Source licensing
Underly reads files that other organisations publish. Each of them sets terms on what may be done with that data. This page records what those terms say, quoted from the publisher's own page, and what we do because of it.
No publisher we read grants permission to republish holdings data, or figures worked out from it, to the public. So we do not. The fund and overlap pages you can reach without an account use an illustrative dataset and say so on the page; the real files are read, stored and used privately while permission is sought publisher by publisher.
Where a figure does come from a publisher's file, the page carries an "as at" date and a link to that publisher as its source. See how we source our data for what happens to a file between the publisher and the page.
Terms as published on each site and read on 2026-07-24, re-checked against the publishers' own pages on 2026-07-25. Quotes are verbatim, shortened only with an ellipsis.
The July 2026 review covered the fund issuers only. The exchange's own terms are read the next time this page is revised; until then nothing derived from the monthly report is published.
Site data is for personal, non-commercial use. Commercial use is reserved to approved intermediaries with Vanguard's prior approval, and a separate block covers third-party market data on the same site.
"Modify, copy, … reproduce, publish, …, create derivative works from, … or exploit any reports, data, information, content … on, generated by or obtained from the Site"
Personal reference only; reproduction or incorporation into other material needs written consent. Alone among the issuers, the restriction opens with a carve-out for what the Copyright Act 1968 (Cth) permits.
"You may use the information for your own personal reference only. … may not otherwise be reproduced, adapted, distributed, displayed, or transmitted … without BHPL's express written consent."
Content is for a reader's own information, research or study, with a mandated copyright notice. The terms also prohibit automated collection and third-party content carries its own licence conditions.
"You may not copy, publish, distribute, create works from or commercially exploit the content of the Website for any other purpose"
Print-outs and internal copies for the reader's own use. Data drawn from the publisher's databases may not be published or passed on.
"allow or cause any information transmitted from State Street Investment Management's databases … to be published, redistributed or retransmitted for other than use for or on behalf of yourself"
The only publisher whose terms name holdings data directly, and the only one that prohibits derivative works from it outright rather than reserving permission.
"You are strictly prohibited from redistributing, commercialising and/or creating any derivative works from any index or holdings data."
Tax-label definitions are read from the ATO's published instructions. Its copyright terms are read the next time this page is revised.
We read the same files a publisher's own fund page offers, on a daily schedule rather than continuously, and we identify ourselves in every request as UnderlyBot with a link back to this page. Nothing is fetched from behind a login, and no site is crawled to assemble a copy of it.
If you publish one of these files and want something changed — how often we read it, the way we cite it, or that we read it at all — get in touch and we will act on it.
A summary of what a document says is not an opinion about what it means. This page records the terms as written on the dates above; it is neither legal advice nor a claim that any particular use is permitted. Terms change, and most of these carry no version date, so they are re-read at least annually and whenever a new source is added.