I don't see how this is due to ETFs

Care to explain?

> Web Developer. SEO Expert. AI Engineer.

Their credentials are impeccable.

Futures are far bigger than ETFs, Mutual Funds also far bigger than ETFs, add the OTC / options / total return swaps etc and ETFs are a tiny fraction of the index investing market.

Ok, rather than a personal attack. Do you mind explaining why this is not the case? finance is not my forte.

Blanket demand results in blanket pricing.

Demand increases prices for things, even if their intrinsic / fundamental value isn’t superior to other things in the (ETF) basket.

It’s arguably a market mispricing.