Key Highlights
- 21Shares launched two ETPs tracking ether.fi’s ETHFI and Zcash’s ZEC on Euronext Amsterdam and Euronext Paris.
- Both products are physically backed, with the underlying crypto assets held by third-party custodians.
- The ETHFI and ZCASH ETPs each carry a 2.50% annual fee.
21Shares, an asset management firm, has launched two new cryptocurrency exchange-traded products (ETPs) tracking ether.fi’s ETHFI token and Zcash’s ZEC, expanding its range of single-asset crypto products available on European exchanges.
According to an announcement published on September 22, the products began trading on Euronext Amsterdam and Euronext Paris. Both are physically backed, meaning they hold the underlying crypto assets rather than using derivatives to track their prices.
The 21Shares ether.fi ETP trades under the ticker ETHFI, while the 21Shares Zcash ETP trades under ZCASH. Both products carry an annual fee of 2.50%.
21Shares’ announcement post also referenced additional details about ether.fi’s product ecosystem, including its card business; those claims originate from 21Shares’ own marketing material and have not been independently verified in this article.
ETHFI and ZEC enter European ETP market
The two products provide exchange-traded exposure to different segments of the crypto market.
ETHFI is the native token of ether.fi, a DeFi protocol that initially focused on liquid restaking and has since expanded into other on-chain financial services.
ZEC is the native asset of Zcash, a blockchain that supports both transparent and shielded transactions.
According to 21Shares, the underlying assets are held by third-party custodians. The ETP structure allows investors to gain exposure through securities accounts rather than managing the cryptocurrencies directly.
Zcash ETP follows renewed privacy focus
The ZCASH ETP comes as privacy-focused digital assets receive renewed attention.
Zcash allows users to make shielded transactions that conceal the sender, recipient, and transaction amount while using zero-knowledge cryptography to verify the transactions.
The launch follows recent research from Grayscale examining whether artificial intelligence and increasingly data-intensive financial systems could increase demand for financial privacy.
Grayscale’s report highlighted increased use of Zcash’s shielded transaction system while noting that regulatory treatment, adoption and technological development remain important factors for the asset.
The new ETP gives investors a listed security through which to gain exposure to ZEC without directly managing the cryptocurrency.
ETHFI offers exchange-traded access to DeFi token
The ETHFI product similarly provides exposure to ether.fi’s native token through an exchange-traded structure.
21Shares’ product documentation lists the ETHFI ETP under ISIN CH1608218819, while the Zcash product carries ISIN CH1608218801.
Both products are listed on Euronext Amsterdam and Euronext Paris. The September 22 announcement specifies USD trading on Amsterdam and EUR trading on Paris.
Product details
| Product | Ticker | Exchanges | Currency | Annual fee |
| 21Shares ether.fi ETP | ETHFI | Euronext Amsterdam, Euronext Paris | USD / EUR | 2.50% |
| 21Shares Zcash ETP | ZCASH | Euronext Amsterdam, Euronext Paris | USD / EUR | 2.50% |
The ETP structure changes how investors access the assets but does not remove the underlying market risks associated with ETHFI and ZEC.
21Shares adds to existing crypto ETP lineup
The launches follow several other product and research initiatives from 21Shares this year.
In August, the firm published research examining proposed changes to Solana’s tokenomics, including lower inflation and changes to token burns. The report noted that the changes could affect staking returns and validator economics.
In June, 21Shares published research covering areas including stablecoins, prediction markets and tokenization, alongside its analysis of Bitcoin, DeFi and crypto treasury companies.
The firm also launched an actively managed crypto ETF in May, combining Bitcoin exposure with a broader basket of digital assets.
The ETHFI and ZCASH products therefore extend the range of crypto assets available through European exchange-traded securities, with each product carrying the risks and price exposure of its respective underlying token.
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