Unlike ETFs, SMAs give you direct ownership of your assets, which allows for a greater degree of portfolio customization to meet your specific risk/return needs. That is, SMAs can be tailored by your investment manager to meet your unique requirements – risk appetite, investment horizon, financial goals, and more. Direct ownership also facilitates more transparent and simpler tax management strategies, such as tax-loss harvesting. Finally, SMAs are custody-agnostic, allowing investors to choose from a wide range of custodians and venues, ranging from Anchorage, BitGo, Coinbase, and Kraken.