Advantages and Disadvantages of ETFs in Passive Investing

Exchange-Traded Funds (ETFs) have become a popular choice for passive equity investing due to their liquidity, low expense ratios, and the ability to diversify across various sectors and geographies. In this context, discuss the advantages and disadvantages of using ETFs over traditional mutual funds for investors aiming for a passive investment strategy. Include considerations such as tax efficiency, trading flexibility, and management fees in your discussion.