Crypto investment product provider 21Shares has launched two new exchange-traded products backed by Zcash and Ether.fi in Europe. According to the company’s September 22 announcement, the products trade on Euronext Paris and Euronext Amsterdam.
The Zcash product trades under the ticker “ZCASH,” while the Ether.fi product uses “ETHFI.” Both are physically backed by their underlying crypto assets and allow investors to trade through traditional brokerage accounts.
The new listings expand access to crypto assets beyond Bitcoin and Ethereum through securities accounts. Investors can gain exposure to ZEC and ETHFI prices while leaving token custody to the institutions supporting the products.
Trading in Euros in Paris and Dollars in Amsterdam
According to the listing details released by 21Shares, both products trade in euros on Euronext Paris. Their trading currency in Amsterdam is the US dollar.
Both ETPs carry an annual product fee of 2.5%. The Zcash product’s International Securities Identification Number, or ISIN, is CH1608218801, while the Ether.fi product’s ISIN is CH1608218819.
The company says the products are available through European brokerage platforms and financial institutions. However, investors’ providers must offer access to the relevant exchanges and products.
Zcash Product Provides Access to a Privacy-Focused Crypto Asset
The 21Shares Zcash ETP aims to bring exposure to ZEC’s price movements into investment accounts. Under its physically backed structure, custodians hold the Zcash assets underlying the product.
This model removes the need for investors to open a separate crypto exchange account or manage private keys. Instead, investors hold a security linked to Zcash’s price in their brokerage accounts.
Zcash stands out for its optional privacy features. The network’s shielded transactions aim to give users control over the visibility of their transaction details, while its total supply is capped at 21 million coins.
21Shares positions the new product as a way to gain exposure to the financial privacy theme. It offers an alternative access route for investors who prefer not to hold ZEC in their own wallets.
Ether.fi ETP Tracks the ETHFI Token
The other product is backed by ETHFI, the governance and utility token of the Ether.fi protocol. The 21Shares announcement highlights the protocol’s evolution from liquid restaking toward broader crypto financial services.
Ether.fi’s services include earning yield on assets, borrowing, payments, and spending. The new ETP provides access to the ecosystem’s ETHFI token through an investment account.
ETHFI is the product’s underlying asset. Its investment performance therefore differs from direct exposure to Ether’s price or the returns a user might earn by staking through the protocol.
The 21Shares product page states that ETHFI assets are held within the product’s structure. Although investors do not need to manage their own wallets, changes in ETHFI’s price continue to affect the value of their investment.
ETP Structure and Trading Costs Matter
21Shares classifies these instruments as exchange-traded products, or ETPs, in Europe. The company’s product pages explain that ETPs and ETFs have different legal structures.
For investors, the trading process resembles buying securities through a brokerage account. However, owning a stake in the product does not provide the same rights and uses as holding the underlying token in a personal wallet.
Brokerage commissions and trading costs may apply in addition to the annual 2.5% product fee. Total costs vary depending on the platform and trading frequency.
Physical backing does not eliminate crypto asset price volatility. A decline in ZEC or ETHFI can also affect the corresponding ETP; the main change introduced by the listings is broader access to these assets through traditional investment accounts.
