One of the best ways for both new and experienced investors to invest is through exchange-traded funds (ETFs). These funds provide instant diversification and don't require you to pour a ton of time into research.

ETFs are also one of the best ways to implement a dollar-cost averaging strategy. This is a strategy where you would buy a set amount of shares of an ETF on a regular, consistent basis, regardless of its current performance. It's a proven strategy that can help you build wealth over time. So while $500 is a good starting point to invest, the key is to consistently add to that amount over time.

Let's look a five simple ETFs that are perfect for implementing this strategy.

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Vanguard S&P 500 ETF

The Vanguard S&P 500 ETF (VOO 1.07%) is one of the most popular ETFs on the market, and for good reason. It tracks the performance of the S&P 500 index, which consists of around 500 of the largest U.S. companies based on market capitalization. It is a market-cap-weighted index, which means that the larger the company, the greater the percentage it is of the index.

The S&P is widely considered the benchmark of the U.S. stock market, and the Vanguard S&P 500 ETF replicates the index's performance at a very low cost. Its expense ratio is a scant 0.03%, which means on a $500 investment, the annual fee is only $0.15.

Most importantly, the Vanguard ETF gives investors solid diversification across sectors and has a strong track record. Over the past decade, it's averaged a 12.8% average annual return, as of the end of May.

Vanguard S&P Growth ETF

Staying within the low-cost Vanguard family, the Vanguard S&P Growth ETF (VUG 1.18%) is another great option. The ETF tracks the performance of the CRSP US Large Cap Growth Index, which is essentially the growth side of the S&P 500. Growth stocks have been leading the market for more than the past decade, so the ETF is a great way to tap into this trend, with the stocks in the index growing their earnings at an average annual rate of 27.5%.

The ETF has been a strong performer, generating an average annual return of 15.3% over the past decade, as of the end of May. The index leans toward technology stocks, with the sector making up 58.5% of its holdings. It also has a very low expense ratio of 0.04%.

Invesco QQQ Trust

While its expense ratio of 0.2% is higher than those of the Vanguard ETFs, not many non-sector-specific funds can match the performance of the Invesco QQQ Trust (QQQ 1.10%). The ETF has produced an average annual return of 18.1% over the past 10 years, as of the end of May.

The ETF replicates the performance of the Nasdaq-100 index, which consists of about the 100 largest non-financial stocks that trade on the Nasdaq exchange. Like the Vanguard S&P Growth ETF, the Invesco QQQ Trust is highly geared toward growth and tech stocks, although the weighting of its top 10 holdings is actually a bit more spread out.

The ETF has not only been a great performer over the years, but it's been a consistent one. Over the past decade, it's outperformed the S&P 500 more than 87% of the time on a rolling 12-month basis. That's impressive.

Vanguard Information Technology ETF

For investors looking for even more technology exposure, the Vanguard Information Technology ETF (VGT 1.12%) is a great option. Technology, such as artificial intelligence (AI), is changing the world we live in, and large-cap technology companies are the ones benefiting the most. As a result, many have grown to become some of the largest companies in the world.

The Vanguard Information Technology ETF is a great way to invest in the sector, and its performance has been nothing short of spectacular. The ETF has generated an average annual return of 19.8% over the past decade, as of the end of May. That said, the ETF, which tracks the MSCI US Investable Market Information Technology 25/50 Index, is very top-heavy, with its top three holdings of Nvidia, Microsoft, and Apple representing around 45% of its holdings.

Data by YCharts.

Schwab U.S. Dividend Equity ETF

For investors looking for something with less technology exposure, the Schwab U.S. Dividend Equity ETF (SCHD) is a solid option. The ETF looks to replicate the performance of the Dow Jones U.S. Dividend 100 Index, which is made up of high-yielding U.S. stocks that have a strong track record of consistently paying dividends. As a result, the ETF has a yield of nearly 4%, making it a great investment for investors looking for income.

The ETF has been a solid performer, with an average annual return of 10.6% over the past 10 years, as of the end of May. While that trails other ETFs on this list, it has nicely outperformed other large-cap value ETFs during this period. It also has a low expense ratio of just 0.06%.