14,146,600 9.7 FRANCE (GOVT OF) 4.25% 25/10/2023 EUR 13,964,946 9.5 BUNDESREPUB. DEUTSCHLAND 1.75% 4/7/2022 EUR 11,223,381 7.7 BUNDESREPUB. DEUTSCHLAND 3% 4/7/2020 EUR 10,247,603 7.0 BUNDESREPUB. DEUTSCHLAND 3.25% 4/1/2020 EUR 10,116,050 6.9 BELGIUM KINGDOM 3.75% 28/9/2020 EUR 9,032,766 6.2 BELGIUM KINGDOM 4.25% 28/9/2022 EUR 8,384,755 5.7 BELGIUM KINGDOM 4.25% 28/9/2021 EUR 8,271,356 5.6 NETHERLANDS GOVERNMENT 3.25% 15/7/2021 EUR 8,083,615 5.5 REPUBLIC OF AUSTRIA 3.5% 15/9/2021 EUR 7,974,506 5.4 NETHERLANDS GOVERNMENT 1.75% 15/7/2023 EUR 7,864,130 5.4 REPUBLIC OF AUSTRIA 3.9% 15/7/2020 EUR 6,992,212 4.8 NETHERLANDS GOVERNMENT 2.25% 15/7/2022 EUR 6,914,315 4.7 REPUBLIC OF AUSTRIA 1.75% 20/10/2023 EUR 5,406,686 3.7 Total bonds 143,901,028 98.2

Total investments 143,901,028 98.2

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Accrued interest on bonds 2,951,059 1,990,614

Total 2,951,059 1,990,614

4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 170,976,014 290,724,783 Issue of shares 31,154,799 4,945,759 Purchase of shares (53,701,352) (106,171,161) Dividend payment (2,269,630) (2,622,000) Interest income 2,232,920 3,160,872 Interest expense (3,351) (2,186) Changes in the value of investments (1,799,433) (5,162,139) Management costs (121,285) (164,948) Other expenses (222) (89) Position at end of financial year 146,468,460 184,708,891

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5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 18,371 22,681 Dividend tax payable 375,517 386,243 Other current liabilities 646 1,266

Total 394,534 410,190

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 121,285 (comparable period in 2017: € 164,948).

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ThinkCapital ETF's N.V.

Series K Think Sustainable World UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

15.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 134,561,645 116,509,552 Property 4,555,952 3,749,223

Investments {1} 139,117,597 120,258,775

Cash and cash equivalents {2} 719,875 163,771 Receivables {3} 347,745 189,729

Total assets 140,185,217 120,612,275

Equity Issued capital 17,250 15,000 Share premium reserve 111,202,310 92,640,128 General reserve 26,448,860 17,487,722 Result 2,402,421 10,379,388

Total equity {4} 140,070,841 120,522,238

LIABILITIES Other debts {5} 114,376 90,037

Total liabilities 114,376 90,037

Total equity and liabilities 140,185,217 120,612,275

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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15.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 533,100 2,550,623 Interest income 58 12 Interest expense (2,064) (1,837) Dividend income 2,070,230 2,075,646 Price differences (2,942) (33,061)

Total investment result 2,598,382 4,591,383

Management costs {6} (192,822) (197,073) Other expenses (3,139) (2,858)

Total expenses (195,961) (199,931)

Total result 2,402,421 4,391,452

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

15.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (56,589,193) (48,148,426) Sales of investments 38,263,471 61,331,025 Interest paid or accrued interest purchased (2,006) (1,825) Dividends received 1,912,214 1,928,702 Management costs paid (189,771) (197,994) Other expenses paid 4,367 (1,231)

Cash flow from operating activities (16,600,918) 14,910,251

Issue of shares 28,622,819 23,413,480 Purchase of shares (10,058,387) (35,653,475) Dividend payment (1,404,468) (1,307,633)

Net cash flow from financing activities 17,159,964 (13,547,628)

Price differences (2,942) (33,061) Net cash flow 556,104 1,329,562

Liquid assets at beginning of the period 163,771 161,557

Liquid assets at end of the period 719,875 1,491,119

The notes constitute an integral part of the financial statements.

