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Vanguard FTSE Asia Ex Japan Index Vanguard ETF Series Annual Report For the period ended 31 December 2014 Vanguard Sub-Funds covered in this annual report Vanguard FTSE Asia ex Japan Index ETF SEHK Stock code: 2805 Vanguard FTSE Developed Europe Index ETF SEHK Stock code: 3101 Vanguard FTSE Japan Index ETF SEHK Stock code: 3126 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF SEHK Stock code: 3085 Vanguard ETF Series For the period ended 31 December 2014 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 6 Statement of comprehensive income 8 Statement of changes in net assets attributable to unitholders 10 Statement of cash flows 12 Notes to the financial statements 14 Vanguard FTSE Asia ex Japan Index ETF Investment portfolio (Unaudited) 41 Statement of movements in investment portfolio (Unaudited) 63 Performance record (Unaudited) 84 Vanguard FTSE Developed Europe Index ETF Investment portfolio (Unaudited) 85 Statement of movements in investment portfolio (Unaudited) 102 Performance record (Unaudited) 117 Vanguard FTSE Japan Index ETF Investment portfolio (Unaudited) 118 Statement of movements in investment portfolio (Unaudited) 132 Performance record (Unaudited) 145 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Investment portfolio (Unaudited) 146 Statement of movements in investment portfolio (Unaudited) 158 Performance record (Unaudited) 168 Administration and management 169 Vanguard ETF Series Annual Report 2014 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 The Vanguard Group, Inc. (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 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 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. *The above-mentioned indices are compiled and published by FTSE International Limited. Each index operates under clearly defined rules published by the index provider and is a tradable index. For and on behalf of The Vanguard Group, Inc. as the Manager 25 March 2015 -1- Vanguard ETF Series Annual Report 2014 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 Developed Europe Index ETF, Vanguard FTSE Japan Index ETF and Vanguard FTSE Asia ex Japan High Dividend Yield 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 the Supplemental Deed dated 25 April 2014 and the Supplemental Deed No. 2 dated 23 June 2014 (collectively the “Trust Deed”), for the period ended 31 December 2014. For and on behalf of State Street Trust (HK) Limited, as the Trustee 25 March 2015 -2- Vanguard ETF Series Annual Report 2014 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 established by the Securities & Futures Commission of Hong Kong and the Trust Deed dated 18 March 2013, as amended by the Supplemental Deed dated 25 April 2014 and the Supplemental Deed No. 2 dated 23 June 2014 (collectively the “Trust Deed”) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Sub-Funds at the end of that period and of the transactions for the period 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 2014, the Trust has established the following Sub-Funds: • Vanguard FTSE Asia ex Japan Index ETF • Vanguard FTSE Developed Europe Index ETF • Vanguard FTSE Japan Index ETF • Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF TRUSTEE’S RESPONSIBILITIES The Trustee of the Sub-Funds is required 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 sufficient accounting and other records have been maintained; • safeguard the property of the Sub-Funds and rights attaching thereto; and • report to the Unitholders for each annual accounting period on the conduct of the Manager in the management of the Sub-Funds. -3- Vanguard ETF Series Annual Report 2014 Independent auditor’s report to the unitholders of the Vanguard ETF Series (the “Trust”) -4- Vanguard ETF Series Annual Report 2014 Independent auditor’s report to the unitholders of the Vanguard ETF Series (the “Trust”) (Continued) -5- Vanguard ETF Series Annual Report 2014 Statement of financial position As at 31 December 2014 Vanguard FTSE Asia ex Japan Index ETF Notes 31 December 2014 31 December 2013 HK$ HK$ Current Assets Cash and cash equivalents 404,904 550,831 Margin deposits - 11,170 Amounts due from brokers - 797,055 Dividends receivable 254,763 42,234 Financial assets at fair value through profit or loss 9(b) 149,982,813 145,147,702 Total Assets 150,642,480 146,548,992 Current Liabilities Amounts due to brokers 147,203 251,823 Management fee payable 6(a) 48,267 46,976 Financial liabilities at fair value through profit or loss 9(b), 10 142 43 Total Liabilities 195,612 298,842 Equity Net assets attributable to unitholders 4 150,446,868 146,250,150 The financial statements on pages 6 to 40 were approved by the Trustee and the Manager on 25 March 2015 and were signed on their behalf. For and on behalf of For and on behalf of The Vanguard Group, Inc. State Street Trust (HK) Limited, as the Manager as the Trustee The notes on pages 14 to 40 form part of these financial statements. -6- Vanguard ETF Series Annual Report 2014 Statement of financial position (Continued) As at 31 December 2014 Vanguard FTSE Vanguard FTSE Vanguard FTSE Developed Europe Japan Index ETF Asia ex Japan High Index ETF Dividend Yield Index ETF Notes 31 December 2014 31 December 2014 31 December 2014 HK$ HK$ HK$ Current Assets Cash and cash equivalents 239,300 55,754 375,054 Margin deposits 154,518 123,350 - Amounts due from brokers 2,160 483,165 - Dividends receivable 73,721 79,196 120,872 Financial assets at fair value through profit or loss 9(b) 69,782,218 78,406,658 116,200,141 Total Assets 70,251,917 79,148,123 116,696,067 Current Liabilities Amounts due to brokers --- Management fee payable 6(a) 15,135 16,931 44,086 Financial liabilities at fair value through profit or loss 9(b), 10 2,284 - - Total Liabilities 17,419 16,931 44,086 Equity Net assets attributable to unitholders 4 70,234,498 79,131,192 116,651,981 The financial statements on pages 6 to 40 were approved by the Trustee and the Manager on 25 March 2015 and were signed on their behalf. For and on behalf of For and on behalf of The Vanguard Group, Inc. State Street Trust (HK) Limited, as the Manager as the Trustee The notes on pages 14 to 40 form part of these financial statements. -7- Vanguard ETF Series Annual Report 2014 Statement of comprehensive income For the period ended 31 December 2014 Vanguard FTSE Asia ex Japan Index ETF Year ended For the period 31 December 2014 10 May 2013 (date of inception) to 31 December 2013 Notes HK$ HK$ Income Dividend income 4,314,687 2,773,773 Interest income on bank deposits 26 95 Net gain/(loss) on investments and derivative financial instruments 3 4,312,205 (4,619,127) Net foreign exchange gain/(loss) (4,221) 150,506 Other income 1,101 - Total net income/(loss) 8,623,798 (1,694,753) Expenses Management fee 6(a) 569,189 350,853 Transaction handling fee - 13,332 Transaction costs on investments 20,162 194,063 Other operating expenses 52,394 26,299 Total operating expenses 641,745 584,547 Profit/(loss) before tax 7,982,053 (2,279,300) Taxation Withholding tax on dividend and interest income (410,335) (240,550) Total comprehensive income/(loss) 7,571,718 (2,519,850) The notes on pages 14 to 40 form part of these financial statements.
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