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A mutual fund pools money from many investors to buy a diversified portfolio managed under a stated strategy. It is priced once daily after markets close. Index mutual funds track an index cheaply; actively managed funds try to beat the market and usually charge higher fees that drag on returns.
An index mutual fund lets you set up automatic monthly investing in fixed dollar amounts.
Both index funds and ETFs track market indexes. But they work differently in ways that matter for taxes, trading, and minimum investment amounts.
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