Smart Money players use a substantial amount of ETFs to invest.

Smart Money tends to have many advantages such as vast amounts of research and up to date information at their fingertips but they also get major discounts on fees.  They’re putting big profits in their Smart Money wallets!  Guess what?  Smart Money players use a substantial amount of ETFs to invest.  Why?  In fact, it’s for many of the reasons we mentioned above and due to the large amounts they’re investing, they enter ETF positions with relative ease.  When big institutions buy a large amount of shares, the rest of the market sees this and hikes prices up.  They avoid this by using ETFs to grab the whole basket of goods at once without disrupting the market place too much.

http://business.financialpost.com/2014/06/25/the-three-real-reasons-to-own-etfs/