Buy, sell, and exchange transactions for Vanguard mutual funds

一、Vanguard（先锋）共同基金概览

Vanguard 共同基金是一种集合投资工具，投资者直接向基金公司（即 Vanguard）申购或赎回基金份额，而非像 ETF 或股票那样在二级市场相互买卖。
所有买入、卖出和转换（交换）交易都以**每日收盘后的基金净值（NAV, Net Asset Value）**为定价基础。

---

二、买入（申购）交易

运作方式：

• 当您买入 Vanguard 共同基金时，您是直接向基金公司购买新的基金份额。

• 资金来源可以是：

  • 现金（从银行或结算基金转入），或

  • 通过卖出另一只基金所得资金。

• 您的成交价格为当日市场收盘（美国东部时间下午4点）后计算出的基金净值（NAV）。

举例：

• 您在美东时间下午 2 点下单买入；

• 市场于下午 4 点收盘；

• 收盘后计算出的 NAV 为每份 $25.10；

• 您的申购以 $25.10/份执行。

结算周期：

• 一般为 T+1（交易日后 1 个工作日）。

重点：

• 某些基金有最低申购金额（如 $3,000，或自动投资计划为 $50）。

• 若在下午 4 点后下单，将按下一个交易日的 NAV执行。

---

三、卖出（赎回）交易

运作方式：

• 卖出时，Vanguard 会从您账户中赎回基金份额；

• 交易按下一个计算出的 NAV执行。

结算周期：

• 一般为 T+1，赎回资金将于下一个工作日转入您的结算基金（通常是 Vanguard Federal Money Market Fund）。

税务影响：

• 卖出基金可能会产生资本利得或亏损，取决于您的成本基础。

• Vanguard 提供多种成本计算方式（如平均成本法、先进先出法（FIFO）、特定识别法等），不同方式会影响应税收益。

• 即使选择红利再投资，红利与资本利得分配仍可能产生应纳税额。

---

四、转换（Exchange）交易

转换实质上是一次“同时卖出与买入”操作——将一只基金赎回的资金直接投资于另一只基金。

执行流程：

• 从基金 A 赎回份额，同时申购基金 B；

• 两笔交易都按当日收盘后的 NAV 执行；

• 资金在过程中不会空档（即不脱离市场）。

举例：

• 您在下午 3 点下单，将 $10,000 从 Vanguard 500 指数基金转至 Vanguard 全市场指数基金；

• 两只基金都按当日 4 点收盘后的 NAV 结算。

税务影响：

• 在应税账户中，从一只基金转换至另一只基金视同卖出交易，需计算资本利得或亏损；

• 在税收优惠账户（如 IRA 或 401(k)）中则不产生税务事件。

---

五、交易时间与限制规则

规则	说明
下午 4 点截止时间（美东）	4 点前下单使用当日 NAV；4 点后下单使用下一个交易日 NAV。
频繁交易限制	Vanguard 为保护长期投资者，可能限制高频交易行为。通常要求卖出后 30 天内不得重新买入同一只基金。
自动化计划	可设定定期自动投资、赎回或转换计划。

---

六、交易流程示例总结

操作	下单时间	使用 NAV	结算周期	是否产生税务影响
买入 Vanguard 500 指数基金	下午 1:30	当日 NAV	T+1	否（买入）
卖出 Vanguard 全债券市场基金	上午 10:00	当日 NAV	T+1	是（可能产生资本利得或亏损）
转换 500 指数基金 → 全市场指数基金	下午 3:15	当日 NAV	T+1	是（若为应税账户）

---

七、重点总结

• Vanguard 共同基金所有交易均以每日收盘后的 NAV 定价，非实时成交。

• 买入 = 申购新份额；卖出 = 赎回份额获取现金；转换 = 在基金间切换。

• 结算周期一般为 T+1。

• 应税账户的卖出或转换可能触发资本利得税。

• 税收优惠账户（如 IRA、401(k)）中交易免税。

• 避免频繁交易，以遵守 Vanguard 的政策规定。

 

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).

---

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.

---

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.

---

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.

---

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.

---

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)

---

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.