"Bogle and other critics are partly right on ETFs. The
concentrated and speculative nature of many of them
promotes poor investment behavior, and the ability to trade
them immediately is of no use to long-term investors and
has historically hurt their returns. But the 1% to 2% or
more in missed-out-on returns from poor index design and
fund implementation is just as costly, and probably the
main reason why ETFs have a long way to go to reach
investment-product supremacy. "
servowealth.com/sites/all/files/servo/attachments/Examing%20ETFs.pdf
