Valour Inc., the ETP arm of DeFi Technologies, listed a Zcash exchange-traded product on Sweden's Spotlight Stock Market on September 29, priced in Swedish kronor and carrying a 1.9% annual management fee. The vehicle trades under ISIN CH1108681763 and is structured as open-ended, allowing investors to gain price exposure to ZEC without managing private keys or handling custody directly.
The launch follows 21Shares' listing of a physically backed Zcash ETP on Euronext Paris and Amsterdam on September 22, one week earlier, at a 2.5% annual fee. 21Shares held the title of Europe's first Zcash ETP for seven days before Valour entered the market with a lower fee structure.
Jacob Lindberg, Chief Revenue Officer at Valour, cited rising interest from professional and retail investors in ZEC as the primary driver behind the launch, pointing to demand for a regulated, structured product.
Zcash is built on cryptographic privacy technology called zk-SNARKs, which shields transaction details from public view. Valour's product is part of a portfolio spanning more than 100 digital asset ETPs, making it one of the larger single-issuer crypto ETP libraries in Europe.
The two products differ in their backing structures. The 21Shares product is physically backed, meaning the fund holds actual ZEC. Valour's structure offers price exposure without specifying the same direct backing model in current disclosures. Investors should review each issuer's documentation to understand how the products track ZEC's price.
