Name: 指數基金 vs. ETFs vs. 共同基金：哪個最好？ (Index Funds vs. ETFs vs. Mutual Funds: Which Is Best?)
Uploaded: 2024-07-28T07:45:58.000Z
Duration: 12 min 34 s

Vanguard index funds, ETFs, and mutual funds.

Vanguard 指數基金、ETF 和共同基金。

虛擬句型

The more you look into it, the more you realize that they have quite a bit in common, but are all very different.

你越深入研究，就越會發現它們有很多共同點，但又有很大的不同。

I've gotten a ton of questions about the differences recently, and it's become very obvious that there's some confusion around what they are and how they work.

最近，我收到了很多關於這些差異的問題，很明顯，人們對它們的含義和工作原理存在一些困惑。

Makes sense why it's tough to understand them though, because they are more intertwined than a group of swingers, yet as different as a piece of art by Banksy and the drawing that I just did 20 minutes ago.

這也就解釋了為什麼很難理解他們，因為他們比一群搖擺不定的人還要糾纏在一起，但又像班克斯的一件藝術品和我 20 分鐘前剛畫的畫一樣不同。

The best way to understand this whole thing is to show you an overview of how they all work together.

要了解這一切，最好的辦法就是向大家介紹一下它們是如何協同工作的。

So I drew you a picture and broke down each part by level.

所以，我給你畫了一張圖，並把每個部分按級別細分。

Feel free to pause the video to get a visual or take a screenshot before we dive in.

在我們開始之前，請隨意暫停視頻以獲得視覺效果或截圖。

The whole process starts at level one with an index.

An index is just a group of investable assets that measures the overall performance of those assets combined.

指數只是一組可投資資產，用於衡量這些資產的總體表現。

Major indexes are the ones that a lot of people have heard of.

主要指數是很多人都聽說過的指數。

The Dow Jones, the NASDAQ, Russell 2000, or the S&P 500.

道瓊斯指數、納斯達克指數、羅素 2000 指數或標準普爾 500 指數。

For example, the S&P 500 is made up of the 500 largest U.S. companies publicly traded on the stock market.

例如，標準普爾 500 指數由美國 500 家最大的股票上市公司組成。

But you cannot invest in these indexes directly because you'd need some sort of index fund to do that.

但你不能直接投資這些指數，因為你需要某種指數基金才能做到這一點。

But I'm getting ahead of myself since we'll talk about that in level four.

但我說得太多了，因為我們將在第四關討論這個問題。

At level two, we have our index providers, sometimes referred to as benchmark providers.

第二級是指數提供商，有時也稱為基準提供商。

Think of these people as the data collectors of the different indexes.

把這些人看作是不同索引的數據收集者。

They take all of the data that has to do with these indexes, put it together, and package it in a way that's nice, neat, and presentable.

他們將與這些索引有關的所有數據彙總在一起，並以一種漂亮、整潔和可展示的方式進行包裝。

The five major index providers are the Center for Research and Security Prices, Standard & Poor's, Morgan Stanley Capital International, Russell U.S.

五大指數提供商是：研究與證券價格中心、標準普爾、摩根士丹利資本國際、羅素美國。

Indexes, and the Dow Jones Industrial Average.

Each of these providers will take all of this presentable data, then create index products that they're willing to sell to index fund creators like Vanguard.

每家供應商都會利用所有這些可展示的數據，然後創建他們願意出售給 Vanguard 等指數基金創建者的指數產品。

You cannot invest directly with these companies, so that's why you need a Vanguard to create an investable product for you to put your money into.

您無法直接投資於這些公司，是以您需要 Vanguard 為您創建一個可投資的產品，讓您將資金投入其中。

Vanguard is the company that creates specific funds for you to invest in using the index data that one of these index providers offers.

Vanguard 是一家利用這些指數提供商提供的指數數據創建特定基金供您投資的公司。

Think of Vanguard like the middleman between you and the index provider.

