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I'll be the contrarian here and argue in favor of index funds, specifically the S&P500 funds as there are several reasons.
First, they've democratized the usage of funds and have been an entry point for many including first time investors. Those that are not savvy in finance or investing can pretty much participate with little to no maintenance.
Second, the lower fees enable an investor to realize much more than a managed fund.
Third, an SP500 fund ETF is extremely tax efficient with limited turnover vs. what an active manager may do.
Fourth, there is ample evidence that over a long period of time active money managers cannot match the returns of an index fund when expenses and fees are taken into account.
Finally, there's this, and it's perhaps the most compelling reason given Warren Buffet's acumen in this very area:
“One bequest provides that cash will be delivered to a trustee for my wife’s benefit,” he wrote. “My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund.”
Buffett recommended using Vanguard’s S&P 500 index fund.
While this strategy is straightforward and doesn't require constant monitoring or active trading, Buffett expressed a significant amount of confidence in it.
“I believe the trust’s long-term results from this policy will be superior to those attained by most investors — whether pension funds, institutions or individuals — who employ high-fee managers,” he said.
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