Unlike ETFs, SMAs give you direct ownership of your assets, which allows for greater portfolio customization to meet your specific risk/return goals. In other words, SMAs can be customized by your investment manager to meet your unique needs—risk tolerance, investment horizon, financial goals, and more. Direct ownership also facilitates more transparent and straightforward tax management strategies, such as tax-loss harvesting. Finally, SMAs are custody agnostic, allowing investors to choose from a wide variety of custodians and venues ranging from Anchorage, BitGo, Coinbase, and Kraken.