Morgan Stanley's Sarah Cummings highlights key considerations for investors evaluating crypto exchange-traded funds (ETFs), emphasizing the importance of understanding fees, liquidity, and tracking. Spot bitcoin exchange-traded products (ETPs), launched in January 2024, require additional due diligence due to their unique structure and custody arrangements. Investors should assess expense ratios, liquidity, and execution quality, while also considering digital asset custody and sponsor profiles. Ryan Tannahill from iA Private Wealth addresses common questions about borrowing against bitcoin assets. He notes that centralized lenders often require custody of bitcoin during the loan period, and warns of the risks associated with margin calls if bitcoin prices drop. Tannahill advises that borrowing against bitcoin can preserve potential upside if investors are confident in its appreciation, but suggests selling may be simpler if uncertainty exists.