將 Vanguard 視為您與指數提供商之間的中間人。

Now we've made it to level four, where Vanguard would decide that they wanted to create an index fund that tracks a specific index.

現在我們到了第四級，Vanguard 決定創建一個跟蹤特定指數的指數基金。

To do that, Vanguard needs to decide on what the goal would be for a specific index fund.

為此，Vanguard 需要確定特定指數基金的目標是什麼。

If the goal is to track the total U.S. stock market, then they need to figure out which one of these five benchmark companies offers a product that meets the criteria Vanguard is looking for for this specific index fund that they wanna create.

如果目標是跟蹤整個美國股市，那麼他們就需要找出這五家基準公司中哪一家提供的產品符合 Vanguard 為他們想要創建的這一特定指數基金所尋找的標準。

Sometimes these different index providers offer competing products, so it's up to Vanguard to decide which one they wanna use for their index fund.

有時，這些不同的指數提供商會提供相互競爭的產品，是以 Vanguard 要決定他們的指數基金要使用哪一家的產品。

Total Stock Market Index Fund, VTSAX, it's tracking the CRSP U.S.

VTSAX Total Stock Market Index Fund，追蹤 CRSP U.S.

Total Market Index, which is a product offered by the Center for Research in Security Prices.

全市場指數，這是證券價格研究中心（Center for Research in Security Prices）提供的一種產品。

When you invest in this type of fund, your money is being spread among every U.S. stock available.

當您投資於此類基金時，您的資金會被分散到所有可用的美國股票中。

In my three-fund portfolio video, I go through the benefits of index-based funds, so I'll have a link to check out that video down in the description and at the end of this video as well.

在我的三基金投資組合視頻中，我詳細介紹了指數型基金的好處，所以我會在視頻描述和本視頻末尾提供鏈接，以便您查看該視頻。

For the Vanguard S&P 500 Index Fund, VFIAX, Vanguard has chosen to track the S&P 500 Index, which is a product offered by S&P Dow Jones Indices.

對於 Vanguard 標準普爾 500 指數基金 VFIAX，Vanguard 選擇跟蹤標準普爾 500 指數，該指數是標準普爾道瓊斯指數公司提供的產品。

If you're getting some value from this video, please help support my dog, Molly, and of course this channel by hitting that thumbs up button.

如果您從本視頻中獲得了一些價值，請點擊大拇指按鈕來支持我的狗狗莫莉，當然還有本頻道。

Vanguard isn't making a one-time purchase of these products from the index providers though.

不過，Vanguard 並不是一次性從指數提供商那裡購買這些產品。

Since stock prices and market caps are constantly moving, each Vanguard fund will pay an ongoing licensing fee to the index provider to ensure that they have the most up-to-date information.

由於股票價格和市值不斷變化，每隻 Vanguard 基金都要向指數提供商支付持續的許可費，以確保他們獲得最新的資訊。

When there are any changes within each index a fund is tracking, Vanguard will handle adjusting the fund accordingly so you don't have to do anything.

當基金跟蹤的每個指數發生變化時，Vanguard 會對基金進行相應的調整，是以您無需做任何事情。

For example, Netflix was in the top 10 of the Vanguard S&P 500 Index Fund for a little while.

例如，Netflix 曾一度躋身 Vanguard 標準普爾 500 指數基金的前 10 名。

Now, since the stock price had plummeted over time, it fell out of that top 10.

現在，由於股價隨著時間的推移而暴跌，它跌出了前 10 名。

Now, the index provider communicated that info to Vanguard so they could make this adjustment within their index funds.

現在，指數提供商將這一資訊傳達給 Vanguard，這樣他們就可以在其指數基金中進行調整。

I just threw a whole bunch of info at you, so let's recap before moving on to mutual funds and ETFs.

我剛給你們講了一大堆資訊，所以在繼續講共同基金和 ETF 之前，讓我們先回顧一下。

At level one, we have the overall index like the S&P 500, the NASDAQ, and the Dow Jones.

