Automation for All: How Fractional Shares Leveled the Vanguard Playing Field
Back in 2017, I wrote an article titled "ETF vs. Mutual Fund Investment Strategy" that explored the fundamental trade-offs for the passive investor. At the time, the choice was defined by clear barriers: high minimums for "Admiral" shares, the lack of fractional ETF units, and the inability to automate ETF trades. Fast forward nine years to Q1 2026, and the landscape has undergone a complete transformation. The barriers have largely evaporated, leaving us with a new question: Does the distinction even matter anymore?