: Typically pay monthly distributions, which provide more frequent liquidity but can fluctuate in amount as the fund manager trades positions. Diversification & Management
: Benefit from institutional pricing and economies of scale, though they carry annual expense ratios. Income Predictability buying bonds vs bond funds
: Can be costlier due to wide "bid-ask spreads" for retail-sized trades ($1,000–$100,000). A Vanguard report highlights that retail muni bond spreads averaged 56.4 basis points, compared to just 20.2 for institutional-scale trades. : Typically pay monthly distributions, which provide more