According to Camilla McFarland, ETH ETF issuers such as BlackRock have filed to enable staking, and institutional investors primarily access public markets exposure through two distinct structures, ETFs and Digital Asset Trusts (DATs), which have materially different mechanics for liquidity, pricing, and operations. Source: Camilla McFarland on X, Nov 21, 2025. ETFs trade intraday and use primary-market creations and redemptions that help keep prices close to net asset value, influencing execution costs and tracking for large orders. Source: U.S. SEC Investor Bulletin on Exchange-Traded Funds. DATs often lack ongoing redemption programs and can trade at persistent premiums or discounts to NAV, which impacts slippage, basis risk, and rebalancing for institutional portfolios. Source: Grayscale Ethereum Trust filings stating the trust has historically not operated an ongoing redemption program. Staking inside an ETH ETF would involve validator operations, where rewards and slashing risks are defined by the Ethereum protocol and must be reflected in fund disclosures and risk factors. Source: Ethereum.org staking documentation and issuer SEC filings (S‑1 and 19b‑4 on EDGAR). For trading, desks should track updated ETH ETF filings for any staking permissions, custody changes, and treatment of staking rewards or fee offsets, as these alter expected net yield, liquidity, and tracking error of ETH exposure. Source: SEC EDGAR filings and issuer prospectus disclosures.