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15.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 15,000 16,000 Issue of shares 3,500 2,000 Purchase of shares (1,250) (3,500)

Capital position at end of financial year 17,250 14,500

Share premium Position at start of financial year 92,640,128 100,884,828 Issue of shares 28,619,319 23,411,480 Purchase of shares (10,057,137) (35,649,975)

Share premium position at end of financial year 111,202,310 88,646,333

General reserve Position at start of financial year 17,487,722 10,679,895 Unappropriated result from previous financial year 10,379,388 9,300,827 Dividend payment (1,418,250) (1,300,500)

General reserve position at end of financial year 26,448,860 18,680,222

Total position at start of financial year 120,522,238 120,881,550 Issue of shares 28,622,819 23,413,480 Purchase of shares (10,058,387) (35,653,475) Dividend payment (1,418,250) (1,300,500) Unappropriated result 2,402,421 4,391,452

Total at end of financial year 140,070,841 111,732,507

Numbers of shares Position at start of financial year 1,500,000 1,600,000 Issue of shares 350,000 200,000 Purchase of shares (125,000) (350,000)

Position at end of financial year 1,725,000 1,450,000

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15.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 116,509,552 3,749,223 120,258,775 Purchases of investments 53,847,059 2,742,134 56,589,193 Sales of investments (36,335,562) (1,927,909) (38,263,471) Changes in value 540,596 (7,496) 533,100

Total 134,561,645 4,555,952 139,117,597

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 116,791,923 3,848,772 120,640,695 Purchases of investments 46,124,976 2,023,357 48,148,333 Sales of investments (59,018,782) (2,312,243) (61,331,025) Changes in value 2,529,990 20,633 2,550,623

Closing balance 106,428,107 3,580,519 110,008,626

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 139,117,597 120,258,775

Total 139,117,597 120,258,775

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares AT&T Inc USD 789,307 0.6 Shiseido Co Ltd JPY 789,157 0.6 Twenty-First Century Fox INC USD 781,216 0.6 Shire PLC GBP 751,432 0.5 ConocoPhillips USD 734,153 0.5 Suncor Energy Inc CAD 712,776 0.5 Netflix Inc USD 711,081 0.5 EOG Resources Inc USD 708,288 0.5 Murata Manufacturing Co Ltd JPY 689,663 0.5 Enbridge Inc CAD 689,064 0.5 Other 127,205,508 90.7 Total shares 134,561,645 96.0

Property shares Simon Property Group Inc USD 635,107 0.5 Mitsubishi Estate Co Ltd JPY 603,116 0.4 Mitsui Fudosan Co Ltd JPY 595,533 0.4 Vonovia SE EUR 568,643 0.4 American Tower Corp USD 568,382 0.4 Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 538,310 0.4 Sun Hung Kai Properties Ltd HKD 529,959 0.4 CK Asset Holdings Ltd HKD 516,902 0.4 Total property shares 4,555,952 3.3

Total investments 139,117,597 99.3

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 347,745 189,729

Total 347,745 189,729

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 120,522,238 120,881,550 Issue of shares 28,622,819 23,413,480 Purchase of shares (10,058,387) (35,653,475) Dividend payment (1,418,250) (1,300,500) Interest income 58 12 Interest expense (2,064) (1,837) Dividend income 2,070,230 2,075,646 Changes in the value of investments 533,100 2,550,623 Management costs (192,822) (197,073) Price differences (2,942) (33,061) Other expenses (3,139) (2,858) Position at end of financial year 140,070,841 111,732,507

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 33,999 30,948 Dividend tax payable 72,771 58,989 Other current liabilities 7,606 100

Total 114,376 90,037

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 192,822 (comparable period in 2017: € 197,073).

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ThinkCapital ETF's N.V.

Series L Think European Equity UCITS ETF

Semi-annual Report 2018

109 Semi-annual Report Think European Equity UCITS ETF ThinkCapital ETF's N.V.

Semi-annual report as of 30 June 2018

16.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 45,099,506 44,059,066 Property 449,126 417,900

Investments {1} 45,548,632 44,476,966

Cash and cash equivalents {2} 215,444 46,823 Receivables {3} 187,095 123,123

Total assets 45,951,171 44,646,912

Equity Issued capital 8,350 7,900 Share premium reserve 44,807,626 42,179,648 General reserve 1,393,723 (1,349,780) Result (316,802) 3,787,253

Total equity {4} 45,892,897 44,625,021

LIABILITIES Other debts {5} 58,274 21,891

Total liabilities 58,274 21,891

Total equity and liabilities 45,951,171 44,646,912

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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16.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (1,533,958) 1,415,237 Interest income 9 - Interest expense (982) (618) Dividend income 1,265,284 984,764 Price differences (3) (13,430)

