ETFs were invented by the SEC and the American Stock Exchange as anecdote to "portfolio insurance" (using futures to hedge) which was culprit in the '87 crash. They wanted an SEC-regulated liquidity instrument to take some pressure off of stocks in crisis. Mission accomplished.
From X
Disclaimer: The above content reflects only the author's opinion and does not represent any stance of CoinNX, nor does it constitute any investment advice related to CoinNX.