The more likely outcome is an increase in actively managed funds. Individuals will still contribute their money into the fund just like with index investing. Ho

The more likely outcome is an increase in actively managed funds. Individuals will still contribute their money into the fund just like with index investing. However, instead of simply tracking an index, the fund would have a (team of) professional investors deciding how to invest on an ongoing basis, in exchange for a management fee. These exist today and are no more difficult to invest in than index funds. Of course, these also have higher overhead than index funds and, at the moment. Currently they are not popular because their performance relatively to an index does not justify their increased fees. If alpha gets high enough, this will stop being true and slowly the popular wisdom will update to saying that actively managed funds give a better ROI. There is also the Wall Street Bets class of active investors. In the current market, I'm not convinced they are actually helping. But, in a world where no one else is activly investing, they are probably better than nothing.