Tuttle files for leveraged ETFs including 2x Zcash funds

Tuttle Capital Management has filed for a fresh batch of leveraged ETFs. The lineup includes 2x Asian Memory and 2x Zcash funds.

The Zcash side is where things get layered. 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.

The first is the Tuttle Capital 2X Long CYPH Daily Target ETF. It tracks Cypherpunk Technologies Inc., which trades under the ticker CYPH.

Cypherpunk Technologies is not a pure Zcash vehicle. It is a company whose strategy is anchored predominantly by Zcash holdings.

The second is the Tuttle Capital 2X Long WINK Daily Target ETF. It aims to deliver double the daily return of the proposed Winklevoss Zcash ETF.

The underlying product is still on paper. Winklevoss Asset Services filed an S-1 registration for that fund on October 6, 2026, just over two weeks before Tuttle’s filing.

The batch also includes a 2x Asian Memory fund. That product sits alongside the Zcash offerings as part of Tuttle’s broader thematic push.

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%. If the target falls 3%, the fund aims to fall 6%.

The key word is “daily.” 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.

Background: Tuttle’s leverage habit

This is far from Tuttle’s first leveraged crypto product. The firm has previously launched or filed multiple 2x funds.

Those include Bitcoin ETFs that launched in July 2024. In 2025, the firm followed with a series of crypto and meme token ETF proposals.

Grayscale’s spot Zcash ETF, which trades under the ticker ZCSH, launched on August 25, 2026. It quickly gathered over $900M–$1B in assets.

What this means

The WINK fund carries a particular dependency. Its existence is tied to the Winklevoss Zcash ETF actually reaching the market. If the underlying fund stalls, the leveraged version has nothing to track.

The CYPH fund raises a different set of questions. Its returns depend on Cypherpunk Technologies’ share price, which may not move in lockstep with Zcash itself.

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.

Daily leveraged funds are generally designed as short-term trading tools, and the potential for a total loss on a brutal day is part of the package.