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ETFs -- because Wall Street needs to churn shares to make profits, and there are few better churners than retail investors ... and now hedge funds/OEFs who own a s---ton of them instead of their underlying shares. Trade! Trade! Trade! Order-flow profitability! That said I do agree the long-term 'value' of ETFs -- ie, tax situations -- are handy for many, sure. But I believe ETF creation/redemption also creates artificial price movement on the indices, since the funds need to buy shares to meet their needs. So that can be a bad thing when times get tough.
For anything other than a speculative short-term trade I wouldn't touch ETFs with a bargepole.
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For anything other than a speculative short-term trade I wouldn't touch ETFs with a bargepole.