Vanguard Group may now allow clients to trade spot Bitcoin exchange-traded funds, but one of the firm’s senior investment leaders says its underlying view of crypto remains unchanged.

Bitcoin is better understood as a speculative collectible — akin to a popular plush toy — than as a productive asset, according to John Ameriks, Vanguard’s global head of quantitative equity, who said the token lacks the income, compounding and cash-flow properties the firm looks for in long-term investments.