ERF, et al....

"I can trade Vipers all day and pay no ERF, I wonder what the
shareholders think about that. "

When trading fixed income ETFs you may pay a premium or get a discount
to NAV. With the fund you don't. Yoy also don't create additonal
expenses for stay behind investors when/if you trade as the Viper
isn't required to sell out of the portfolio to give you your cash.
You're also not creating taxable event for stay behind investors
when you trade a Viper or any other form of ETF.

ERFs serve to protect the stay behind shareholders. To call them
"theft", etc., is to miss the point of the expenses created by
traders for the stay behind investors. They (ERFs) create a place
where longer term holders can be spared the problems created by
shorter term traders. I see absolutely no problem with ERFs if
they're explained in the prospectus. It's an upfront warning to
traders that this particular fund is not for them.