比较：Vanguard Indxe MF (Admiral shares) Vs ETFs - 未名空间MITBBS历史存档

比较：Vanguard Indxe MF (Admiral shares) Vs ETFs# Investment - 投资

k*n2013-08-13 07:08

1 楼

--他们Expense Ratio一样.
--ETFs作为Index Fund的share class，他们tax-efficient没区别。
--VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
--ETF必须整数share的购买;re-invest，re-balance不如MF方便？
--ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
--这两个Tax Loss Harvesting哪一个方便？

q*n2013-08-13 07:08

2 楼

Re

m*a2013-08-13 07:08

3 楼

https://investor.vanguard.com/what-we-offer/etfs/compare-etfs-and-index-
funds
have you read this?

Yes
usually it is very tiny
ETF, Vanguard imposes a 90 day trading ban on mutual fund accounts after you
sell, so it makes it a pain to do tax loss harvesting
One nice thing about Funds is dividends are more easily reinvested in the
funds.
I think that getting the whole amount of your desired money into the
market all the time negate the the other advantage ETFs have.

【在 k*******n 的大作中提到】

: --他们Expense Ratio一样.
: --ETFs作为Index Fund的share class，他们tax-efficient没区别。
: --VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
: --ETF必须整数share的购买;re-invest，re-balance不如MF方便？
: --ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
: --这两个Tax Loss Harvesting哪一个方便？

r*m2013-08-13 07:08

4 楼

http://altruistfa.com/etfs.htm
ETFs may be somewhat more tax efficient than similar conventional index
mutual funds. This increased tax-efficiency is in the form of lesser
capital gains distributions (which effectively means that an ETF's capital
gains tend to be more deferred than a similar mutual fund's would be). The
idea that ETFs should have lower capital gains distributions comes from
their ability to shed their lowest-basis shares to institutional
arbitrageurs through in-kind redemptions.
***Note that this benefit applies to a much lesser extent to Vanguard's ETFs
. Because they exist as a separate share class of conventional mutual funds
, any tax benefit a Vanguard ETF generates is shared by investors in the
fund's non-ETF shares, thus diluting the beneficial effect for Vanguard ETF
share owners.

【在 k*******n 的大作中提到】

: --他们Expense Ratio一样.
: --ETFs作为Index Fund的share class，他们tax-efficient没区别。
: --VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
: --ETF必须整数share的购买;re-invest，re-balance不如MF方便？
: --ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
: --这两个Tax Loss Harvesting哪一个方便？

k*n2013-08-13 07:08

5 楼

--他们Expense Ratio一样.
--ETFs作为Index Fund的share class，他们tax-efficient没区别。
--VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
--ETF必须整数share的购买;re-invest，re-balance不如MF方便？
--ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
--这两个Tax Loss Harvesting哪一个方便？

q*n2013-08-13 07:08

6 楼

Re

m*a2013-08-13 07:08

7 楼

https://investor.vanguard.com/what-we-offer/etfs/compare-etfs-and-index-
funds
have you read this?

Yes
usually it is very tiny
ETF, Vanguard imposes a 90 day trading ban on mutual fund accounts after you
sell, so it makes it a pain to do tax loss harvesting
One nice thing about Funds is dividends are more easily reinvested in the
funds.
I think that getting the whole amount of your desired money into the
market all the time negate the the other advantage ETFs have.

【在 k*******n 的大作中提到】

: --他们Expense Ratio一样.
: --ETFs作为Index Fund的share class，他们tax-efficient没区别。
: --VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
: --ETF必须整数share的购买;re-invest，re-balance不如MF方便？
: --ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
: --这两个Tax Loss Harvesting哪一个方便？

r*m2013-08-13 07:08

8 楼

http://altruistfa.com/etfs.htm
ETFs may be somewhat more tax efficient than similar conventional index
mutual funds. This increased tax-efficiency is in the form of lesser
capital gains distributions (which effectively means that an ETF's capital
gains tend to be more deferred than a similar mutual fund's would be). The
idea that ETFs should have lower capital gains distributions comes from
their ability to shed their lowest-basis shares to institutional
arbitrageurs through in-kind redemptions.
***Note that this benefit applies to a much lesser extent to Vanguard's ETFs
. Because they exist as a separate share class of conventional mutual funds
, any tax benefit a Vanguard ETF generates is shared by investors in the
fund's non-ETF shares, thus diluting the beneficial effect for Vanguard ETF
share owners.

【在 k*******n 的大作中提到】

: --他们Expense Ratio一样.
: --ETFs作为Index Fund的share class，他们tax-efficient没区别。
: --VG帐户买卖VG基金都没有佣金。MF有些限制但对我这种buy&hold的人影响不大。
: --ETF必须整数share的购买;re-invest，re-balance不如MF方便？
: --ETF有Bid Ask spread的成本，买卖时怎么设置Limit Order来减少损失？
: --这两个Tax Loss Harvesting哪一个方便？

x*n2013-08-13 07:08

9 楼

高手请指教。我刚买VSMAX。我需要在12月的DISTRIBUTION之前卖掉吗？我的估计是有3
%的DISTRIBUTION。可能我的RETURN不如这个高。卖掉后买同样的ETF是不是个好主意？
如果90天内不能重新买入VSMAX。
另外，我卖掉的TAX和不卖的DISTRIBUTION TAX都是short term tax rate吗？

you

【在 m****a 的大作中提到】

: https://investor.vanguard.com/what-we-offer/etfs/compare-etfs-and-index-
: funds
: have you read this?
:
: Yes
: usually it is very tiny
: ETF, Vanguard imposes a 90 day trading ban on mutual fund accounts after you
: sell, so it makes it a pain to do tax loss harvesting
: One nice thing about Funds is dividends are more easily reinvested in the
: funds.