The history that seems to be missing a bit from the Vanguard statements is that around 2020 the retail funds were closed to new investors, but they made changes to basically align the wholesale funds and retail funds. They dropped the management fees to the same level for both, and the wholesale fund doesn't seem to have large initial funding/additional investment requirements. So previously the retail fund was something quite different -- smaller initial requirements, easy bpay investments, but also higher fees. The only difference now seems to be that the funds distribute quarterly, instead of twice a year. So all in all, this seems like a good way to get into the wholesale fund without tax implications.