ETF与共同基金对比

两者均为集合投资基金；主要区别在于交易方式、典型费用及税务处理机制。

ETFs and mutual funds are both pooled investments, and often hold nearly identical portfolios. The practical differences are in the plumbing. A mutual fund transacts once per day at that day's net asset value (NAV); an ETF trades on an exchange continuously at a market price that can sit slightly above or below NAV.

Cost structures differ too. ETFs generally carry lower expense ratios for equivalent exposure and have no sales loads or minimums beyond one share. Mutual funds may impose minimum investments and, in some share classes, sales charges.

In taxable accounts, the ETF creation/redemption mechanism lets most ETFs shed appreciated securities in-kind, which historically has meant far fewer taxable capital-gains distributions than comparable mutual funds. In tax-advantaged accounts this difference mostly disappears.