Total investment result (269,650) 2,385,953

Management costs {6} (46,120) (39,577) Other expenses (1,032) (1,666)

Total expenses (47,152) (41,243)

Total result (316,802) 2,344,710

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

16.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Purchases of investments (6,279,797) (9,548,254) Sales of investments 3,674,642 7,377,496 Interest paid or accrued interest purchased (973) (618) Dividends received 1,200,843 933,405 Management costs paid (46,169) (39,216) Other expenses paid (2,945) (1,439)

Cash flow from operating activities (1,454,399) (1,278,626)

Issue of shares 2,628,428 4,203,257 Purchase of shares - (2,182,456) Dividend payment (1,005,405) (753,283)

Net cash flow from financing activities 1,623,023 1,267,518

Price differences (3) (13,430) Net cash flow 168,621 (24,538)

Liquid assets at beginning of the period 46,823 59,944

Liquid assets at end of the period 215,444 35,406

The notes constitute an integral part of the financial statements.

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16.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 7,900 7,300 Issue of shares 450 750 Purchase of shares - (400)

Capital position at end of financial year 8,350 7,650

Share premium Position at start of financial year 42,179,648 38,786,442 Issue of shares 2,627,978 4,202,507 Purchase of shares - (2,182,056)

Share premium position at end of financial year 44,807,626 40,806,893

General reserve Position at start of financial year (1,349,780) (1,983,541) Unappropriated result from previous financial year 3,787,253 1,651,851 Dividend payment (1,043,750) (750,550)

General reserve position at end of financial year 1,393,723 (1,082,240)

Total position at start of financial year 44,625,021 38,462,052 Issue of shares 2,628,428 4,203,257 Purchase of shares - (2,182,456) Dividend payment (1,043,750) (750,550) Unappropriated result (316,802) 2,344,710

Total at end of financial year 45,892,897 42,077,013

Numbers of shares Position at start of financial year 790,000 730,000 Issue of shares 45,000 75,000 Purchase of shares - (40,000)

Position at end of financial year 835,000 765,000

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16.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 44,059,066 417,900 44,476,966 Purchases of investments 6,202,959 76,838 6,279,797 Sales of investments (3,674,173) - (3,674,173) Changes in value (1,488,346) (45,612) (1,533,958)

Total 45,099,506 449,126 45,548,632

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 38,017,077 325,613 38,342,690 Purchases of investments 9,420,234 128,020 9,548,254 Sales of investments (7,318,203) (59,293) (7,377,496) Changes in value 1,384,384 30,853 1,415,237

Closing balance 41,503,492 425,193 41,928,685

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 45,548,632 44,476,966

Total 45,548,632 44,476,966

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares Shire PLC GBP 617,699 1.3 Kering EUR 573,067 1.2 BP PLC GBP 554,315 1.2 Equinor ASA NOK 550,120 1.2 Industria de Diseno Textil SA EUR 546,752 1.2 Telefonaktiebolaget LM Ericsson SEK 544,908 1.2 BHP Billiton PLC GBP 539,531 1.2 L'Oreal SA EUR 533,192 1.2 Safran SA EUR 532,944 1.2 LVMH Moet Hennessy Louis Vuitton SA EUR 531,042 1.2 Other 39,575,936 86.1 Total shares 45,099,506 98.2

Property shares Unibail-Rodamco SE & WFD Unibail-Rodamco NV EUR 449,126 1.0 Total property shares 449,126 1.0

Total investments 45,548,632 99.2

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 187,095 122,654 Other - 469

Total 187,095 123,123

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 44,625,021 38,462,052 Issue of shares 2,628,428 4,203,257 Purchase of shares - (2,182,456) Dividend payment (1,043,750) (750,550) Interest income 9 - Interest expense (982) (618) Dividend income 1,265,284 984,764 Changes in the value of investments (1,533,958) 1,415,237 Management costs (46,120) (39,577) Price differences (3) (13,430) Other expenses (1,032) (1,666) Position at end of financial year 45,892,897 42,077,013

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 7,713 7,762 Dividend tax payable 50,280 11,935 Other current liabilities 281 2,194

Total 58,274 21,891

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 46,120 (comparable period in 2017: € 39,577).

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ThinkCapital ETF's N.V.

