Tuttle Capital Management has filed for a new batch of leveraged ETFs, including two 2x Zcash funds. One of them would track another ETF that does not yet exist.
Tuttle Capital Management filed for a fresh batch of leveraged ETFs that includes 2x Asian Memory and 2x Zcash funds. On the Zcash side, one proposed fund would deliver double the daily performance of another ETF that does not yet exist.
What Tuttle filed
The filings went to the SEC on October 21, 2026, through the ETF Opportunities Trust. Two of the products focus on Zcash exposure, each aiming for 200% of a target's daily performance.
One is the Tuttle Capital 2X Long CYPH Daily Target ETF, which tracks Cypherpunk Technologies Inc., a company that trades under the ticker CYPH. That company is not a pure Zcash vehicle, but its strategy is anchored predominantly by Zcash holdings.
Another is the Tuttle Capital 2X Long WINK Daily Target ETF. It aims to deliver double the daily return of the proposed Winklevoss Zcash ETF, for which Winklevoss Asset Services filed an S-1 registration on October 6, 2026.
How a 2x daily target fund works
A "daily target" ETF tries to match a multiple of its benchmark's return over a single trading day. If the target rises 3% on a given day, a 2x fund aims to rise 6%, and if it falls 3%, the fund aims to fall 6%.
The 2x promise resets every session, so it applies to one day's move rather than to returns over weeks or months. These products also carry heightened risk: on particularly volatile days, investors in leveraged ETFs face the potential for a total loss of principal.
Tuttle's record with 2x funds
The firm has previously launched or filed multiple 2x funds. Those include Bitcoin ETFs that launched in July 2024, followed in 2025 by a series of crypto and meme token ETF proposals.
Meanwhile, Grayscale's spot Zcash ETF, which trades under the ticker ZCSH, launched on August 25, 2026. It quickly gathered over $900M–$1B in assets.
Each fund carries its own dependency
The WINK fund's existence is tied to the Winklevoss Zcash ETF actually reaching the market. If the underlying fund stalls, the leveraged version has nothing to track.
Returns on the CYPH fund depend on Cypherpunk Technologies' share price, which may not move in lockstep with Zcash itself. Because company stocks can trade at premiums or discounts to the value of their holdings, a 2x fund on such a stock doubles not just the Zcash exposure but also any gap between the company's valuation and its assets.
Source: Crypto Briefing
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