Valour Zcash ETP: Complete Guide to Sweden's ZEC Investment Product

Sweden now has a listed way to get Zcash price exposure through an ordinary brokerage account: the VALOUR ZCASH (ZEC) SEK ETP, issued by Valour, the exchange-traded-product arm of DeFi Technologies. It began trading on Spotlight Stock Market on September 29, 2026, in Swedish kronor, under ISIN CH1108681763, with a stated management fee of 1.9% per year.

Two things are worth understanding before you go looking for it. First, it is an ETP, an exchange-traded product, and not an ETF. Second, owning it is not the same as owning ZEC. This guide covers both points in detail, then explains what the product is, where and how it trades, what the fee means, what the risks are, and how it compares with the 21Shares Zcash ETP in the rest of Europe and with the U.S. Zcash ETF.

Quick facts

What Is the Valour Zcash ETP?

The Valour Zcash ETP is a security listed on a Swedish trading venue. Its purpose, in the issuer's own words, is to provide "exposure to the price performance of Zcash (ZEC) through an exchange traded investment product accessible through traditional brokerage infrastructure". In plain language: you buy and sell it the way you would buy and sell a share or an ETF, through a normal securities broker, and its value is designed to follow the ZEC price.

Valour is a product provider that issues exchange-traded products linked to digital assets. It is part of DeFi Technologies Inc., a Nasdaq-listed company. Valour describes a portfolio of more than 100 digital asset ETPs across European venues, of which the Zcash product is one. The launch announcement names both Valour Inc. and Valour Digital Securities Limited as the group entities involved; the exact legal issuer of ISIN CH1108681763 is stated in the product's own Final Terms, which is the document to consult on that point.

For a Zcash holder, the significance is simple. Zcash is best known for its shielded transactions and its privacy model, and until recently the only ways to hold it were a crypto exchange account or a wallet you control. Listed products like this one, the 21Shares Zcash ETP on Euronext and the U.S. Zcash ETF (ZCSH) add a third route: brokerage-based price exposure without touching the asset itself. What that route gives you, and what it does not, is the subject of the rest of this guide.

Is There a Zcash ETF in Sweden?

Not a conventional one. The Swedish product is an ETP, not an ETF.

If you searched "Zcash ETF Sweden" and landed here, the product you are looking for is the Valour Zcash ETP, and it is worth knowing why the word matters.

In Europe, a conventional ETF is normally a UCITS fund, regulated under the EU's fund rulebook. UCITS requires a fund to hold a diversified portfolio of sufficiently liquid assets. A fund that holds a single cryptoasset generally cannot meet that diversification requirement, so there is no UCITS-regulated "Zcash ETF" in Sweden or anywhere else in the EU. That is a structural feature of European fund regulation, not something specific to Zcash. Our 21Shares guide covers the UCITS point in more depth.

The structure the industry uses instead is the ETP, exchange-traded product. An ETP is a security, typically debt-like in legal form, whose value is designed to track a specific asset. It is listed on a trading venue, has an ISIN, trades through the same brokerage infrastructure as shares and ETFs, and settles the same way. For the practical experience of buying and selling, an ETP and an ETF feel alike. Legally and structurally they are different things, and the differences matter for what you own and what risks you carry, which is why this guide uses "ETP" throughout.

One more distinction worth knowing: Spotlight Stock Market is a multilateral trading facility (MTF), which Valour's own announcement states. An MTF is a regulated type of trading venue under EU rules, but it is not the same category as a "regulated market" such as Nasdaq Stockholm's main market. This affects nothing about the mechanics of buying the product, but it is the accurate way to describe where it trades.

What Do You Actually Own?

You own a security that tracks ZEC. You do not own ZEC. This is the single most important point in the guide, so it is stated plainly here and repeated in the FAQ.

Concretely, when you hold the Valour Zcash ETP:

• You do not receive ZEC into a Zcash wallet.
• You do not hold, and cannot export, any private keys or viewing keys.
• You cannot withdraw the underlying ZEC into a wallet. The only way out of the position is to sell the securities on the exchange.
• You cannot make shielded transactions, send or receive ZEC, or interact with the Zcash network in any way through the product. Shielded transactions require holding ZEC yourself in a compatible wallet. See our guide to shielded vs. transparent transactions for what that involves.
• Your counterparty is the issuer and the market, not the blockchain. The value of your position depends on the product's structure operating as documented, not only on the ZEC price.

