What is better than ETF?

Could you please elaborate on what investment vehicles might potentially offer superior benefits compared to Exchange-Traded Funds (ETFs)? In terms of risk management, return potential, liquidity, diversity, or any other pertinent aspects, what alternatives might stand out as more advantageous? I'm particularly interested in understanding the nuances and comparative advantages of these potential superior options. Could you provide some examples and explain why they might be preferred over ETFs in certain scenarios?