I'm not sure what you mean by "overhead", but direct indexing has been commodified for the masses for a while. See Wealthfront for example. Even Vanguard is pus

I'm not sure what you mean by "overhead", but direct indexing has been commodified for the masses for a while. See Wealthfront for example. Even Vanguard is pushing into it soon: https://www.etf.com/sections/features-and-news/vanguard-going-all-direct-indexing-ceo-says https://www.etf.com/sections/features-and-news/vanguard-goin... Now that said, I agree the benefits of direct indexing for the non-wealthy is vastly overstated and probably a mistake for most.