If what you actually want is ZEC, with the ability to spend it, shield it, or hold your own keys, the ETP is the wrong tool by design. See How to Buy Zcash for the direct route, our exchange directory for where ZEC trades, and the wallet guide for where to keep it.

What "Exposure to the Price Performance of ZEC" Means

The phrase Valour uses is precise, and it is worth reading precisely. "Exposure to the price performance" means the product is designed so that its value moves with the ZEC price, net of costs. It does not mean the product is ZEC, and it does not on its own say how the issuer achieves the tracking.

Three ideas are easy to blur together here, and keeping them apart is the key to understanding any crypto ETP:

1. Price exposure describes what the product is designed to deliver to you: a return that follows ZEC. Every ZEC-linked ETP promises this.
2. Hedging or backing describes what the issuer does on its own side to be able to deliver that return. An issuer might hold ZEC corresponding to the securities in issue, hold ZEC in a segregated or collateral structure, or use other arrangements. What applies to a given product is set out in its legal documentation, and the wording matters: "backed", "physically backed", "collateralised" and "hedged" are not interchangeable terms.
3. Direct ownership describes holding ZEC yourself. No ETP, whatever its backing model, gives you this. Even where an issuer holds coins corresponding to the securities, those coins belong to the issuer's structure, not to you personally.

Price exposure is the promise. Hedging or backing is the issuer's method. Direct ownership is something else entirely. The next section explains why this guide is careful about the second of the three.

Is the Valour Zcash ETP Backed by Actual ZEC?

The launch announcement establishes that the product provides price exposure to ZEC. It does not, in the text we have reviewed, describe the backing or custody arrangement for this specific product. This guide therefore does not characterize the Valour Zcash ETP as physically backed, backed 1:1 with ZEC, or collateralised, and does not name a custodian for it. Those are statements that belong to the product's own legal documents, and they should be read there rather than inferred.

That is not a warning about the product. It is the honest position for an independent guide written at launch, and it is also the right habit for any investor: the backing model of an ETP is a legal fact, defined in the prospectus and Final Terms, not a marketing label. Valour, like other European issuers, publishes a base prospectus and product-specific Final Terms and a Key Information Document (KID). Those documents answer the questions this section deliberately leaves open:

• Which legal entity issues ISIN CH1108681763, and under which base prospectus.
• Whether and how the issuer holds ZEC against the securities in issue, and through which custodian.
• Whether investors have any security interest in those assets, or an unsecured claim on the issuer.
• How the product can be redeemed, and on what terms.

Two things are true regardless of what those documents say. First, whatever the backing arrangement, it does not give you personal ownership of any ZEC. Second, every ETP carries some degree of issuer risk: the value of your position depends on the issuer's structure performing as documented. How much that risk is mitigated depends on the legal structure, which is exactly why the documents are worth reading.

We will update this section once the product-specific documentation has been reviewed. Until then, treat any third-party description of this product as "backed" or "not backed" with the same caution, and go to the source.

Where Does the Valour Zcash ETP Trade?

Spotlight Stock Market is a Swedish trading venue with a dedicated segment for exchange-traded products. It is where Valour lists its Nordic, SEK-denominated product range. Trading follows Spotlight's own opening hours, which are published on Spotlight's website and are Stockholm business hours, not the 24/7 schedule of the Zcash network itself.

The practical consequence is that your broker must offer Spotlight for you to trade the product at all. Spotlight is well covered by Nordic brokers but is not a venue every European or international broker connects to. Checking venue access is the first step in finding the product through a broker below.

Why Is the Product Denominated in SEK?

Because it is listed in Sweden for a Swedish-market audience. Valour's Spotlight range is priced in Swedish kronor so that Swedish investors can buy, hold and sell it in their own currency without a conversion step at the broker.

ZEC itself, however, is priced globally in U.S. dollars and other currencies on crypto exchanges. A SEK-denominated product that tracks ZEC therefore reflects two things at once: the ZEC price and the exchange rate between the currency ZEC is priced in and the krona. In practice this means:

• If ZEC rises in USD terms but the dollar weakens against the krona, the SEK value of the product rises by less than the USD move, and vice versa.
• A Swedish investor holds ZEC exposure "in krona terms", which is usually what a krona-based investor wants.
• An investor whose base currency is not SEK adds a second currency layer: their own currency against the krona, on top of the krona against the dollar.

