The Winklevoss Zcash ETF ($WINK) just filed. It's a passive ETP tracking the price of ZEC, custodied at Gemini, with NAV struck daily off a 60-minute time-weighted average price.

Financials: no expense ratio or AUM are disclosed in the filing. The Trust takes in ZEC or cash for Baskets; ZEC deposits sit with the Custodian or get sold to cover Sponsor fees and Trust expenses. Risks are blunt: ZEC has seen extreme volatility and Shares could lose substantially all value. Zcash's privacy cryptography is new, could fail, or could be used for illicit activity, inviting lawsuits or service cutoffs. Digital asset markets broadly remain disrupted. Proceeds mechanics: cash deposits are held by the Cash Custodian until used to buy ZEC, paid out on redemptions, or moved to cover fees. ZEC deposits are held until sold or transferred for redemptions and expenses. Bottom line: this is a pure beta play on ZEC with a privacy-tech tail risk attached. Zcash is up ~1,200% and RSI is above 94, and Grayscale's ZCSH already stalled after ~$996M AUM. Timing looks late-cycle, not early.

Financials: no expense ratio or AUM are disclosed in the filing. The Trust takes in ZEC or cash for Baskets; ZEC deposits sit with the Custodian or get sold to cover Sponsor fees and Trust expenses.