FYI: Municipal bonds have historically been a tricky asset class for index-tracking strategies. The municipal-bond market is composed of tens of thousands of individual bonds, many of which are small and expensive to trade, meaning they can hurt returns and lead to high tracking error. But over the past several years, several index-tracking funds have proven that an index-tracking strategy can be executed in a cost-effective manner.
Regards,
Ted
https://www.morningstar.com/videos/918165/how-to-watch-costs-with-munis.html