Whether the product applies any currency hedging is a question for its Final Terms. This guide does not assume it does. For a quick sense of ZEC's price in the currencies most people quote it in, our converter covers USD and EUR.

What Is ISIN CH1108681763 Useful For?

The ISIN, International Securities Identification Number, is the one identifier you should rely on. It is globally unique to this product, it does not change if a short name or ticker changes, and it is the same across every broker.

• Broker search. Paste CH1108681763 into your broker's search box. If the product is available to you, this finds it. If it returns nothing, your broker does not offer it (or does not offer Spotlight).
• Telling products apart. The 21Shares Zcash ETP has a different ISIN, CH1608218801. The U.S. Zcash ETF has a U.S. identifier. Searching by name ("Zcash ETP") can surface any of them; searching by ISIN cannot.
• Reading documents. Final Terms, KIDs and exchange notices reference the ISIN. It is how you confirm a document is about this product and not a sibling.

What the 1.9% Management Fee Means

Valour states a management fee of 1.9% per year. This is the issuer's ongoing charge for running the product. As with other exchange-traded products, a fee of this kind is not billed to you separately; it is reflected in the value of the product over time, so the product's SEK value is designed to track ZEC minus the fee, not ZEC exactly.

The management fee is not the whole cost of holding the product. Depending on your broker and account, you may also pay:

• Your broker's commission on each trade.
• Any venue or clearing fees your broker passes through.
• The bid/ask spread at the time you trade, which can be wider on a newly listed or thinly traded product.
• Currency conversion costs, if your account's base currency is not SEK.

None of those are set or disclosed by Valour. Check your broker's fee schedule and the product's Key Information Document, which is designed to show the cost impact over time, before you trade.

We are not making any tax claims here. Tax treatment of ETPs and crypto-linked products varies by country and by personal circumstances, and it changes. Consult a qualified tax advisor in your own jurisdiction rather than relying on a general guide.

How to Find the Valour Zcash ETP Through a Broker

The exact screens differ by platform, but the process is the same everywhere. This guide does not name specific brokers as offering the product, because availability differs by platform and can change; the steps below let you find out for yourself in a couple of minutes.

1. Use a securities brokerage account

You need an ordinary securities or stock brokerage account, not a crypto exchange account. If your existing broker lets you trade shares or ETFs, it is the right type of account. Whether it offers this particular product is the next question.

2. Confirm your broker offers Spotlight Stock Market

The product trades only on Spotlight. Check your broker's list of markets or venues, or ask their support team directly whether Spotlight Stock Market (Sweden) is available for trading. Nordic brokers commonly offer it; brokers elsewhere may or may not.

3. Search by ISIN

Search for CH1108681763. Do not rely on searching "Valour Zcash" or "ZEC", which may return nothing, a different product, or a sibling Valour product. If the ISIN returns the product, note the exact name and currency shown before proceeding.

4. Read the product documentation

Before ordering, open the current Key Information Document and Final Terms for the product, either from your broker's instrument page or from Valour's issuer reporting pages. These confirm the issuer, the fee, the backing arrangement, the redemption terms and the risk disclosures, all of which this guide points to but does not restate. A KID is short and written for retail investors; it is the single most useful document to read.

5. Check the practical costs

Look at the live bid/ask spread, your broker's commission for Spotlight trades, and whether a currency conversion applies to your account. Decide between a market order (fills at the current price) and a limit order (fills only at or better than a price you set); on a new listing with thinner trading, a limit order gives you control over the price you pay.

6. Place the order, and know what you hold afterward

Enter the number of securities and submit the order through your broker's normal order screen. Afterward, you hold a security tracking ZEC in a brokerage account. You do not hold ZEC. If that distinction matters to you, re-read What Do You Actually Own? before ordering, not after.

Risks to Understand

This list is factual, not a recommendation either way. The product's own KID and Final Terms contain the authoritative risk disclosures; this is an overview.