Series M Think Morningstar North America Equity UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

17.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 5,036,622 4,873,738 Property 54,208 48,950

Investments {1} 5,090,830 4,922,688

Cash and cash equivalents {2} 4,430 4,127 Receivables {3} 4,439 5,356

Total assets 5,099,699 4,932,171

Equity Issued capital 1,753 1,753 Share premium reserve 4,588,204 4,588,204 General reserve 294,772 94,167 Result 212,529 242,666

Total equity {4} 5,097,258 4,926,790

LIABILITIES Other debts {5} 2,441 5,381

Total liabilities 2,441 5,381

Total equity and liabilities 5,099,699 4,932,171

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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17.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments 169,285 (39,296) Interest income 25 - Interest expense (211) (10) Dividend income 49,433 51,272 Price differences 514 (1,124)

Total investment result 219,046 10,842

Management costs {6} (4,926) (4,773) Other expenses (1,591) (800)

Total expenses (6,517) (5,573)

Total result 212,529 5,269

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

17.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Purchases of investments (1,082,788) (2,036,189) Sales of investments 1,084,331 670,650 Interest paid or accrued interest purchased (190) (10) Dividends received 49,954 50,533 Management costs paid (5,064) (4,530) Other expenses paid (1,973) (861)

Cash flow from operating activities 44,270 (1,320,407)

Issue of shares - 1,375,308 Dividend payment (44,481) (42,471)

Net cash flow from financing activities (44,481) 1,332,837

Price differences 514 (1,124) Net cash flow 303 11,306

Liquid assets at beginning of the period 4,127 5,113

Liquid assets at end of the period 4,430 16,419

The notes constitute an integral part of the financial statements.

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17.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 1,753 1,250 Issue of shares - 500

Capital position at end of financial year 1,753 1,750

Share premium Position at start of financial year 4,588,204 3,179,585 Issue of shares - 1,374,808

Share premium position at end of financial year 4,588,204 4,554,393

General reserve Position at start of financial year 94,167 (122,383) Unappropriated result from previous financial year 242,666 324,960 Dividend payment (42,061) (42,000)

General reserve position at end of financial year 294,772 160,577

Total position at start of financial year 4,926,790 3,383,412 Issue of shares - 1,375,308 Dividend payment (42,061) (42,000) Unappropriated result 212,529 5,269

Total at end of financial year 5,097,258 4,721,989

Numbers of shares Position at start of financial year 175,255 125,000 Issue of shares - 50,000

Position at end of financial year 175,255 175,000

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17.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 4,873,738 48,950 4,922,688 Purchases of investments 1,079,567 3,221 1,082,788 Sales of investments (1,083,931) - (1,083,931) Changes in value 167,248 2,037 169,285

Total 5,036,622 54,208 5,090,830

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 3,316,090 60,599 3,376,689 Purchases of investments 2,011,258 24,931 2,036,189 Sales of investments (631,621) (39,029) (670,650) Changes in value (39,896) 600 (39,296)

Closing balance 4,655,831 47,101 4,702,932

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 5,090,830 4,922,688

Total 5,090,830 4,922,688

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares NextEra Energy Inc USD 58,370 1.1 Netflix Inc USD 58,000 1.1 Anthem Inc USD 57,084 1.1 PepsiCo Inc/NC USD 56,414 1.1 Walt Disney Co USD 56,196 1.1 EOG Resources Inc USD 56,058 1.1 Nike Inc USD 55,688 1.1 Amazon.com Inc USD 55,323 1.1 Philip Morris International Inc USD 54,908 1.1 Procter & Gamble Co/The USD 54,890 1.1 Other 4,473,691 87.8 Total shares 5,036,622 98.8

Property shares American Tower Corp USD 54,208 1.1 Total property shares 54,208 1.1

Total investments 5,090,830 99.9

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Interest receivable 4 - Dividend receivable 4,435 4,956 Other - 400

Total 4,439 5,356

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 4,926,790 3,383,412 Issue of shares - 1,375,308 Dividend payment (42,061) (42,000) Interest income 25 - Interest expense (211) (10) Dividend income 49,433 51,272 Changes in the value of investments 169,285 (39,296) Management costs (4,926) (4,773) Price differences 514 (1,124) Other expenses (1,591) (800) Position at end of financial year 5,097,258 4,721,989

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 851 989 Dividend tax payable - 2,420 Other current liabilities 1,590 1,972

Total 2,441 5,381

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 4,926 (comparable period in 2017: € 4,773).

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ThinkCapital ETF's N.V.

