Buy, sell, and exchange transactions for Vanguard mutual funds

一、Vanguard（先鋒）共同基金概覽

Vanguard 共同基金是一種集合投資工具，投資者直接向基金公司（即 Vanguard）申購或贖回基金份額，而非像 ETF 或股票那樣在二級市場相互買賣。
所有買入、賣出和轉換（交換）交易都以**每日收盤後的基金淨值（NAV, Net Asset Value）**為定價基礎。

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二、買入（申購）交易

運作方式：

• 當您買入 Vanguard 共同基金時，您是直接向基金公司購買新的基金份額。

• 資金來源可以是：

  • 現金（從銀行或結算基金轉入），或

  • 通過賣出另一隻基金所得資金。

• 您的成交價格為當日市場收盤（美國東部時間下午4點）後計算出的基金淨值（NAV）。

舉例：

• 您在美東時間下午 2 點下單買入；

• 市場於下午 4 點收盤；

• 收盤後計算出的 NAV 為每份 $25.10；

• 您的申購以 $25.10/份執行。

結算周期：

• 一般為 T+1（交易日後 1 個工作日）。

重點：

• 某些基金有最低申購金額（如 $3,000，或自動投資計劃為 $50）。

• 若在下午 4 點後下單，將按下一個交易日的 NAV執行。

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三、賣出（贖回）交易

運作方式：

• 賣出時，Vanguard 會從您賬戶中贖回基金份額；

• 交易按下一個計算出的 NAV執行。

結算周期：

• 一般為 T+1，贖回資金將於下一個工作日轉入您的結算基金（通常是 Vanguard Federal Money Market Fund）。

稅務影響：

• 賣出基金可能會產生資本利得或虧損，取決於您的成本基礎。

• Vanguard 提供多種成本計算方式（如平均成本法、先進先出法（FIFO）、特定識別法等），不同方式會影響應稅收益。

• 即使選擇紅利再投資，紅利與資本利得分配仍可能產生應納稅額。

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四、轉換（Exchange）交易

轉換實質上是一次“同時賣出與買入”操作——將一隻基金贖回的資金直接投資於另一隻基金。

執行流程：

• 從基金 A 贖回份額，同時申購基金 B；

• 兩筆交易都按當日收盤後的 NAV 執行；

• 資金在過程中不會空檔（即不脫離市場）。

舉例：

• 您在下午 3 點下單，將 $10,000 從 Vanguard 500 指數基金轉至 Vanguard 全市場指數基金；

• 兩隻基金都按當日 4 點收盤後的 NAV 結算。

稅務影響：

• 在應稅賬戶中，從一隻基金轉換至另一隻基金視同賣出交易，需計算資本利得或虧損；

• 在稅收優惠賬戶（如 IRA 或 401(k)）中則不產生稅務事件。

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五、交易時間與限製規則

規則	說明
下午 4 點截止時間（美東）	4 點前下單使用當日 NAV；4 點後下單使用下一個交易日 NAV。
頻繁交易限製	Vanguard 為保護長期投資者，可能限製高頻交易行為。通常要求賣出後 30 天內不得重新買入同一隻基金。
自動化計劃	可設定定期自動投資、贖回或轉換計劃。

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六、交易流程示例總結

操作	下單時間	使用 NAV	結算周期	是否產生稅務影響
買入 Vanguard 500 指數基金	下午 1:30	當日 NAV	T+1	否（買入）
賣出 Vanguard 全債券市場基金	上午 10:00	當日 NAV	T+1	是（可能產生資本利得或虧損）
轉換 500 指數基金 → 全市場指數基金	下午 3:15	當日 NAV	T+1	是（若為應稅賬戶）

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七、重點總結

• Vanguard 共同基金所有交易均以每日收盤後的 NAV 定價，非實時成交。

• 買入 = 申購新份額；賣出 = 贖回份額獲取現金；轉換 = 在基金間切換。

• 結算周期一般為 T+1。

• 應稅賬戶的賣出或轉換可能觸發資本利得稅。

• 稅收優惠賬戶（如 IRA、401(k)）中交易免稅。

• 避免頻繁交易，以遵守 Vanguard 的政策規定。

 

English version

 1. Overview of Vanguard Mutual Funds

Vanguard mutual funds are pooled investment vehicles where investors buy or redeem shares directly from the fund company (Vanguard), not from other investors (unlike ETFs or stocks).
Transactions are priced at the end-of-day Net Asset Value (NAV) — meaning all buy, sell, and exchange orders placed during the day execute after the market closes (4 p.m. Eastern Time).

