[elliekelly]

The average investor’s portfolio wouldn’t be large enough for them “self host” their own index fund. Most people probably couldn’t afford to buy even 1 share of each of the underlying companies their index fund holds. There’s also a lot of work/judgment calls that are made in the rebalance process and with corporate actions and such. Granted, not nearly enough to justify most of the fees. But unfortunately (as it stands right now at least) the only way the index fund really works for retail investors is by way of pooling money.

All that being said, I’m optimistic someone can come along and find a way to shake the industry up. The status quo is great for the investment industry and pretty shit for everyone else. Tale as old as time.