Tracking indexes and buying and selling stock is not free in time or money. And the fees Vanguard charges for doing so are quite marginal. It probably doesn't

Tracking indexes and buying and selling stock is not free in time or money. And the fees Vanguard charges for doing so are quite marginal. It probably doesn't make sense to even think about doing something like that until AUM is $10MM+. For more pedestrian account balances, if one wanted a market cap-weighted portfolio, one wouldn't even be able to purchase a single share of a huge swath of companies.