在第一級，我們有整體指數，如標準普爾 500 指數、納斯達克指數和道瓊斯指數。

Then at level two, we have the index slash benchmark providers that create different products that track these indexes.

在第二級，我們有指數斜線基準提供商，他們創建不同的產品來跟蹤這些指數。

At level three and four, we have Vanguard who will license these index tracking products from one of these index providers to create their index funds.

在第三級和第四級，我們有 Vanguard，他們將從這些指數提供商中授權這些指數跟蹤產品，以創建他們的指數基金。

Level five is going to be made up of both mutual funds and or ETFs.

第五級由共同基金和 ETF 組成。

Once Vanguard has decided on an index fund, they can choose to either wrap that fund up within a mutual fund or ETF structure for investors to purchase.

一旦 Vanguard 確定了指數基金，他們就可以選擇將該基金包裝成共同基金或 ETF 結構，供投資者購買。

These two structures behave differently, which we'll cover in a minute, but it's good to note that both can be made up of the same index fund.

這兩種結構的表現不同，我們稍後會介紹，但值得注意的是，這兩種結構都可以由相同的指數基金組成。

This is why I say to think about a mutual fund and ETF as two different types of wrappers to go around the same piece of candy, or in this case, index fund.

這就是為什麼我說要把共同基金和 ETF 看作是兩類不同的包裝，用來包裝同一塊糖果，或者在這種情況下，指數基金。

We're going to do a quick breakdown separately, then we'll compare both of them next to each other based on expense, minimums, tax efficiency, and a ton of other factors that will help give you a better understanding.

我們將分別對它們進行快速分析，然後根據支出、最低限額、稅收效率和其他大量因素對它們進行比較，這將有助於您更好地瞭解它們。

A mutual fund wrapper is an investable asset that allows you to spread your money among many different stocks, bonds, or any other asset it chooses.

共同基金包裝是一種可投資資產，可讓您將資金分散投資於許多不同的股票、債券或任何其他資產。

There is a big difference between actively managed mutual funds and index-based mutual funds, sometimes referred to as passively managed mutual funds.

主動管理型共同基金與指數型共同基金（有時也稱為被動管理型共同基金）之間有很大區別。

Vanguard offers three different types of mutual fund structures, institutional shares, admiral shares, and investor shares.

Vanguard 提供三種不同類型的共同基金結構，即機構份額、海軍上將份額和投資者份額。

The institutional shares are usually going to be used by large employer programs like a 401K, HSA, or 403B because the minimum amount to invest is higher.

機構股票通常用於大型僱主計劃，如 401K、HSA 或 403B，因為最低投資金額較高。

By higher minimum to invest, I'm talking in the $5 million or even $5 billion range.

所謂較高的最低投資額，我指的是 500 萬美元甚至 50 億美元的範圍。

The next type of mutual fund share class they offer that is available to you as an individual investor is called investor shares.

作為個人投資者，他們提供的下一種共同基金份額類別稱為投資者份額。

These investor share mutual funds are going to be where a lot of their actively managed funds exist.

這些投資者份額共同基金將是其大量主動管理基金的存在之地。

Actively managed mutual funds are where fund managers are actively choosing which stocks to buy and sell on a regular basis.

積極管理型共同基金是指基金經理積極選擇定期買賣的股票。

They are not investing like an index fund is, so do not get these two mixed up.

它們不像指數基金那樣進行投資，是以不要把這兩者混為一談。

I am not a big fan of actively managed funds, but if you enjoy high fees as well as increasing your odds of underperforming the market, then have at it.

我不太喜歡主動管理型基金，但如果你喜歡高昂的費用以及增加跑輸大市的機率，那就來吧。

The third type of mutual fund Vanguard offers is their admiral shares.

Vanguard 提供的第三種共同基金是海軍上將股票。

This mutual fund wrapper is where most of their index funds are going to exist.

