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Actively managed bond exchange-traded funds boast the same benefits over actively managed bond mutual funds that their stock-picking counterparts do. In most cases, assuming all else equal, their lower fees and the prospect for greater tax efficiency make consuming these actively managed bond portfolios in an ETF wrapper more desirable. But, at the risk of stating the obvious, bonds are not stocks. And the differences between them mean that bond ETFs often aren’t as tax-efficient as stock ETFs. Also, some actively managed bond ETFs may experience growing pains. They might not be able to faithfully replicate the portfolio of their mutual fund predecessors from day one, and they might not be more tax-efficient at least not at first. Here, I will review these considerations in more detail through the lens of three Morningstar Medalist fixed-income funds that are available in both a mutual fund and an ETF wrapper.