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Annual Report for the Year Ended 31 December 2020

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Annual Report for the Year Ended 31 December 2020 Vanguard ETF Series Annual Report For the year ended 31 December 2020 Vanguard Sub-Funds covered in this annual report Vanguard FTSE Asia ex Japan Index ETF SEHK Stock code: 2805 - HKD Counter SEHK Stock code: 82805 - RMB Counter SEHK Stock code: 9805 - USD Counter Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF SEHK Stock code: 3085 - HKD Counter SEHK Stock code: 83085 - RMB Counter SEHK Stock code: 9085 - USD Counter Vanguard FTSE Developed Europe Index ETF SEHK Stock code: 3101 - HKD Counter SEHK Stock code: 83101 - RMB Counter SEHK Stock code: 9101 - USD Counter Vanguard FTSE Japan Index ETF SEHK Stock code: 3126 - HKD Counter SEHK Stock code: 83126 - RMB Counter SEHK Stock code: 9126 - USD Counter Vanguard S&P 500 Index ETF SEHK Stock code: 3140 - HKD Counter SEHK Stock code: 83140 - RMB Counter SEHK Stock code: 9140 - USD Counter Vanguard Total China Index ETF SEHK Stock code: 83169 – RMB Counter SEHK Stock code: 3169 – HKD Counter SEHK Stock code: 9169 – USD Counter Vanguard ETF Series For the year ended 31 December 2020 Contents Page Report of the manager to the unitholders 1 Report of the trustee to the unitholders 2 Statement of responsibilities of the manager and the trustee 3 Independent auditor’s report 4 Statement of financial position 8 Statement of comprehensive income 11 Statement of changes in net assets attributable to unitholders 14 Statement of cash flows 17 Notes to the financial statements 20 Vanguard FTSE Asia ex Japan Index ETF Investment portfolio (Unaudited) 74 Information on exposure arising from financial derivative instruments (Unaudited) 112 Statement of movements in investment portfolio (Unaudited) 113 Performance record (Unaudited) 151 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Investment portfolio (Unaudited) 152 Information on exposure arising from financial derivative instruments (Unaudited) 168 Statement of movements in investment portfolio (Unaudited) 170 Performance record (Unaudited) 184 Vanguard FTSE Developed Europe Index ETF Investment portfolio (Unaudited) 185 Information on exposure arising from financial derivative instruments (Unaudited) 203 Statement of movements in investment portfolio (Unaudited) 205 Performance record (Unaudited) 221 Vanguard FTSE Japan Index ETF Investment portfolio (Unaudited) 222 Information on exposure arising from financial derivative instruments (Unaudited) 238 Statement of movements in investment portfolio (Unaudited) 240 Performance record (Unaudited) 254 Vanguard S&P 500 Index ETF Investment portfolio (Unaudited) 255 Information on exposure arising from financial derivative instruments (Unaudited) 270 Statement of movements in investment portfolio (Unaudited) 272 Performance record (Unaudited) 286 Vanguard Total China Index ETF Investment portfolio (Unaudited) 287 Information on exposure arising from financial derivative instruments (Unaudited) 315 Statement of movements in investment portfolio (Unaudited) 316 Performance record (Unaudited) 346 Administration and management 347 Vanguard ETF Series Annual Report 2020 Report of the manager to the unitholders The Vanguard ETF Series (the “Trust”) is an umbrella unit trust authorised under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The Manager of the Trust is Vanguard Investments Hong Kong Limited (the “Manager”). The Trustee is State Street Trust (HK) Limited (the “Trustee”). The Trustee and the Manager may issue different sub-funds representing separate portfolios of assets. The assets of each sub-fund will be invested in accordance with the investment objective and policies applicable to the sub-fund. Vanguard FTSE Asia ex Japan Index ETF The Vanguard FTSE Asia ex Japan Index ETF (the “Sub-Fund”) was launched on 10 May 2013 and commenced trading on 15 May 2013. The Sub-Fund is benchmarked against the FTSE Asia Pacific ex Japan, Australia and New Zealand Index* and adopts a representative sampling strategy. Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF The Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF (the “Sub-Fund”) was launched on 10 June 2014 and commenced trading on 13 June 2014. The Sub-Fund is benchmarked against the FTSE Asia Pacific ex Japan, Australia and New Zealand High Dividend Yield Index* and adopts a representative sampling strategy. Vanguard FTSE Developed Europe Index ETF The Vanguard FTSE Developed Europe Index ETF (the “Sub-Fund”) was launched on 10 June 2014 and commenced trading on 13 June 2014. The Sub-Fund is benchmarked against the FTSE Developed Europe Index* and adopts a representative sampling strategy. Vanguard FTSE Japan Index ETF The Vanguard FTSE Japan Index ETF (the “Sub-Fund”) was launched on 