This Site is owned and operated by The Vanguard Group, Inc., and all of its subsidiaries and affiliates, including Vanguard Marketing Corporation (collectively, “Vanguard”). Vanguard may modify, suspend, discontinue or restrict the use and availability of any portion of this Site at any time, without notice or liability. Your use of this Site may be monitored by Vanguard and used for Vanguard’s internal business purposes, without liability.
- Limited License and Restrictions on Use
- Linking Conditions
- RSS and Podcast Feeds
- User Content and License Grant
- Data, Information and Content
- Copyright Policy, Notice and Claim Information
- International Use
- Third Party Content
- Timeliness of Content
- Warranty Disclaimers
- Liability and Indemnity
- Integration and Severability
- Applicable Law and Venue
Limited License and Restrictions on Use
- Modify, copy, screen capture, distribute, forward, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services or other materials on, generated by or obtained from this Site, whether through links or otherwise (collectively, “Materials”);
- Redeliver any page, text, image or Materials on this Site using “framing” or other technology;
- Engage in any conduct that could damage, disable or overburden (i) this Site, (ii) any Materials or services provided through this Site, or (iii) any systems, networks or servers related to this Site, including without limitation, using devices or software that provide repeated automated access to this Site, other than those made generally available by Vanguard;
- Probe, scan or test the vulnerability of any Materials, services, systems, networks or servers related to this Site or attempt to gain unauthorized access to Materials, services, systems, networks or servers connected or associated with this Site through hacking, data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks or servers related to this Site;
- Modify, copy, obscure, remove or display Vanguard’s name, logo, trademarks, text, notices or images without Vanguard’s express written permission. To obtain such permission, you may e-mail us at firstname.lastname@example.org; or
- Include the term “Vanguard,” or any Vanguard trademark or executive’s name, or any variation of the foregoing, as a meta-tag, hidden textual element or any other indicator that creates an impression of affiliation, sponsorship or endorsement by Vanguard.
You may not link to this Site unless you comply with these linking conditions (“Linking Conditions”). Vanguard grants you a limited, revocable, nonexclusive right to create a hyperlink to this Site (“Link”), provided you comply at all times with the following conditions:
- The Link must resolve to the Site’s home page at http://www.vanguardblog.com, or an internal or subsidiary page of this Site that is located one or several levels down from the homepage, unaltered in any way;
- The text of the Link must read either “Vanguard Blog,” “The Vanguard Group Blog,” “Vanguardblog.com,” “www.Vanguardblog.com,” or accurately describe the Site content to which you are linking. You may not use any Vanguard logo or graphic, or any other Vanguard trademark, as part of the Link without Vanguard’s express written permission;
- The Link and surrounding context on the linking site must not: (a) falsely represent or misrepresent any relationship between the linking site and Vanguard, including suggestions of affiliation, endorsement or sponsorship; (b) portray Vanguard or its affiliates, or their products or services, in a false, misleading, derogatory or otherwise offensive manner; or (c) deliver the Materials in a framed environment or alter the layout, content, look or feel of the Site; and
- You may not maintain numerous or pervasive Links to this Site.
RSS and Podcast Feeds
Vanguard grants you a limited, revocable, nonexclusive right to view, store, bookmark, access, download, display, create hyperlinks to and use the Really Simple Syndication and podcast feeds (collectively, the “Feeds”) offered by Vanguard solely for your personal, informational and noncommercial use or as otherwise authorized by Vanguard in writing.
Any use of the Feeds not granted herein is strictly prohibited. Vanguard retains ownership of and all other rights in and to the Feeds, and any reports, data, information, content, software, files, products, services, links, trademarks, logos or other materials used in connection therewith. Vanguard reserves the right, in its sole discretion, with or without cause, and without liability, to suspend, discontinue or modify any or all of its Feeds at any time and to immediately require you to cease accessing, displaying, or otherwise using any or all of the Feeds or the content of the Feeds. Vanguard will not be liable for any loss or damage arising from your use of or in connection with the Feeds.
User Content and License Grant
You agree that you are solely responsible for all information, data, content, text, photographs, graphics, images, logos, illustrations, videos, messages, comments, quotations, files, documents and any other materials that you submit, upload, post, e-mail, transmit or otherwise make available via the Site (“User Content”). By submitting, uploading, posting, e-mailing or transmitting User Content to the Site, you represent and warrant that either you own all right, title and interest in and to the User Content or have express permission from the owner to copy and use such User Content for all purposes related to the Site. Vanguard does not control and is not responsible for the User Content uploaded via the Site and Vanguard neither guarantees the accuracy, quality or appropriateness of nor endorses any User Content submitted to the Site.
