As long as the expenses of the particular TIPs mutual fund are low (less than 0.3% per year) with no load, your probable return will be about the same as purchasing TIPs through a broker. The main difference is that by purchasing them directly, you can purchase them with over 20 years to maturity, and thus "lock in" the higher interest rate associated with the longer maturities.
If long-term interest rates in general rise, it will probably be in response to increased inflation. The market value of the long-term TIPs may then fall somewhat, but probably not nearly as much as conventional bonds of equal maturity. In any case, you are guaranteed a particular real rate of return if you hold the TIPs to maturity. The real return that you get from a TIPs mutual fund will be positive over the long term, but not as predictable.
When in doubt, invest in some of each  .
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