DTFs are reshaping how we think about crypto portfolio management. Right now, they exist primarily as professionally curated index products—think structured baskets like ETHPlus and CMC20 that track specific market segments.

But here's where it gets interesting: the next phase isn't just about holding these pre-built indexes. We're moving toward a model where literally anyone can architect and deploy their own custom baskets. No gatekeepers, no institutional barriers.

Dan Mulligann recently broke down Reserve's vision for this shift. The protocol is building infrastructure that democratizes basket creation—imagine spinning up your own thematic fund in minutes, tailored to your thesis, without needing an asset management license or millions in backing capital.

This isn't just incremental improvement. It's a fundamental flip from "consume what's offered" to "build what you believe in." The tooling is getting simpler, the on-chain rails are maturing, and composability is finally delivering on its promise.

For context: today's DTFs require teams, audits, and marketing budgets. Tomorrow's version? A smart contract, some liquidity, and a compelling narrative. That's the gap Reserve is trying to collapse.