It's similar, though in theory you are paying the index fund to act as your agent, and the fee structure is observable. Regarding liquidity, I imagine it's pos

It's similar, though in theory you are paying the index fund to act as your agent, and the fee structure is observable. Regarding liquidity, I imagine it's possible that the index fund might allow you to withdraw money faster than you could sell on your own, but realistically I kind of doubt it.