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VTABX pays monthly; both Vanguard and Morningstar have a couple years of history to show this and that jibes with my experience as a shareholder for some years before that.
I think you get a couple bp break on expense ratio in the ETF share class, basically because you take on bid/ask spread and price/nav risk. Also the dual share-class gimmick is patented by Vanguard as a way they can avoid making cap gain distributions.