With this new launch, Vanguard continues its long-term strategy of imposing more fees and more restrictions on investments in its funds. It's disheartening for a former Vanguard fan to see more and more purchase fees, higher expense ratios, redemption fees on shares held less than a year, and huge minimums for some of its funds. The only question now is exactly when Vanguard will irrevocably leave the small investor in the dust in its pursuit of greater profit and the patronage of the rich.