Very briefly...the pros are that the funds are professionally managed. The cons are that professional management has cost to it.

For me I like the pros and am willing to suffer the cons.

Low cost , profesionaly managed and good for the long term.

Cons are high risk funds that can lose a lot in a down market,

High fees, some as high as 7%

pros - low costs, professional management & diversification

cons - can't think of any

It is less risky but low income securities.