According to CoinMeta, the Winklevoss twins are applying to regulatory authorities to launch a Zcash exchange-traded fund (ETF) that will directly hold ZEC and aim to track its price. The fund is planned to trade on NASDAQ under the ticker "WINK" with a management fee of 0.25%. Winklevoss Capital Fund indicates an intention to purchase up to $100 million worth of shares, although this commitment is not binding. The application is made against the backdrop of the Zcash rebound, and Zcash is a privacy coin that allows users to protect the sender, recipient, and amount of transactions through zk-snarks encryption technology. The application still requires approval from the U.S. Securities and Exchange Commission (SEC) before trading can begin.