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On ETF costs: I generally invest slugs of at least $10k at a time and i typically hold for years. This means that the $30 or so I pay in commissions is a negligable cost, especially if you amortize it over a few (or more) years. If you are dealing with smaller sums, funds might make a lot more expense if you can find one that will do what you want it to.

On CEFs: If you are looking for income, be very careful when dealing with CEFs. The yields may look attractive, but many of them buy long bonds or preferreds and borrow short term or floating funds. In a rising interest rate environment, you can really get killed with this setup. If you don't understand these things fully, don't get in.
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