According to Eric Balchunas, tokenization in traditional finance is mainly a back-office plumbing efficiency upgrade rather than a consumer-facing product shift, source: Eric Balchunas on X, Sep 11, 2025. He does not expect investors to sell broad-market ETFs like VOO to buy tokenized versions because he sees no consumer value-add to justify switching, source: Eric Balchunas on X, Sep 11, 2025. He compares current tokenization hype to past direct indexing promotion and notes he was right that DI would not displace ETFs, reinforcing his view that ETFs remain underestimated, source: Eric Balchunas on X, Sep 11, 2025. For trading strategy, his stance implies low near-term risk of ETF-to-token flow cannibalization and frames tokenization as infrastructure rather than a catalyst for retail rotation, source: Eric Balchunas on X, Sep 11, 2025.