You agree not to use the Site to:
- submit, upload, post, e-mail, transmit or otherwise make available any User Content that is unlawful, harmful, threatening, abusive, menacing, harassing, tortious, defamatory, vulgar, pornographic, obscene, offensive, blasphemous, libelous, unlawful, invasive of another’s privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable;
- submit, upload, post, e-mail, transmit or otherwise make available any User Content that personally attacks or is derogatory toward any Vanguard blogger or employee, any Vanguard product or service, or Vanguard as an entity;
- harm minors in any way, including, but not limited to, submitting, uploading, posting, e-mailing, transmitting or otherwise making available content that violates child pornography laws, child sexual exploitation laws or laws prohibiting the depiction of minors engaged in sexual conduct;
- impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with a person or entity;
- forge headers or otherwise manipulate identifiers in order to disguise the origin of any User Content transmitted through the Site;
- submit, upload, post, e-mail, transmit or otherwise make available any User Content that you do not have a right to make available under any law or contractual or fiduciary relationships or obligations;
- submit, upload, post, e-mail, transmit or otherwise make available any User Content that infringes, violates or misappropriates any patent, trademark, trade secret, copyright or other intellectual property or proprietary right or any moral right of any party;
- submit, upload, post, e-mail, transmit or otherwise make available any personal information or specific account details about yourself or any other person or entity. Vanguard disclaims any responsibility or liability arising from your disclosure of such personal information or account details in any User Content;
- submit, upload, post, e-mail, transmit or otherwise make available any financial or investment advice or recommendations;
- submit, upload, post, e-mail, transmit or otherwise make available any User Content that is not related to the subject matter of the specific post to which you are responding;
- submit, upload, post, e-mail, transmit or otherwise make available any advertising, promotional materials, junk mail, spam, chain letters, pyramid schemes or any other form of solicitation;
- submit, upload, post, e-mail, transmit or otherwise make available any material that contains viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment; or
- intentionally or unintentionally violate any applicable local, state, national or international laws, rules, regulations, decrees, acts, orders, directives, legislation, bills or statutes.
Vanguard does not claim ownership of any User Content you submit, upload, post, e-mail, transmit or otherwise make available via the Site. You grant Vanguard and its affiliates, subsidiaries, directors, officers, employees, agents, licensors and vendors a perpetual, worldwide, irrevocable, nonexclusive, fully-paid up, royalty-free, sublicensable and transferable right and license to use, store, modify, adapt, translate, publish, display, broadcast, perform, disclose, distribute, sell, reproduce and create derivative works from any User Content, in whole or in part, in any medium or technology throughout the world, including any inventions, concepts, techniques, know-how, ideas or expressions of ideas arising out of or based on the User Content, for any purpose in Vanguard’s sole discretion, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party. Vanguard shall exclusively own all right, title and interest in and to any derivative works or inventions created by or on behalf of Vanguard that incorporate or otherwise make use of any User Content, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party.
You acknowledge that Vanguard and/or its vendors may or may not (but are not obligated to) monitor User Content, but that Vanguard shall have the right in its sole discretion to monitor, post, move, edit, refuse, or remove any User Content, in whole or in part, for any reason whatsoever, without notice and without liability.
Except for the authorized Vanguard bloggers, Vanguard employees and contractors shall not submit, upload, post, e-mail, transmit or otherwise make available any User Content to the Site.
If you have any questions or comments about your Vanguard investments or other customer service issues, please contact Vanguard directly.
Data, Information and Content
The Materials on this Site are for information, education, and noncommercial purposes only. Although Vanguard may provide data, information, and content relating to investment approaches and opportunities to buy or sell securities and/or mutual funds, you should not construe any such information or other content available through this Site as legal or tax advice. In exchange for using any Materials on this Site, you agree not to hold Vanguard or its third party information providers liable for any possible claim for damages arising from any decision you make based on the Materials made available to you through this Site, except for claims arising under any applicable provisions of federal securities laws. By providing access to other websites, neither Vanguard nor any of its affiliates is recommending the purchase or sale of the stock issued by any company, nor are they endorsing services provided by any website’s sponsoring organization.
Copyright Policy, Notice and Claim Information
All Materials on this Site, whether separate or compiled, including, but not limited to, text, graphics, audio clips, logos, buttons, images, digital downloads, data compilations, software, icons, html code and xml code, as well as all copyright, patent, trademark, trade dress and other rights therein, are owned or licensed by Vanguard and its third party information providers, and are protected by United States and international intellectual property laws.
