21Shares has launched two physically backed exchange-traded products on Euronext Amsterdam and Euronext Paris, offering regulated exposure to Zcash (ZEC) and ether.fi (ETHFI). The 21Shares Zcash ETP trades under the ticker ZCASH, while the ETHFI product trades under ETHFI. Both carry an annual management fee of 2.50% and use third-party custody so the securities are directly backed by the underlying tokens, with listings denominated in both US dollars and euros.
The Zcash ETP is Europe's first exchange-traded product tied to ZEC and follows strong momentum in the United States. Grayscale's Zcash fund began trading on NYSE Arca under the ticker ZCSH on August 25 after converting from a trust, surpassed $500 million in assets within two weeks, and later added options trading. ZEC recently traded above $1,500 after starting September near $850 and was around the mid-$1,400s on Tuesday.
The simultaneous ETHFI listing gives traditional investors access to the liquid restaking and decentralized finance ecosystem powered by ether.fi. Both new products are more expensive than many Bitcoin and Ether ETPs in Europe, where some core 21Shares products charge fees well below 1%.
Privacy-focused assets remain under regulatory scrutiny in some jurisdictions: the Philippines, for example, has barred regulated platforms from listing anonymity-enhancing cryptocurrencies. However, Zcash's privacy is optional rather than mandatory, a distinction that may matter for compliance. Grayscale head of research Zach Pandl has argued Zcash could benefit from "second-mover advantages" as regulated custody, ETF access and improved market infrastructure create distribution channels that did not exist in earlier crypto cycles.
