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Vanguard ETF Series Annual Report for the Year Ended 31 December

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Vanguard ETF Series Annual Report for the Year Ended 31 December Vanguard ETF Series Annual Report For the year ended 31 December 2016 Vanguard Sub-Funds covered in this annual report Vanguard FTSE Asia ex Japan Index ETF SEHK Stock code: 2805 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF SEHK Stock code: 3085 Vanguard FTSE Developed Europe Index ETF SEHK Stock code: 3101 Vanguard FTSE Japan Index ETF SEHK Stock code: 3126 Vanguard S&P 500 Index ETF SEHK Stock code: 3140 Vanguard ETF Series For the year ended 31 December 2016 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) 59 Statement of movements in investment portfolio (Unaudited) 82 Performance record (Unaudited) 103 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Investment portfolio (Unaudited) 104 Statement of movements in investment portfolio (Unaudited) 116 Performance record (Unaudited) 127 Vanguard FTSE Developed Europe Index ETF Investment portfolio (Unaudited) 128 Statement of movements in investment portfolio (Unaudited) 145 Performance record (Unaudited) 160 Vanguard FTSE Japan Index ETF Investment portfolio (Unaudited) 161 Statement of movements in investment portfolio (Unaudited) 176 Performance record (Unaudited) 189 Vanguard S&P 500 Index ETF Investment portfolio (Unaudited) 190 Statement of movements in investment portfolio (Unaudited) 205 Performance record (Unaudited) 219 Administration and management 220 Vanguard ETF Series Annual Report 2016 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 in HKD under stock code 2805 on The Stock Exchange of Hong Kong Limited (the “SEHK”) 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 in HKD under stock code 3085 on the SEHK 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 in HKD under stock code 3101 on the SEHK 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 in HKD under stock code 3126 on the SEHK 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 in HKD under stock code 3140 on the SEHK on 21 May 2015. The Sub-Fund is benchmarked against the S&P 500 Index* and adopts a representative sampling strategy. *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 13 April 2017 -1- Vanguard ETF Series Annual Report 2016 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 and Vanguard S&P 500 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 four supplemental deeds dated 25 April 2014, 23 June 2014, 19 March 2015 and 22 April 2015 respectively (collectively the “Trust Deed”), for the year ended 31 December 2016. For and on behalf of State Street Trust (HK) Limited, as the Trustee 13 April 2017 -2- Vanguard ETF Series Annual Report 2016 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 (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 2016, 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 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 the Vanguard ETF Series (the “Trust”) Report on the Audit of the Financial Statements Opinion What we have audited The financial statements 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 and Vanguard S&P 500 Index ETF (each a separate sub-fund of the Trust and referred to individually or collectively as the “Sub-Funds”) set out on pages 8 to 58, which comprise: • the statements of financial position as at 31 December 2016; • the statements of comprehensive income for the year then ended; • the statements of changes in net assets attributable to unitholders for the year then ended; • the statements of cash flows for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting policies. Our opinion In our opinion, the financial statements give a true and fair view of the financial position of each of the Sub-Funds as at 31 December 2016, and of their financial transactions and their cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Sub-Funds in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. 4 Independent Auditor’s Report To the Unitholders of the Vanguard ETF Series (the “Trust”) (Continued) Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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