Unlike ETFs, SMAs give you direct ownership of your assets, which enables greater portfolio customization to meet your specific risk/return needs goals. That is, SMAs can be custom-tailored by your investment manager to meet your unique requirements ā 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.