According to Ophelia Snyder, co-founder of digital asset management firm 21Shares, institutional investors are unlikely to be concerned that US spot Ethereum (ETH) exchange-traded funds (ETFs) will not pledge the underlying token to provide additional returns, despite retail investors' desire to have this built-in functionality. This disparity in demand means there is a potential business case for vendors to list separate, distinct products to meet the needs of both camps. "If you want to engage institutional investors, you need to start by making things simple," says Ophelia Snyder. Non-collateralised products are "more palatable" to institutional investors, even if they are less popular among retail investors.