Pursuant to Section 512(c)(2) of the Copyright Revision Act, as enacted through the Digital Millennium Copyright Act, Vanguard designates an agent as described below to receive notifications of claimed copyright infringement by mail: Robyn Y. Ettricks, Esquire, Associate Counsel, The Vanguard Group, Inc., P.O. Box 2600, V-26, Valley Forge, PA 19482-2600.
The designated copyright agent can also be reached by telephone at (610) 669-6100, by fax at (610) 669-6600, and by e-mail at email@example.com.
All trademarks, service marks and logos appearing on this Site are the exclusive property of their respective owners. All Vanguard graphics, logos, page headers and service names are trademarks, service marks or trade dress of Vanguard. Vanguard’s trademarks, service marks and trade dress may not be used in connection with any product or service that is not Vanguard’s, in any manner that is likely to cause confusion among customers or investors, or in any manner that disparages or discredits Vanguard. Nothing contained on this Site should be construed as granting any license or right in or to any trademarks, service marks or trade dress of Vanguard or any third party.
Because of the global nature of the Internet, you agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes and regulations of the country in which you reside and the country from which you access this Site, including without limitation, all laws, rules, codes, regulations, decrees, acts, orders, directives, legislation, bills and statutes pertaining to tax, contracts, intellectual property, securities, e-commerce, banking, technology, computers, fraud and privacy. In addition, you agree to comply with all applicable laws, rules, codes and regulations regarding the transmission of technical data exported from the United States.
Third Party Content
Data and other materials appearing on this Site that are provided by third parties are believed by Vanguard to be obtained from reliable sources, but Vanguard cannot guarantee and is not responsible for their accuracy, timeliness, completeness or suitability for use. Vanguard is not responsible for, and does not prepare, edit or endorse, the content, advertising, products or other materials on or available from any website owned or operated by a third party that is linked to this Site via hyperlink. The fact that Vanguard has provided a link to a third party’s website does not constitute an implicit or explicit endorsement, authorization, sponsorship or affiliation by Vanguard with respect to such website, its owners, providers or services. You will use any such third party content at your own risk and you agree that Vanguard is not liable for any loss or damage that you may suffer by using third party websites or any content, advertising, products or other materials in connection therewith.
Timeliness of Content
All content on this Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.
YOU EXPRESSLY UNDERSTAND AND AGREE THAT:
YOUR USE OF THIS SITE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. TO THE FULL EXTENT PERMITTED UNDER APPLICABLE LAW, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS AND ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES REGARDING SECURITY, CURRENCY, CORRECTNESS, QUALITY, ACCURACY, COMPLETENESS, RELIABILITY, PERFORMANCE, TIMELINESS OR CONTINUED AVAILABILITY, WITH RESPECT TO (I) THE SITE; (II) ANY MATERIALS, PRODUCTS OR SERVICES AVAILABLE ON OR THROUGH THE SITE; (III) USE OF THE SITE, MATERIALS, PRODUCTS OR SERVICES; AND (IV) THE RESULTS OF THE USE OF THE SITE, MATERIALS, PRODUCTS OR SERVICES.
FURTHER, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS AND ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT TO ANY DELAYS OR ERRORS IN THE TRANSMISSION OR DELIVERY OF ANY MATERIALS, PRODUCTS OR SERVICES AVAILABLE THROUGH THIS SITE.
EXCEPT AS PROVIDED BY LAW, NEITHER VANGUARD NOR ITS THIRD PARTY INFORMATION PROVIDERS AND VENDORS HAS ANY RESPONSIBILITY TO MAINTAIN THE MATERIALS, PRODUCTS OR SERVICES OFFERED ON THE SITE OR TO SUPPLY CORRECTIONS, UPDATES OR RELEASES FOR THE SAME.
TO THE EXTENT ANY JURISDICTION DOES NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU. THIS WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS, AND YOU MAY HAVE OTHER RIGHTS, WHICH VARY FROM JURISDICTION TO JURISDICTION.
Liability and Indemnity
ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS SITE ARE DONE AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DATA THAT RESULTS FROM SUCH DOWNLOAD.
NEITHER VANGUARD NOR ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS OR ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE OR COMMUNICATIONS LINE FAILURE, OR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE SITE, MATERIALS OR ANY PRODUCTS OR SERVICES PROVIDED HEREIN, OR ANY OTHER MATTER RELATING TO THIS SITE, EVEN IF VANGUARD HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURSIDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS AND ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN SUCH JURISDICTIONS.
Integration and Severability
Applicable Law and Venue