10 June 2014 and commenced trading on 13 June 2014. The Sub-Fund is benchmarked against the FTSE Japan Index* and adopts a representative sampling strategy. Vanguard S&P 500 Index ETF The Vanguard S&P 500 Index ETF (the “Sub-Fund”) was launched on 18 May 2015 and commenced trading on 21 May 2015. The Sub-Fund is benchmarked against the S&P 500 Index* and adopts a representative sampling strategy. Vanguard Total China Index ETF The Vanguard Total China Index ETF (the “Sub-Fund”) was launched on 4 May 2018 and commenced trading on 10 May 2018. The Sub-Fund is benchmarked against the FTSE Total China Connect Index* and adopts a representative sampling strategy. The Sub-Funds offer three trading counters on The Stock Exchange of Hong Kong Limited (the “SEHK”) (i.e. HKD counter,RMB counter and USD counter) to investors. Units traded in HKD counter will be settled in HKD, Units traded in RMB counter will be settled in RMB and Units traded in USD counter will be settled in USD. *The above-mentioned indices are compiled and published by FTSE International Limited, except for S&P 500 Index which is compiled and published by Standard & Poor’s Financial Services LLC. Each index operates under clearly defined rules published by the index provider and is a tradable index. For and on behalf of Vanguard Investments Hong Kong Limited, as the Manager 26 April 2021 -1- Vanguard ETF Series Annual Report 2020 Report of the trustee to the unitholders We hereby confirm that, in our opinion, the Manager of the Vanguard FTSE Asia ex Japan Index ETF,Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF, Vanguard FTSE Developed Europe Index ETF, Vanguard FTSE Japan Index ETF, Vanguard S&P 500 Index ETF and Vanguard Total China Index ETF (the “Sub-Funds”) has, in all material respects, managed the Sub-Funds in accordance with the provisions of the Trust Deed dated 18 March 2013, as amended by six supplemental deeds dated 25 April 2014, 23 June 2014, 19 March 2015, 22 April 2015, 25 April 2017 and 9 April 2018 respectively, and as amended and restated by way of a supplemental deed dated 10 December 2019, and further amended by a supplemental deed dated 29 April 2020 (collectively the “Trust Deed”), for the year ended 31 December 2020. For and on behalf of State Street Trust (HK) Limited, as the Trustee 26 April 2021 -2- Vanguard ETF Series Annual Report 2020 Statement of responsibilities of the manager and the trustee MANAGER’S RESPONSIBILITIES The Manager of the Sub-Funds is required by the Code on Unit Trusts and Mutual Funds issued by the Securities & Futures Commission of Hong Kong and the Trust Deed dated 18 March 2013, as amended and restated (the “Trust Deed”), to prepare financial statements for each annual accounting year which give a true and fair view of the financial position of the Sub-Funds at the end of that year and of the transactions for the year then ended. In preparing these financial statements the Manager is required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are prudent and reasonable; and • prepare the financial statements with the assistance of the Trustee on the basis that the Sub-Funds will continue in operation unless it is inappropriate to presume this. The Manager is also required to manage the Sub-Funds in accordance with the Trust Deed and take reasonable steps for the prevention and detection of fraud and other irregularities. The Trust is an umbrella unit trust governed by its Trust Deed. As at 31 December 2020, the Trust has established the following Sub-Funds: • Vanguard FTSE Asia ex Japan Index ETF • Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF • Vanguard FTSE Developed Europe Index ETF • Vanguard FTSE Japan Index ETF • Vanguard S&P 500 Index ETF • Vanguard Total China Index ETF TRUSTEE’S RESPONSIBILITIES The Trustee of the Sub-Funds is required to: • take reasonable care to ensure that the Sub-Funds are managed by the Manager in accordance with the Trust Deed and that the investment and borrowing powers are complied with; • satisfy itself that accounting and other related records have been maintained; • safeguard the property of the Sub-Funds and rights attaching thereto; • report to the Unitholders for each annual accounting year on the conduct of the Manager in the management of the Sub-Funds; and • take reasonable care to ensure that the methods adopted by the Manager in calculating the value of units are adequate to ensure that the unit prices are calculated in accordance with the provisions of the constitutive documents. -3- Independent Auditor’s Report To the Unitholders of Vanguard FTSE Asia ex Japan Index ETF, Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF, Vanguard FTSE Developed Europe Index ETF, Vanguard FTSE Japan Index ETF, Vanguard S&P 500 Index ETF and Vanguard Total China Index ETF Report
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