Spot ETFs are a useful entry point, but they’re fundamentally different from what onchain products enable. * ETFs deliver broad beta: They provide packaged exposure to the price of an asset like Bitcoin or Ether. Clients own ETF shares, not the underlying crypto asset. This is simple and regulated, but limited in scope: no staking, no governance, no programmatic features, and only Monday through Friday trading during market hours. * Onchain programs go further: They deliver direct, client-level ownership of the underlying assets and open the door to features ETFs and other solutions can’t replicate: * Client ownership: Assets sit in client wallets, preserving full transparency and self-custody. * Program design: Advisors can build model portfolios tailored to risk, return, or thematic exposures (e.g. indices, yield strategies, active funds) across any tokenized asset class, not just crypto-native assets like BTC, ETH, and SOL. * Staking & LP income: Clients can earn rewards (staking yield, liquidity provider fees) on top of price exposure, compounding potential returns. * Cross-chain policy control: Advisors can rebalance and manage assets 24/7/365 across Ethereum, L2s, and other supported chains without moving clients out of their wallets. * Programmatic fees: Advisory fees can be embedded and automated at the wallet level, reducing overhead and creating scalable, transparent billing. * Efficient tax-loss harvesting: because crypto markets trade 24/7/365, advisors aren’t constrained by traditional market hours or end-of-day settlement windows. This constant liquidity and volatility create unique opportunities to: * Capture losses in real time: Advisors can realize losses during market drawdowns (even intraday), locking in tax benefits for clients. * Reposition immediately: Proceeds can be redeployed into correlated or substitute assets onchain, preserving portfolio exposure while booking the loss. * Maximize outcomes: Frequent and programmatic harvesting can significantly improve after-tax returns, especially in volatile markets like crypto. * Demonstrate active management – Clients see that their advisor is not just monitoring risk, but proactively using the round-the-clock nature of crypto markets to improve their tax profile. In short: ETFs are static wrappers for price exposure. Onchain products are programmable portfolios that combine ownership, yield, and control—without intermediaries.