這種共同基金包裝是其大部分指數基金存在的地方。

The admiral shares usually offer the lowest fee options.

海軍上將股票通常提供費用最低的選擇。

An exchange-traded fund is the second wrapper that can be placed around an index fund to be bought and sold by average investors like us.

交易所交易基金是指數基金的第二層包裝，可供我們這樣的普通投資者買賣。

As with mutual funds, when you invest in an ETF, your money is being spread among all of the different stocks, bonds, or other assets held within that ETF.

與共同基金一樣，當您投資 ETF 時，您的資金被分散到該 ETF 所持有的所有不同股票、債券或其他資產中。

Some Vanguard mutual funds also have matching ETFs.

一些 Vanguard 共同基金也有配套的 ETF。

For example, the Vanguard Total Stock Market Index Fund has a mutual fund slash admiral share version, which is VTSAX, and it also has an ETF version, which is VTI.

例如，Vanguard Total Stock Market Index Fund（先鋒股票市場總指數基金）有一個共同基金斜線上將股版本，即 VTSAX，它也有一個 ETF 版本，即 VTI。

Exact same index fund, but with a different wrapper, and I'm not talking about Snoop Dogg.

完全相同的指數基金，但包裝不同，我說的可不是 Snoop Dogg。

Same thing with the S&P 500 Index Fund, where the mutual fund slash admiral share version is VFIAX, and the ETF version is VOO.

標準普爾 500 指數基金（S&P 500 Index Fund）也是如此，其共同基金斜線上將股票版本為 VFIAX，而 ETF 版本為 VOO。

Not all Vanguard mutual funds have a matching ETF, and not all Vanguard ETFs have a matching mutual fund, but pretty much all of their index funds have both a mutual fund and ETF version.

並非所有的 Vanguard 共同基金都有配套的 ETF，也並非所有的 Vanguard ETF 都有配套的共同基金，但幾乎所有的指數基金都有共同基金和 ETF 版本。

Now let's compare the Vanguard mutual fund and ETF wrappers to show you where the differences are.

現在，讓我們比較一下 Vanguard 共同基金和 ETF 包裝，看看它們的區別在哪裡。

Remember that we're comparing these two wrappers that index funds come in.

請記住，我們是在比較指數基金的這兩種包裝。

The Vanguard mutual funds can only be bought and sold at the end of each trading day.

Vanguard 共同基金只能在每個交易日結束時買賣。

So if you place a trade to buy or sell a mutual fund anytime before 4 p.m.

是以，如果您在下午 4 點之前的任何時間下單買入或賣出共同基金，您都必須在下午 4 點之前完成交易。

Eastern Standard Time, then the transaction won't actually go through until the stock market has closed for the day.

美國東部標準時間，那麼交易要等到當天股市收盤後才會實際進行。

ETFs can be bought and sold anytime while the stock market is open, just like if you were buying and selling an individual stock.

ETF 可以在股市開盤時隨時買賣，就像買賣個股一樣。

Vanguard mutual funds come with an investment minimum, which is around $3,000, while there isn't a minimum needed to invest in their ETFs.

Vanguard 共同基金有最低投資額，約為 3000 美元，而 ETF 沒有最低投資額。

Vanguard mutual funds can be purchased on their investment platform for free.

Vanguard 共同基金可在其投資平臺上免費購買。

Now, if you wanna purchase these funds on another platform like Fidelity, then they'll charge you a transaction fee between 50 and $75.

現在，如果你想在富達（Fidelity）等其他平臺上購買這些基金，他們會向你收取 50 至 75 美元的交易費。

You can purchase the Vanguard ETFs on any platform like Fidelity, Charles Schwab, Robinhood, or my favorite, M1 Finance, with no added fees.

