Great explanation! Thanks!

>> So to answer your questions, in a flash crash scenario as an ETF owner you'll experience more lag in both cases

So the lag is due to inability to quickly buy/sell the percentages that were allocated for different stocks to build a share, right?

And if I understand correctly, this means if people keep their emergency funds in ETFs, in a crisis, they probably won't be able to access those funds quickly enough to get it at list price (because the price will move because of the lag).