CoinDesk reported:
Over the last decade, the industry rolled out products that offered different levels of exposure to digital assets in compliant, often publicly-traded vehicles, sidestepping the complexities tied to the type of instrument, custodial responsibilities or even fee structures. These vehicles have traditionally included publicly-listed ETFs linked to futures markets, index funds, trusts and options. However, for U.S. advisors, directly tracking the actual performance of the underlying assets remained elusive until the introduction of Separately Managed Accounts (SMAs), which opened the door to a broader range of investable digital assets safeguarded by custodians, granting investors a more genuine experience with digital assets ownership.