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Terms and conditions of use


The terms "you" and "your" means you, the person(s) accessing this website and/or the party on whose behalf you are doing so.

The term "Vanguard Group" means VIHK and its subsidiaries, divisions, branches, affiliates or companies under common ownership or control of VGI.

The term "VGI" means Vanguard Group, Inc. incorporated in Pennsylvania, USA.

The term "VIHK" means Vanguard Investments Hong Kong Limited.


1. Please read the following terms and conditions of use ("Terms of Use") carefully before using www.vanguard.com.hk ("this website"). By using and/or visiting this website, you agree to these Terms of Use. If you do not agree to these Terms of Use, do not use this website. These Terms of Use set out the terms and conditions on which you may use this website and apply to every page of this website, whether or not these Terms of Use appear on each individual page.

2. VIHK reserves the right, at its sole discretion, to change, modify, add to, or remove portions of these Terms of Use at any time and to restrict access to any areas of this website at any time, without notice or liability. VIHK suggests that you check these Terms of Use periodically for changes. If you use this website after changes are posted to this section, you accept the changed Terms of Use.

3. This website is owned and operated by VIHK. The information on this website is issued by VIHK.

4. These Terms of Use are specific to this website and do not relate to any other site of VGI or the site of any other member of the Vanguard Group, although VGI and other members of the Vanguard Group do have certain rights under these Terms of Use, as provided for in these Terms of Use. These Terms of Use are intended to be enforceable by VIHK and VGI and also by other members of the Vanguard Group, as well as by you.

Website for Hong Kong residents only

5. Please note that this website is designed only for use by, and is directed only at persons resident in the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong"). The material contained in it is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction other than Hong Kong. The distribution of the information contained in this website in certain countries may be restricted by law and, accordingly, persons who access it are required to inform themselves and to comply with any such restrictions. When using this website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data.

6. Downloading information contained on this website, or access to this website and use of information, materials, products or services provided through this website, is not intended, and is prohibited, where such access or use violates laws or regulations in your country, and VIHK and each other member of the Vanguard Group disclaims all responsibility and liability for any such breaches by you.

About Vanguard Investments Hong Kong Limited

7. VIHK (CE. No.: AYT820) is incorporated in Hong Kong with its registered office address at Unit 902-904, 9/F, Two Chinachem Central, 26 Des Voeux Road Central, Central, Hong Kong.  VIHK is licensed with the Securities and Futures Commission. The contents of this website have not been reviewed by the Securities and Futures Commission in Hong Kong.

8. VIHK is a member of the Vanguard Group, in which VGI is the ultimate holding company.

Material on this Website

9. This website provides general information about VIHK and its business, including information about the services it offers. The materials on this website are for information purposes only. Nothing on this website constitutes legal, tax, or investment advice. You must not, therefore, rely on the content of this website when making any investment decisions. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any materials on this website before making any decisions based on such materials.


Use of this Website


11. This website is a business and commercial site. As such, it is not intended for children or minors under the age of 18 years without the permission of a parent or guardian.

Your use of this website

12. You must not use this website (or permit or procure others to use it) for any unlawful, improper or illegal purpose or activity; to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason; in a manner intended to threaten, harass, or intimidate; to violate any copyright, trademark, proprietary or other intellectual property rights of any member of the Vanguard Group or of any third party; to damage the Vanguard name or reputation or that of any member of the Vanguard Group or of any third parties; to impersonate any employee of any member of the Vanguard Group or any other person or use a false name while using this website or implying an association with the Vanguard Group; to penetrate the Vanguard Group' security measures or other entities' systems; to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this website; to generate excessive amounts of internet traffic, to interfere with the network of the Vanguard Group or of any member of the Vanguard Group or any other person's use of this website or to engage in activities designed to or having the effect of degrading or denying service to users of this website or others; to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from this website is free from such items; to post or transmit information that is defamatory, fraudulent or deceptive; and/or to transmit confidential or proprietary information, except solely at your own risk.

User identification code

13. Certain parts of this website may be protected by passwords or require a login. Further, for authentication purposes, certain features on this website may require you to answer a designated security question. You agree to provide VIHK with current, complete, and accurate information about you as prompted by the applicable registration process and agree to regularly update this information to maintain its completeness and accuracy. You agree to use this website to access only those accounts on which you are authorized to act, and you agree to use your own user names, logins, passwords, and security questions and answers when accessing accounts on which you are authorized to act. You agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this website, or to any other protected materials or information, through any means not intentionally made available to you by VIHK.

