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ETHFI 
ZEC 21Shares launches Zcash and ether.fi physically backed ETFs on Euronext
On September 22, European asset manager 21Shares launched a physically backed exchange-traded product (ETP) that tracks Zcash (ZEC) and ether.fi (ETHFI) at Euronext's Paris and Amsterdam branches. The move aims to expand investment channels in privacy coins in regulated European markets, just weeks after the product's debut in the U.S. market.
Among them, 21Shares Zcash ETP with the code ZCASH is the first European exchange-traded product linked to cryptocurrencies with privacy protection as its core; while ether.fi ETP with the code ETHFI tracks the performance of governance tokens and utility tokens of the liquid resting protocol.
Position structure of the two major products
Both products adopt a physical support model, which means that issuers hand over the underlying cryptographic assets to institutional custodians rather than copying proceeds through derivatives. According to the product page information of 21Shares, the ISIN code of Zcash products is CH1608218801, and the ISIN code of ether.fi products is CH1608218819. Both products have an annual management fee of 2.5%, and are traded in euros in Paris and in US dollars in Amsterdam.
Custody listed in the key information file (KID) include Coinbase Custody, Zodia Custody, Anchorage Digital, and BitGo, with BitGo listed as a custodian in the current product documentation.
Zcash ETP follows US ETF
此次上市进一步拓展了Zcash在欧洲受监管市场的影响力。此前不久，Grayscale已将Zcash ETF引入纽约证券交易所阿帕奇市场（NYSE Arca），使得该隐私币在大西洋两岸均拥有上市投资工具。
Zcash提供可选的屏蔽交易功能，限制链上公开暴露的信息量。其最大供应量上限为2100万枚硬币，这种稀缺性结构在发行层面与比特币相似。此次推出的背景是，各大发行商正推动投资范围超越比特币和以太坊，进入更细分的资产领域。目前2.5%的管理费率远高于21Shares对其核心比特币和以太坊产品所实施的临时费率减免水平。
为何纳入ether.fi
ether.fi产品打包了对一种代币的投资敞口，其底层协议的发展已远远超出最初的流动性质押范畴。ether.fi已扩展至代币化股票、借贷和支付领域。21Shares指出，该协议的收入来源现已不再局限于质押业务。
据发行商引用的DeFiLlama数据显示，截至9月，该协议持有的资产规模约为49亿美元。
投资者受益点
根据21Shares的产品页面信息，两只ETP初始流通股数量均为5,000股，早期管理资产规模各接近10万美元。对于投资者而言，这两款产品消除了开设交易所账户或管理私钥的需求，允许投资者通过传统的证券经纪账户获得相关资产的 exposure（投资敞口）。
