The major difference is that the ETF fluctuates in value throughout the day with market conditions, while the value of the mutual fund is calculated at the close of each business day, usually 4 pm, and all orders placed since the last close are traded at that price.To the long term investor they are equivalent. To the short term trader, ETF can have advantages. ----------------------A small advantage of the ETF, even to the LT investor, is the EYF will have a lower expense ratio. This is to be expected since the ETF doesn't have all the overhead of a mutual fund.I should take my own advice since I hold a few Vanguard funds where there is an equivalent ETF.
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