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ZEC Winklevoss Asset Management submits Zcash Spot ETF application
Winklevoss Asset Services, controlled by the Winklevoss twins, has filed an S-1 registration application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded product (ETP) that tracks Zcash spot. According to the application materials, the product is planned to be listed on the NASDAQ Stock Exchange in the United States with the stock code "WINK".
Fund operating mechanism and fee structure
The Zcash ETF will directly hold Zcash's native token ZEC. After deducting the fund's operating expenses and other liabilities, investors can indirectly obtain income exposure to ZEC price fluctuations through the fund. The Fund's Net Asset Value (NAV) will be calculated based on a daily price reference.
In addition, the application documents state that Gemini Trust Company will serve as the custodian of ZEC assets. The fund plans to charge an annual sponsorship fee of 0.25%, while daily operating costs will be borne by sponsors .
Initial investment intentions and market access advantages
On the other hand, Winklevoss Capital Fund and related parties have expressed their intention to purchase fund shares with a total value of up to US$100 million during the initial offering period or in the secondary market. However, it should be noted that this statement of intent does not constitute a legally binding purchase commitment.
If the application is approved by the SEC, investors will be exposed to Zcash's price performance through regulated market channels without having to directly purchase and hold ZEC tokens.
