You can't say there are inefficiencies for institutions to exploit, but no inefficiencies for anyone else. Choose a consistent framework for how you view markets.

There are fast alphas, and there are slow alphas.

If you're an institution making markets on index ETFs, you can make money by having more accurate spot prices for the basket. Fast alpha.

If you're a vol trader, you are more worried about convexity of gap moves and the shape of the vol surface. For me, this means following the story of the name and thinking about where the vol surface doesn't properly reflect tail risk. Slow alpha.