Tuttle Capital Management has filed for a new suite of leveraged exchange-traded funds (ETFs), including products focused on Asian memory and Zcash.
Zcash-Focused Funds Introduce Layered Complexity
The proposed Zcash-related ETFs introduce a notable layer of complexity. One of the planned funds aims to deliver double the daily performance of another ETF that has not yet been launched.
The filings were submitted to the Securities and Exchange Commission (SEC) on October 21, 2026, under the umbrella of the ETF Opportunities Trust. Two of these new products are designed to provide Zcash exposure, each targeting 200% of a benchmark’s daily performance.
The first is the Tuttle Capital 2X Long CYPH Daily Target ETF. This fund intends to track the performance of Cypherpunk Technologies Inc., which is traded under the ticker symbol CYPH. It is important to note that Cypherpunk Technologies is not exclusively a Zcash investment vehicle; rather, it is a company whose investment strategy is primarily centered on its Zcash holdings.
The second Zcash-related offering is the Tuttle Capital 2X Long WINK Daily Target ETF. This fund seeks to provide double the daily return of a proposed Winklevoss Zcash ETF. However, this underlying product remains conceptual, as Winklevoss Asset Services filed its S-1 registration for that fund on October 6, 2026, just over two weeks prior to Tuttle’s filing.
Broader Thematic Push Includes Asian Memory
In addition to the Zcash-focused funds, the new batch also includes a 2x Asian Memory fund. This product is part of Tuttle Capital Management’s broader strategy of launching thematic investment vehicles.
Understanding Daily Leveraged ETFs
A “daily target” ETF is structured to mirror a multiple of its benchmark’s return over a single trading day. For instance, if the benchmark increases by 3% on a given day, a 2x fund would aim for a 6% gain. Conversely, if the benchmark declines by 3%, the fund would target a 6% loss.
The critical element here is “daily.” The leveraged objective resets at the close of each trading session, meaning the 2x performance applies to that day’s price movement, not to cumulative returns over extended periods like weeks or months.
These types of products inherently carry elevated risk. During periods of significant market volatility, investors in leveraged ETFs face the possibility of losing their entire principal investment.
Tuttle’s History with Leveraged Crypto Products
This is not Tuttle Capital Management’s first foray into leveraged cryptocurrency products. The firm has a track record of launching or filing for multiple 2x funds. These include Bitcoin ETFs that debuted in July 2024, followed by a series of proposed crypto and meme token ETFs in 2025.
For context, Grayscale’s spot Zcash ETF, trading as ZCSH, launched on August 25, 2026, and rapidly amassed between $900 million and $1 billion in assets.
Dependencies and Potential Risks
The WINK fund’s viability is contingent on the Winklevoss Zcash ETF successfully reaching the market. If the underlying fund fails to launch or is delayed indefinitely, the leveraged WINK ETF would have no benchmark to track.
The CYPH fund presents a different set of considerations. Its performance is tied to the share price of Cypherpunk Technologies, which may not always move in perfect correlation with the price of Zcash itself. Company stocks can trade at a premium or discount relative to the value of their underlying assets. Consequently, a 2x leveraged fund tracking such a stock would amplify not only the Zcash exposure but also any divergence between the company’s market valuation and the value of its holdings.
Daily leveraged funds are generally intended for short-term trading strategies, and the inherent risk of substantial losses on volatile trading days is a fundamental characteristic of these instruments.
