I'm just now beginning to consider purchasing ETFs rather than mutual funds and so am on a learning spree. Why would Vanguard FTSE All-Wld ex-US SmCp Idx VFSVX show a YTD return of -5.78% while VSS's is -6.30%? (I obtained the figures from Morningstar). It seems as if you're paying a "fee" either way, whether it's via a purchasing fee for mutual funds or ETF premium.
Am I on the right track?
Mutual Fund (VFSVX) vs. ETF (VSS) question
The problem is because the underlying stocks trade in europe. So the mutual funds NAV gets set after european trading. VSS then moves a head of the shares based on new information during the American trading day, so unless you have a period where the stock doesn't move, you will get valuations for each.