Q: Today you answered “probably not” to my question about whether ETFs that track the S&P 500 are more risky than mid-cap ETFs which are trading at their historical values. However, your reasoning — that the S&P 500’s valuation is not excessively high given expected earnings growth and potential lower interest rates, and that investors tend to favour large-cap stocks over mid-caps in uncertain markets — seems to suggest the opposite conclusion.

Could you clarify whether you meant “probably yes” instead?
Could you also indicate if your answer differs if one's time frame is 10 years+?

Q: I keep reading how the S&P is trading at high values compared to historical values and because of that is risky. do you think that etfs that track the S%P 500 (e.g. ZSP) are more risky than a mid-cap ETF such as ZMID or XMC which are trading at their historical values?

Q: I own ZMID, and like its holdings and its exposure to mid-sized American companies, but find it a little illiquid.

Are there any other ETF's that cover the same market cap of American companies that is a bit more liquid? I know of XMS and it is much more liquid but it is hedged...know you prefer unhedged when possible...