今天在读文章的过程中, 看到了ETF. Exchange Traded Funds. which is more tax efficient when investors redeem shares. :) 一看到 more tax efficient 就开心了. :) 不过看起来满复杂的．　　

ETFs trade on an exchange like stocks, which means you are buying shares from an investor who already owns them or selling shares you own to an investor who wants to own ETFs. In such cases, the ETFs itself doesn't get involved in the transaction．　no sale of securities, no capital gain to pass on to existing ETFs investors.

mutual fund就要买卖sercurities. 通常就会generate capital gain 了．　

不过ETFs 一般来讲适合做large sum of money inveresting 的. 10,000 or more. long term. 5 yrs or more.

if you tend to dollar-cost-average or invest smaller amont periodically, then index mutual funds are probably a better bet.