This article may be helpful: https://www.bogleheads.org/wiki/Individual_bonds_vs_a_bond_fund https://www.bogleheads.org/wiki/Individual_bonds_vs_a_bond_f... Sp

This article may be helpful: https://www.bogleheads.org/wiki/Individual_bonds_vs_a_bond_fund https://www.bogleheads.org/wiki/Individual_bonds_vs_a_bond_f... Specifically: “Thus, the distinction between a non-rolling ladder (designed to meet date-certain future liabilities) and a rolling ladder (which essentially represents a personal bond fund) is much more important than the difference between a rolling ladder and a bond fund.” A one-off individual bond purchase, held to maturity, would be the simplest example of a “non-rolling ladder”. But even then, the individual bond if marked-to-market (or if you needed to liquidate it before maturity date) would have fluctuating market price. It’s only the intent to hold it to maturity that gives one the ability to choose to ignore the intermediate market price. And if you’re reinvesting it into more bonds (a “rolling ladder”) then you do have to care about market prices at reinvestment time regardless.