14. You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords, and security questions and answers that you use to access any page or feature on this website, and for logging off of your account and any protected areas of the website. You must treat your account information, user names, logins, passwords, and security questions and answers as confidential and you must not disclose it to any third party or allow any third party to access this website using your user identification code or password. You are responsible for any use of this website by any third party to whom you have disclosed your user names, logins, passwords, and/or security questions and answers. Further, you are fully responsible for all activities occurring under your accounts, user names, logins, passwords, and security questions and answers that result from your negligence, carelessness, misconduct, or failure to use or maintain appropriate security measures. If you become aware of any suspicious or unauthorized conduct concerning your accounts, user names, logins, passwords, or security questions and answers, you agree to contact VIHK immediately. VIHK will not be liable for any loss or damage arising from your failure to comply with this provision.

Timeliness of content

15. All content on this website 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.

Modification and Discontinuation

16. We reserve the right at any time and from time to time to modify, edit, delete, suspend or discontinue, temporarily or permanently this website (or any portion thereof) and/or the information, materials, products and/or services available through this website (or any part thereof) with or without notice. You agree that we shall not be liable to you or to any third party for any such modification, editing, deletion, suspension or discontinuance of this website.

Limited Licenses and Restrictions on Use of Materials

17. VIHK grants you, as an individual, a limited, revocable, non-exclusive, non-transferable license to view, bookmark, store, print, and download any page within this website, solely for your own personal, informational and non-commercial use, provided you comply at all times with these Terms of Use.

18. You may not:

19. VIHK grants you a limited, revocable, non-exclusive right to create a hyperlink to VIHK's homepage at www.vanguard.com.hk only, provided you comply at all times with the conditions laid out herein. Linking to other content within this website is prohibited without VIHK's express written permission. The text of the link must read either "Vanguard Investments HK" or "www.vanguard.com.hk". You may not use any VGI logo or graphic, or any other VGI trademark, as part of the link without VIHK's express written permission. The link and surrounding context on the linking site must not:

Third-Party Content

20. VIHK is in no way responsible for the content of any site owned by a third party that may be linked to this website via hyperlink, whether such hyperlink is provided by VIHK or by a third party. Where this website contains links to other sites and resources provided by third parties, these links are provided for your information only. VIHK has no control over, and does not prepare, edit, or endorse, the contents of those sites or resources and neither VIHK nor any other member of the Vanguard Group makes any representation as to the accuracy, timeliness, suitability for use, or completeness of any of such sites or resources and has not and will not review or update them. You will use any such third party content at your own risk.

No Warranties

21. you expressly understand and agree that:

22. Your statutory rights as a consumer, if any, are not affected by these provisions, and we do not seek to exclude or limit liability for fraudulent misrepresentation.

Limitation of Liability

23. You expressly understand and agree that your use of this site is provided on an "as is" and "as available" basis. VIHK does not accept any liability if for any reason this website is unavailable at any time or for any period.

24. Information and opinions contained on this website have been compiled or arrived at by VIHK from sources believed to be reliable. However, to the fullest extent permitted by applicable law, VIHK, each other member of the Vanguard Group, including its employees, and other third parties affiliated to VIHK, hereby expressly exclude and disclaim all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect, incidental, special, punitive, exemplary or consequential loss, expenses or damage of any kind whatsoever and howsoever arising, even if VIHK or another member of the Vanguard Group have been advised of the possibility of such damages or losses, arising out of or in connection with:


25. You assume total responsibility for establishing such procedures for data back up and virus checking as you consider necessary.

26. The internet is not a completely reliable transmission medium and neither VIHK nor any other member of the Vanguard Group accepts any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from VIHK or any other member of The Vanguard Group. Any such transmission of information is entirely at your own risk.

27. You agree to indemnify, defend and hold harmless the Vanguard Group, its subsidiaries and affiliates, and each of its and their officers, directors, employees and agents, from and against all claims, demands, liabilities, damages, losses or expenses, including legal fees and costs, arising out of or related to your improper access to or use of this website, or any violation by you of these Terms of Use.

Copyrights, Trademarks and Patents

28. All materials on this website, 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 VGI and its third party information providers (and are used by VIHK under license).

29. 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: Pamela Crocker Senior Counsel, The Vanguard Group, Inc., P.O. Box 2600, V-26, Valley Forge, PA 19482-2600.