Series N Think Morningstar High Dividend UCITS ETF

Semi-annual Report 2018

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Semi-annual report as of 30 June 2018

18.1 Balance sheet (before result appropriation)

(amounts x € 1) 30 June 2018 31 December 2017

ASSETS Investments Shares 24,120,600 18,488,485 Property 70,382 54,871

Investments {1} 24,190,982 18,543,356

Cash and cash equivalents {2} 151,649 849 Receivables {3} 101,544 65,343

Total assets 24,444,175 18,609,548

Equity Issued capital 9,000 6,500 Share premium reserve 24,756,512 17,733,152 General reserve 214,695 351,676 Result (579,568) 478,019

Total equity {4} 24,400,639 18,569,347

LIABILITIES Other debts {5} 43,536 40,201

Total liabilities 43,536 40,201

Total equity and liabilities 24,444,175 18,609,548

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

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18.2 Statement of comprehensive income

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Investment result Changes in the value of investments (1,219,522) (446,349) Interest expense (879) (294) Dividend income 687,218 423,893 Price differences (828) (6,693)

Total investment result (534,011) (29,443)

Management costs {6} (44,055) (27,680) Other expenses (1,502) (1,031)

Total expenses (45,557) (28,711)

Total result (579,568) (58,154)

The numbers next to the items refer to the notes to the balance sheet and statement of comprehensive income. The notes constitute an integral part of the financial statements.

18.3 Cash flow statement

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Purchases of investments (13,370,779) (9,029,908) Sales of investments 6,505,720 4,680,628 Interest paid or accrued interest purchased (879) (294) Dividends received 648,928 381,571 Management costs paid (42,975) (26,102) Other expenses paid (5,582) (4,682)

Cash flow from operating activities (6,265,567) (3,998,787)

Issue of shares 7,025,860 4,406,920 Dividend payment (608,665) (366,801)

Net cash flow from financing activities 6,417,195 4,040,119

Price differences (828) (6,693) Net cash flow 150,800 34,639

Liquid assets at beginning of the period 849 16,082

Liquid assets at end of the period 151,649 50,721

The notes constitute an integral part of the financial statements.

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18.4 Statement of changes in equity

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017

Capital Position at start of financial year 6,500 4,000 Issue of shares 2,500 1,500

Capital position at end of financial year 9,000 5,500

Share premium Position at start of financial year 17,733,152 10,475,325 Issue of shares 7,023,360 4,405,420

Share premium position at end of financial year 24,756,512 14,880,745

General reserve Position at start of financial year 351,676 (92,000) Unappropriated result from previous financial year 478,019 1,116,616 Dividend payment (615,000) (377,500)

General reserve position at end of financial year 214,695 647,116

Total position at start of financial year 18,569,347 11,503,941 Issue of shares 7,025,860 4,406,920 Dividend payment (615,000) (377,500) Unappropriated result (579,568) (58,154)

Total at end of financial year 24,400,639 15,475,207

Numbers of shares Position at start of financial year 650,000 400,000 Issue of shares 250,000 150,000

Position at end of financial year 900,000 550,000

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18.5 Notes

Accounting policies

For the accounting policies used for the financial statements, see the Company’s accounting policies stated in chapter 4.5.

Notes to the balance sheet and statement of comprehensive income

1. Investments

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2018, inclusive

(amounts x € 1) Property Shares shares Total 2018

Opening balance 18,488,485 54,871 18,543,356 Purchases of investments 13,334,175 36,604 13,370,779 Sales of investments (6,484,927) (18,704) (6,503,631) Changes in value (1,217,133) (2,389) (1,219,522)

Total 24,120,600 70,382 24,190,982

Summary of changes in the investments according to characteristic of financial instrument 1 January to 30 June 2017, inclusive

(amounts x € 1) Property Shares shares Total 2017

Opening balance 11,436,950 46,517 11,483,467 Purchases of investments 9,006,612 20,286 9,026,898 Sales of investments (4,660,539) (20,089) (4,680,628) Changes in value (448,909) 2,560 (446,349)

Closing balance 15,334,114 49,274 15,383,388

The table below provides an analysis of the financial instruments valued at fair value, per valuation method.

Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018 31 December 2017

Level 1 24,190,982 18,543,356

Total 24,190,982 18,543,356

All the investments of the Sub-fund are listed and therefore classified as level 1 investments.

