Would certainly suck if those six months worth of emergency fund had temporarily gone down to four months because of a downturn in the stock market though.

Accidentally there might also be some correlation with stock markets going down, and an emergency happening. Eg large company laying staff off.

That said you can do the math and see how much that money would return on average on etfs compared to a bank account, and decide if that’s worth the risk to you.

Experts say no, I agree with them but I see your point, and it’s definitely worth to challenge these suggestions.