您可以在任何平臺上購買 Vanguard ETF，如 Fidelity、Charles Schwab、Robinhood 或我最喜歡的 M1 Finance，無需支付額外費用。

Do not, I repeat, do not buy Vanguard mutual funds on any platform except Vanguard, because it's not worth paying the extra fee.

不要，我再說一遍，不要在 Vanguard 之外的任何平臺上購買 Vanguard 共同基金，因為不值得支付額外費用。

Now, if you insist on buying Vanguard funds on a different platform, then just buy the comparable ETF if it's available.

現在，如果您堅持要在不同的平臺上購買 Vanguard 基金，那麼只需購買可比的 ETF 即可。

You are able to transfer Vanguard mutual funds to other brokerages like Fidelity, and they will not charge you a fee.

您可以將 Vanguard 共同基金轉移到其他經紀商（如 Fidelity），他們不會收取任何費用。

Same with Vanguard ETFs, there are no fees.

Vanguard ETF 也是如此，不收取任何費用。

If you own Vanguard mutual funds on the Vanguard platform and they have a corresponding ETF, then you can actually exchange them for the ETF version if you'd like, and it will not be a taxable event.

如果您在 Vanguard 平臺上擁有 Vanguard 共同基金，並且這些基金有相應的 ETF，那麼如果您願意，實際上可以將這些基金換成 ETF 版本，而且不會產生應稅事件。

But you cannot turn the ETF back into the mutual fund version, so keep that in mind.

但您不能將 ETF 變回共同基金版本，是以請牢記這一點。

The cost for a mutual fund is generally a little higher than an ETF.

共同基金的成本通常略高於 ETF。

Now, if we're talking about the index fund version of both, then the price is going to be very close.

現在，如果我們談論的是兩者的指數基金版本，那麼價格會非常接近。

With the Vanguard mutual funds, you are able to purchase fractional shares.

通過 Vanguard 共同基金，您可以購買零碎份額。

With the Vanguard ETFs, you cannot purchase fractional shares on the Vanguard platform, but you can buy fractional shares of ETFs on most of the newer platforms like M1 Finance.

對於 Vanguard ETF，您不能在 Vanguard 平臺上購買零碎份額，但您可以在 M1 Finance 等大多數較新的平臺上購買 ETF 的零碎份額。

Generally, ETFs are more tax efficient because they distribute less and sometimes zero capital gains compared to a mutual fund.

一般來說，ETF 的稅收效率更高，因為與共同基金相比，ETF 分配的資本收益更少，有時甚至為零。

Vanguard is a little different in this area because of a special patent that they have that's only valid until 2023.

Vanguard 在這方面有些不同，因為他們擁有一項特殊專利，有效期僅到 2023 年。

This patent allows their mutual funds with a corresponding ETF to be more tax efficient than a normal mutual fund you buy from another provider.

這項專利使他們的共同基金與相應的 ETF 相比，比從其他供應商購買的普通共同基金更節稅。

Here's how Bloomberg described the process.

以下是彭博社對這一過程的描述。

Vanguard attaches a more tax efficient ETF to an existing mutual fund.

Vanguard 將更節稅的 ETF 附在現有的共同基金上。

Then the ETF siphons appreciated stocks out of the mutual fund without incurring taxes.

然後，ETF 從共同基金中抽走升值的股票，而無需納稅。

So the Vanguard mutual fund VTSAX is more tax efficient because it has a matching ETF, which is VTI.

是以，Vanguard 共同基金 VTSAX 的稅收效率更高，因為它有一個匹配的 ETF，即 VTI。

If you want more info on other Vanguard investment topics, then I'll have that playlist linked to your left.

如果您想了解有關其他 Vanguard 投資主題的更多資訊，我將把播放列表鏈接到您的左側。

Make sure to hit that thumbs up button before you go and support this video's sponsor, Masterworks down in the description below as well.

觀看之前，請務必點擊 "豎起大拇指 "按鈕，並在下面的描述中支持本視頻的贊助商 Masterworks。

 I'll see you in the next one, friends, done.