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2. Buy (Purchase) Transactions

What happens:

• When you buy a mutual fund, you’re purchasing new shares directly from Vanguard.

• You can invest using:

  • Cash (transferred from your bank or settlement fund).

  • Proceeds from selling another fund.

• The price you receive is the NAV calculated after the market closes on the day your order is submitted (before 4 p.m. ET).

Example:

• You place a buy order at 2 p.m. ET.

• The market closes at 4 p.m.

• The NAV at 4 p.m. is $25.10.

• Your purchase is executed at $25.10 per share.

Settlement:

• Typically T+1 (trade date + 1 business day) for mutual funds.

Key notes:

• Some funds may have minimum initial investments (e.g., $3,000 or $50 for automatic plans).

• If you place the order after 4 p.m., it executes at the next day’s NAV.

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3. Sell (Redemption) Transactions

What happens:

• When you sell, Vanguard redeems your shares — you’re selling them back to the fund.

• The sale executes at the next computed NAV after your order.

Settlement:

• Typically T+1, with cash credited to your settlement fund (Vanguard Federal Money Market Fund) the next business day.

Tax impact:

• Selling shares can realize capital gains or losses, depending on your cost basis.

• Vanguard offers different cost-basis methods (e.g., average cost, FIFO, specific identification) — which affect your taxable gains.

• Dividends and capital gains distributions may also be taxable even if reinvested.

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4. Exchange Transactions

An exchange is essentially a simultaneous sell and buy between two Vanguard mutual funds.

Mechanics:

• You redeem shares from Fund A and immediately purchase shares of Fund B.

• Both legs execute at the end-of-day NAV.

• There’s no period when you’re “out of the market” (funds settle concurrently).

Example:

• You exchange $10,000 from Vanguard 500 Index Fund to Vanguard Total Stock Market Index Fund at 3 p.m. ET.

• Both transactions settle at that day’s NAV after 4 p.m.

Tax considerations:

• Exchanging from one taxable mutual fund to another is considered a taxable sale (just like selling one and buying another).

• In tax-advantaged accounts (like IRAs or 401(k)s), exchanges are not taxable.

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5. Timing Rules and Restrictions

Rule	Description
4 p.m. ET cutoff	Orders placed before 4 p.m. get that day’s NAV; after 4 p.m., next business day.
Frequent-trading policy	Vanguard may restrict or block transactions if frequent trading occurs (to protect long-term investors). Usually, you must wait 30 days before repurchasing the same fund after selling.
Automatic plans	You can set up automatic investment, withdrawal, or exchange plans on a set schedule.

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6. Example Summary of a Transaction Flow

Action	Order Time	NAV Used	Settlement	Taxable?
Buy Vanguard 500 Index Fund	1:30 p.m. ET	Same day’s NAV	T+1	No (purchase)
Sell Vanguard Total Bond Market Fund	10:00 a.m. ET	Same day’s NAV	T+1	Yes (may realize gains/losses)
Exchange 500 Index → Total Stock Market	3:15 p.m. ET	Same day’s NAV	T+1	Yes (if taxable account)

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7. Key Takeaways

• All Vanguard mutual fund transactions execute at end-of-day NAV, not in real time.

• Buy = purchase new shares, Sell = redeem shares for cash, Exchange = switch between funds.

• Settlement usually takes one business day (T+1).

• Taxable accounts: sells and exchanges may trigger capital gains or losses.

• Tax-advantaged accounts (IRA, 401(k)): no tax on trades.

• Avoid frequent trading to comply with Vanguard’s policies.