• ZEC price risk. The product is designed to track ZEC, a volatile asset. Losses, including large ones, are possible.
• Issuer and structure risk. An ETP is a security issued by a company. Its value depends on the issuer's structure performing as documented. How this is mitigated depends on the legal structure and any backing arrangement, which this guide has not verified for this product.
• Tracking differences. The management fee, spreads and structural mechanics mean the product's market price will not track ZEC with perfect precision.
• Liquidity and spread risk. A newly listed product on a single venue can trade thinly. Wider spreads raise the real cost of getting in and out.
• Currency risk. The product is priced in SEK while ZEC is priced globally in USD. You carry the exchange rate between them, and a further layer if your own base currency is not SEK.
• Venue and broker access. The product trades only on Spotlight Stock Market. If your broker does not offer Spotlight, or drops it, you cannot trade the product there.
• Regulatory change. European rules for crypto-linked products are still developing. Product availability, structure and eligibility can change.
• Ongoing cost. The 1.9% fee is a recurring cost of holding the product, unlike the one-time costs of buying and self-custodying ZEC.
• No direct ownership or control of ZEC. Covered above, but it is a limitation in its own right for anyone who specifically wants the asset.

ETP Ownership vs Owning ZEC Directly

Neither is "better" in the abstract. An ETP gives you price exposure inside familiar brokerage infrastructure and removes the wallet and key-management work. Direct ownership gives you the asset and everything that comes with it, including Zcash's privacy features, which no listed product can pass through. If direct ownership is what you want, start with How to Buy Zcash, then choose a wallet.

Valour Zcash ETP vs the U.S. Zcash ETF (ZCSH)

If you have seen "Zcash ETF" in financial news, that usually refers to a different product: The Zcash ETF, ticker ZCSH, sponsored by Grayscale and trading on NYSE Arca in the United States. We track it live on our ZCSH page and explain its history in the ZCSH guide.

Structurally, the two are not the same kind of thing:

The U.S. product is a different legal wrapper under a different regulator, and U.S.-listed products are commonly unavailable to EU retail investors without documentation that satisfies EU rules. A Swedish retail investor should not assume access to ZCSH, and a U.S. investor should not assume access to a Spotlight-listed ETP. Both products share the one property that matters most for a Zcash holder: neither gives you ZEC.

Valour Zcash ETP vs 21Shares Zcash ETP

Europe now has two listed Zcash products from two issuers. The 21Shares Zcash ETP began trading on Euronext on September 22, 2026; the Valour product followed on Spotlight one week later. They are separate securities with separate ISINs, venues, currencies and fee levels. The table shows the verified facts side by side and stops there. It does not declare a winner, because the right product, if either, depends on which venues your broker offers, which currency you want to hold, and what the product documentation says about structure.

Each issuer uses its own fee terminology ("management fee" versus "annual product fee"); the table keeps each issuer's wording rather than normalising it. For the full treatment of the 21Shares product, including its Euronext venues, WKN and custody wording, see Zcash ETF Europe: How to Buy Zcash Through the 21Shares ETP.

Frequently Asked Questions

See the FAQ section below this article for direct answers to the most common questions: what the product is, whether it is an ETF, its ISIN, where it trades, the fee, whether it is backed by ZEC, what you own, and how it differs from the 21Shares product.

Sources

Primary sources first. Product-specific legal documents (Final Terms and Key Information Document for ISIN CH1108681763) had not been reviewed at the time of writing; this guide will be updated once they have been.

• Valour: "Valour Launches Zcash (ZEC) ETP", September 29, 2026
• DeFi Technologies via GlobeNewswire: "DeFi Technologies' Subsidiary Valour Launches Zcash (ZEC) ETP", September 29, 2026
• Valour: Issuer Reporting (base prospectuses, Final Terms and related documents)
• Spotlight Stock Market: exchange-traded products
• Spotlight Stock Market: opening hours
• 21Shares: Zcash ETP (ZCASH) product page, for the 21Shares figures in the comparison table
• Our own 21Shares Zcash ETP guide and ZCSH guide, with full sourcing for those products

This article is for informational purposes only and does not constitute investment, legal or tax advice. ZecZcash is an independent Zcash community site and is not affiliated with Valour, DeFi Technologies, Spotlight Stock Market, 21Shares, Euronext, Grayscale or any broker. Always verify current product terms, fees and availability directly with the issuer and your broker before making any decision.

If you are new to Zcash itself, what it is, how shielded transactions work and the basics of self-custody, our Learn hub is the place to start before deciding how you want exposure to it.