21Shares Brings Ether.fi and Zcash ETPs to European Markets

21Shares has expanded its crypto product lineup to include exchange-traded products (ETPs) tied to ether.fi's $ETHFI token and Zcash, targeting different niches in the market.

The new ETPs are physically backed, meaning they hold the underlying assets rather than using derivatives. They began trading on Euronext Paris and Amsterdam on September 22 with a 2.50% annual product fee, higher than the issuer's core Bitcoin and Ethereum products which currently charge just 0.10%.

The $ETHFI ETP packages exposure to a token tied to ether.fi's protocol, which has expanded from a liquid-restaking platform into a broader set of onchain financial services including lending, swaps, payments, and spending products.

21Shares argues that the protocol's revenue mix is shifting beyond staking, giving $ETHFI exposure to a wider financial ecosystem rather than a single DeFi activity. The ETP changes the route investors use to obtain this exposure, shifting it from managing wallets and private keys to holding the security through a brokerage account.

The ZCASH product targets a different thesis, focusing on optional transaction privacy and scarcity structure that resembles Bitcoin at the issuance level.