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Composition of investments according to valuation technique

(amounts x € 1) 30 June 2018

Currency Market value % of NAV Shares Exxon Mobil Corp USD 1,232,854 5.1 AT&T Inc USD 1,154,012 4.7 Verizon Communications Inc USD 1,073,161 4.4 HSBC Holdings PLC GBP 1,058,410 4.3 Royal Dutch Shell PLC EUR 900,809 3.7 Pfizer Inc USD 841,970 3.5 Novartis AG CHF 820,946 3.4 Procter & Gamble Co/The USD 783,508 3.2 Total SA EUR 776,206 3.2 Roche Holding AG CHF 668,299 2.7 Other 14,810,425 60.6 Total shares 24,120,600 98.8

Property shares New World Development Co Ltd HKD 30,048 0.1 Sino Land Co Ltd HKD 20,904 0.1 Hang Lung Properties Ltd HKD 19,430 0.1 Total property shares 70,382 0.3

Total investments 24,190,982 99.1

2. Cash and cash equivalents As of 30 June 2018 there are no restrictions on the use of the cash and cash equivalents.

3. Receivables

(amounts x € 1) 30 June 2018 31 December 2017

Dividend receivable 101,543 63,253 Other 1 2,090

Total 101,544 65,343

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4. Summary of changes in the assets under management

1 January 2018 1 January 2017 to to (amounts x € 1) 30 June 2018 30 June 2017 Position at start of financial year 18,569,347 11,503,941 Issue of shares 7,025,860 4,406,920 Dividend payment (615,000) (377,500) Interest expense (879) (294) Dividend income 687,218 423,893 Changes in the value of investments (1,219,522) (446,349) Management costs (44,055) (27,680) Price differences (828) (6,693) Other expenses (1,502) (1,031) Position at end of financial year 24,400,639 15,475,207

5. Other debts

(amounts x € 1) 30 June 2018 31 December 2017

Management costs payable 7,727 6,647 Dividend tax payable 34,164 11,205 Other current liabilities 1,645 22,349

Total 43,536 40,201

6. Affiliated parties

A party is an affiliated party if one party can exercise control over the other party or exert significant influence on the other party’s financial and operational policy.

ThinkCapital Asset Management B.V. is the Company’s director according to the articles of association and acts as Manager of the Company.

The management costs for the investors in Sub-funds can vary per Sub-fund and are expressed as a percentage of the Net Intrinsic Value of every individual Sub-fund. The management costs include all costs relating to the management of a Sub-fund, such as the management fee, costs of the custodial bank and the payment office, the listing costs, auditor’s fee, costs of the purchase and issue of shares, the costs of having the Sub-funds correspond to the relevant index and the administration costs. The management costs are deducted daily from the definitive Net Intrinsic Value of a share in a Sub-fund. The management costs for the period from 1 January 2018 to 30 June 2018, inclusive, amounted to € 44,055 (comparable period in 2017: € 27,680).

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Other information

Interests of the members of the board of directors The members of the board of directors hold positions in the UCITS ETFs of ThinkCapital and in the components of these UCITS ETFs. The transactions by the members of the board of directors in ThinkCapital’s UCITS ETFs are reported to the Compliance Officer in accordance with the rules for Private Investment Transactions.

Interests of the members of the board of directors (number) 30 June 2018 31 December 2017

Series A: Think AEX UCITS ETF 400 400 Series B: Think AMX UCITS ETF 300 300 Series C: Think Total Market UCITS ETF Defensief 400 400 Series D: Think Total Market UCITS ETF Neutraal 1,873 3,941 Series E: Think Total Market UCITS ETF Offensief 2,502 2,752 Series F: Think Global Equity UCITS ETF 20,741 21,456 Series G: Think Global Real Estate UCITS ETF 2,817 2,817 Series H: Think iBoxx Corporate Bond UCITS ETF 6,882 6,882 Series I: Think iBoxx Government Bond UCITS ETF 5,938 5,938 Series J: Think iBoxx AAA-AA Government Bond UCITS ETF 1,145 1,145 Series L: Think European Equity UCITS ETF 2,405 2,405 Series M: Think Morningstar North America Equity UCITS ETF 1,718 1,718 Series N: Think Morningstar High Dividend Equity UCITS ETF 7687 1,812 Arcelor Mittal 566 566 Aperam 50 50 DSM 322 322 Ahold 208 208 AEGON 472 472

Altogether, the members of ThinkCapital’s board of directors have invested just over 1.6 million euro in its own UCITS ETFs (2017: 1.8 million euro).

30 July 2018,

The Board of Directors,

G. Koning M. Rozemuller

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