The S 500 is the most closely watched stock market index. And it's arguably the easiest index to invest in, particularly with an exchange-traded fund (ETF). With $472 billion in assets under management, the Vanguard S&P 500 ETF (NYSEMKT: VOO) is the most popular way you can track the performance of the S 500. But can this ETF make you a millionaire?

The S 500 contains 500 large and profitable enterprises that are based in the U.S. There's a wide range of businesses. The top three stocks are , Nvidia, and Apple -- well-known names that, combined, make up 20% of the assets. Then there are much smaller companies at the other end of the spectrum, like News Corp, which makes up just 0.01% of the portfolio.

Owning this ETF essentially means you are placing a bet on the growth of the U.S. economy, which has historically been a lucrative gamble. Since its inception in 2010, this Vanguard S 500 ETF has generated a total annualized return of 14.5%. But over the past several decades, the S 500 has averaged a yearly 10% return.

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Source Fool.com