I find the advantage of just sticking to the major ETFs is to just simpllify my portfolio and the fact that the probability of it going to $0 is nil. And mergers and acquisitions and share spinoffs won't screw up the structure.and the liquidity of the product. Edge hunting is a competitive game between the high speed algos. Its gone by the time you enter your order. Nevermind even trying to get filled. I just have to do positional swing trading.
I believe that the only real edge is if the futures market makes large enough moves in between the times that the options market isn't trading.
Edge "ON" the market?? Never heard that term before.. If you believe you can have an edge over some other trader, than you can certainly have an edge "on" the market. Think about it,what is the market? What is it made made of ??
The collective whole: MM's, hedge funds, pension funds, retail, etc. We all have our role, but the algos are better suited for picking up edge much more efficiently at scale. I don't think it makes sense for individuals to try to get an advantage on the algos. I just manage to be in certain term structures that I am comfortable with at that particular time, and I am content with that.