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Interim Report for the Half-Year Ended 30 June 2019

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Interim Report for the Half-Year Ended 30 June 2019 Vanguard ETF Series Interim Report For the half-year ended 30 June 2019 Vanguard Sub-Funds covered in this interim 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 half-year ended 30 June 2019 Contents Page Condensed statement of financial position (Unaudited) 1 Condensed statement of comprehensive income (Unaudited) 4 Condensed statement of changes in net assets attributable to unitholders (Unaudited) 7 Condensed statement of cash flows (Unaudited) 10 Notes to the unaudited condensed financial statements 13 Vanguard FTSE Asia ex Japan Index ETF Investment portfolio (Unaudited) 29 Statement of movements in investment portfolio (Unaudited) 64 Performance record (Unaudited) 96 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Investment portfolio (Unaudited) 97 Statement of movements in investment portfolio (Unaudited) 110 Performance record (Unaudited) 122 Vanguard FTSE Developed Europe Index ETF Investment portfolio (Unaudited) 123 Statement of movements in investment portfolio (Unaudited) 142 Performance record (Unaudited) 158 Vanguard FTSE Japan Index ETF Investment portfolio (Unaudited) 159 Statement of movements in investment portfolio (Unaudited) 175 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 Vanguard Total China Index ETF Investment portfolio (Unaudited) 220 Statement of movements in investment portfolio (Unaudited) 246 Performance record (Unaudited) 275 Administration and management 276 Vanguard ETF Series Interim Report 2019 Condensed statement of financial position (Unaudited) As at 30 June 2019 Vanguard FTSE Asia ex Japan Vanguard FTSE Asia ex Japan Index ETF High Dividend Yield Index ETF 30 June 31 December 30 June 31 December 2019 2018 2019 2018 Notes HK$ HK$ HK$ HK$ Current Assets Cash and cash equivalents 323,140 1,140,670 1,329,440 1,547,696 Margin deposits 115,979 80,326 216,035 93,961 Amounts due from brokers 1,300,272 236,129 1,698,239 578,111 Dividends receivable 1,006,734 457,930 2,445,286 618,645 Financial assets at fair value through profit or loss 245,539,804 216,670,585 299,428,609 280,788,989 Total Assets 248,285,929 218,585,640 305,117,609 283,627,402 Current Liabilities Amounts due to brokers 25,487 229,567 - 556,642 Management fee payable 6(a) 39,534 37,281 85,300 84,316 Other payables 213,724 12,481 - - Financial liabilities at fair value through profit or loss 104 4,455 306 4,431 Total Liabilities 278,849 283,784 85,606 645,389 Equity Net assets attributable to unitholders 4 248,007,080 218,301,856 305,032,003 282,982,013 The notes on pages 13 to 28 form part of these financial statements. -1- Vanguard ETF Series Interim Report 2019 Condensed statement of financial position (Unaudited) (Continued) As at 30 June 2019 Vanguard FTSE Developed Europe Vanguard FTSE Japan Index ETF Index ETF 30 June 31 December 30 June 31 December 2019 2018 2019 2018 Notes HK$ HK$ HK$ HK$ Current Assets Cash and cash equivalents 1,182,614 1,421,625 1,165,728 916,679 Margin deposits 133,613 189,103 77,118 63,098 Amounts due from brokers 3,180,099 192,460 - - Dividends receivable 995,528 888,725 136,360 138,425 Financial assets at fair value through profit or loss 224,225,253 197,620,753 98,681,617 90,933,792 Total Assets 229,717,107 200,312,666 100,060,823 92,051,994 Current Liabilities Amounts due to brokers 90,048 18,398 - - Management fee payable 6(a) 33,143 30,352 14,618 14,312 Financial liabilities at fair value through profit or loss - 23,277 - 4,637 Total Liabilities 123,191 72,027 14,618 18,949 Equity Net assets attributable to unitholders 4 229,593,916 200,240,639 100,046,205 92,033,045 The notes on pages 13 to 28 form part of these financial statements. -2- Vanguard ETF Series Interim Report 2019 Condensed statement of financial position (Unaudited) (Continued) As at 30 June 2019 Vanguard S&P 500 Index ETF Vanguard Total China Index ETF 30 June 31 December 30 June 31 December 2019 2018 2019 2018 Notes HK$ HK$ RMB¥ RMB¥ Current Assets Cash and cash equivalents 564,682 2,123,418 979,322 687,706 Margin deposits 240 255,223 170,876 71,961 Amounts due from brokers 1,471,873 584,667 - 268,422 Dividends receivable 358,536 382,307 661,564 4,147 Other receivables 89,549 89,549 - - Financial assets at fair value through profit or loss 534,638,499 419,295,543 155,513,290 