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The iShares Core S&P 500 ETF replicates the S&P 500 faithfully and has identical long-term performance at a .03% fee.
IVV strikes a diversified balance between growth and value and is an excellent proxy for many of the best US companies.
The market (S&P 500) is not irrationally expensive, with a PE ratio of 20x and a PEG ratio of 1.5x.
However, bottom consensus price targets point to a 5% upside potential to year-end. The start of a Fed easing cycle and higher earnings growth via productivity are required for stronger medium-term gains.