30. All trademarks, service marks and logos appearing on this website are the exclusive property of their respective owners.

31. CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2018 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

32. Copyright © 2017, Citigroup Index LLC. All rights reserved. "Citigroup", "Citi" and other service marks and trademarks related to Citigroup Index LLC are trademarks and service marks of Citigroup Inc. or its affiliates, are used and registered throughout the world, and are used under license for certain purposes by Vanguard. The investment fund offered herein is not sponsored, endorsed, sold or promoted by Citigroup Index LLC ("Citigroup Index"), and Citigroup Index makes no representation regarding the advisability of investing in such fund. Reproduction of the Citigroup Index data and information in any form is prohibited except with the prior written permission of Citigroup Index. Although such data and information is believed to be reliable, Citigroup Index does not guarantee the accuracy, adequacy, completeness or availability of any data and information and is not responsible for any errors or omissions or for the results obtained from the use of such data and information. CITIGROUP INDEX GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall Citigroup Index be liable for any direct, indirect, special or consequential damages in connection with any use of the Citigroup Index data and information.

33. All VGI graphics, logos, page headers and service names are trademarks, service marks or trade dress of VGI. VGI's trademarks, service marks and trade dress may not be used in connection with any product or service that is not the Vanguard Group's, in any manner that is likely to cause confusion among customers or investors, or in any manner that disparages or discredits any member of the Vanguard Group. Nothing contained on this website should be construed as granting any license or right in or to any trademarks, service marks or trade dress of VGI.

Benchmark Disclaimers

34. All rights in the FTSE Asia Pacific ex Japan, Australia and New Zealand Index, FTSE Developed Europe Index, FTSE Japan Index, FTSE Asia Pacific ex Japan, Australia and New Zealand High Dividend Yield Index (the "Indices") vest in FTSE International Limited ("FTSE"). "FTSE®" is a trademark of London Stock Exchange Group companies and is used by FTSE under license. Vanguard FTSE Asia ex Japan Index ETF, Vanguard FTSE Developed Europe Index ETF, Vanguard FTSE Japan Index ETF, and Vanguard FTSE Asia Pacific ex Japan, Australia and New Zealand High Dividend Yield Index ETF (the "Products") have been developed solely by Vanguard. The Indices are calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Products and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Indices or (b) investment in or operation of the Products. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Products or the suitability of the Indices for the purpose to which they are being put by Vanguard.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC("SPDJI"), and has been licensed for use by The Vanguard Group, Inc. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard S&P 500 Index ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.


35. The rights granted to you herein terminate immediately upon any violation by you of these Terms of Use. VIHK, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of this website at any time and for any reason whatsoever, without notice or liability. Neither VIHK nor any member of the Vanguard Group will be liable to you or any third party for any termination of your access to or use of this website.

Your personal data

36. Please refer to the Privacy Policy of VIHK with respect to VIHK’s collection, use and disclosure of your personal data.

Use of cookies

37. VIHK may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer, for the purposes of systems administration and statistical analysis. Cookies contain information that is transferred to your computer's hard drive and help VIHK to improve this website and to deliver a better and more personalised service to you, including by storing information about your preferences and to recognise you when you return to this website.

38. You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of this website. Unless you have adjusted your browser setting so that it will refuse cookies, VIHK's system will issue cookies when you log on to this website.

Governing Law

39. These Terms of Use are governed by and shall be construed in accordance with the laws of Hong Kong. The Hong Kong courts will have non-exclusive jurisdiction over any dispute arising from, or related to, use of this website and it is a condition of using this website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although each of VIHK and each other member of the Vanguard Group retains the right to bring proceedings against you for breach of these Terms of Use in your country of residence or any other relevant country.

Entire Understanding

40. These Terms of Use contain the entire understanding between you and us with respect to the use of this website and no representation, statement, inducement oral or written, not contained herein shall bind any party to this agreement.

Severability and Non-Waiver

41. VIHK or any Vanguard Group members failure to enforce any provision of these Terms of Use shall not be deemed a waiver of such provision nor of the right to enforce such provision, and a waiver by them of any right under these Terms of Use on a single occasion will not in any way constitute a waiver of such right or any other right on any other occasion.

42. If any provision of these Terms of Use is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions of these Terms of Use. These Terms of Use represent the entire agreement between you and each member of the Vanguard Group relating to the subject matter herein.

Contacting Us

If you have any questions regarding these Terms of Use or any other matter, you may contact us at the registered office address noted above.