> VWAP means volume weighted average price. Admittedly in this case I am using the phrase in very very broad terms; to spell it out, very very few managed funds

> VWAP means volume weighted average price. Admittedly in this case I am using the phrase in very very broad terms; to spell it out, very very few managed funds can consistently buy at a lower price than the market as a whole and consistently sell at a higher price than the market (and hence consistently out perform the market). Once you factor in fees and an outlook of 10+ years the number of funds essentially drops to zero, and most often they give returns below the market average; better to get a return that matches the market, indexed funds, and with very low fees, a mutual index fund. Unless you are a market maker that isn't how investing works: You are trying to sell higher than you bought in at, not higher than the currently quoted price.