During an investment committee meeting, Mark, a portfolio manager, discusses the advantages and disadvantages of using Exchange-Traded Funds (ETFs) to achieve a passive equity investment strategy. He notes that ETFs have become increasingly popular for investors seeking exposure to broad market indices while maintaining liquidity and cost-efficiency. However, Mark also cautions that not all ETFs are created equal and that investors should be aware of certain risks associated with them.

Given this context, which of the following statements about ETFs used in passive equity investing is most accurate?