or a UTMA
I have one for both my kids.
Index or direct stock purchases for them. Disney, Exxon, Procter & Gamble, J & J, Coke, Hershey, Colgate, Clorox, or your local utility. They have a enough time to make good money anywhere but they could make huge money in the right places. They don't get taxed on income they receive until it exceeds $10K of gains or dividends in a year and you are far from that, so maybe even a REIT like Reality Income.
I use American Funds but I have NAV accounts because my mom worked for them.