131,541,550 Total Assets 537,123,379 422,730,707 157,325,052 132,573,786 Current Liabilities Amounts due to brokers 251,111 283,716 - 219,553 Management fee payable 6(a) 74,600 66,154 49,890 46,374 Financial liabilities at fair value through profit or loss - 39,204 - 57 Total Liabilities 325,711 389,074 49,890 265,984 Equity Net assets attributable to unitholders 4 536,797,668 422,341,633 157,275,162 132,307,802 The notes on pages 13 to 28 form part of these financial statements. -3- Vanguard ETF Series Interim Report 2019 Condensed statement of comprehensive income (Unaudited) For the half-year ended 30 June 2019 Vanguard FTSE Asia ex Japan Index ETF Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Half-year Half-year Half-year Half-year ended ended ended ended 30 June 30 June 30 June 30 June 2019 2018 2019 2018 Notes HK$ HK$ HK$ HK$ Income Dividend income 3,073,328 2,846,608 6,294,501 5,930,733 Interest income 2,007 1,211 2,067 2,347 Net changes in fair value on financial assets and financial liabilities at fair value through profit or loss 3 19,067,975 (15,212,392) 18,485,410 (19,944,103) Net foreign exchange gain/(loss) 2,626 (55,147) (34,507) (62,800) Other income 16,739 64,186 - 49,489 Total net income/(loss) 22,162,675 (12,355,534) 24,747,471 (14,024,334) Expenses Management fee 6(a) 236,058 227,427 519,604 545,701 Transaction handling fee 243 426 507 475 Transaction costs on investments 28,839 58,710 81,398 99,200 Other operating expenses 201,650 11,877 1,042 2,755 Total operating expenses 466,790 298,440 602,551 648,131 Profit/(loss) before tax 21,695,885 (12,653,974) 24,144,920 (14,672,465) Taxation Withholding tax on dividend and interest income (258,021) (241,062) (554,930) (498,869) Total comprehensive income/(loss) 21,437,864 (12,895,036) 23,589,990 (15,171,334) The notes on pages 13 to 28 form part of these financial statements. -4- Vanguard ETF Series Interim Report 2019 Condensed statement of comprehensive income (Unaudited) (Continued) For the half-year ended 30 June 2019 Vanguard FTSE Developed Europe Index Vanguard FTSE Japan Index ETF ETF Half-year Half-year Half-year Half-year ended ended ended ended 30 June 30 June 30 June 30 June 2019 2018 2019 2018 Notes HK$ HK$ HK$ HK$ Income Dividend income 6,106,622 5,618,433 1,283,652 1,249,586 Interest income 160 47 67 20 Net changes in fair value on financial assets and financial liabilities at fair value through profit or loss 3 25,927,406 (10,654,767) 5,236,824 (2,558,277) Net foreign exchange gain/(loss) (18,164) (138,888) 1,103 140,583 Other income 677 36,991 1,479 13,054 Total net income/(loss) 32,016,701 (5,138,184) 6,523,125 (1,155,034) Expenses Management fee 6(a) 195,847 197,486 86,977 96,272 Transaction handling fee 473 855 313 423 Transaction costs on investments 10,051 38,630 552 4,528 Other operating expenses 552 22,509 8 26 Total operating expenses 206,923 259,480 87,850 101,249 Profit/(loss) before tax 31,809,778 (5,397,664) 6,435,275 (1,256,283) Taxation Withholding tax on dividend and interest income (1,004,501) (977,659) (128,365) (124,959) Total comprehensive income/(loss) 30,805,277 (6,375,323) 6,306,910 (1,381,242) The notes on pages 13 to 28 form part of these financial statements. -5- Vanguard ETF Series Interim Report 2019 Condensed statement of comprehensive income (Unaudited) (Continued) For the half-year ended 30 June 2019 Vanguard S&P 500 Index ETF Vanguard Total China Index ETF Half-year Half-year Half-year ended ended ended 30 June 30 June 30 June 2019 2018 2019 Notes HK$ HK$ RMB¥ Income Dividend income 4,796,028 3,317,258 1,964,117 Interest income 2,572 1,936 1,188 Net changes in fair value on financial assets and financial liabilities at fair value through profit or loss 3 72,434,050 6,536,143 22,206,904 Net foreign exchange gain/(loss) 38,800 (2,672) (15,790) Other income 8,311 52,450 2,244 Total net income/(loss) 77,279,761 9,905,115 24,158,663 Expenses Management fee 6(a) 424,049 309,334 300,820 Transaction handling fee 28 135 496 Transaction costs on investments 1,463 4,072 19,449 Other operating expenses 22,496 55,617 416 Total operating expenses 448,036 369,158 321,181 Profit/(loss) before tax 76,831,725 9,535,957 23,837,482 Taxation Withholding tax on dividend and interest income (1,346,490) (927,231) (165,292) Total comprehensive income/(loss) 75,485,235 8,608,726 23,672,190 The notes on pages 13 to 28 form part of these financial statements.
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