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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchAs of October 7, 2026, Grayscale’s ZCSH is the Zcash exchange-traded product documented as trading: it began trading on NYSE Arca on August 25, 2026. The proposed Winklevoss Zcash ETF, ticker WINK, appears only in a preliminary SEC filing and is not established as approved or trading. ZCSH’s stated annual sponsor fee is 2.5%, but that rate does not necessarily cover every possible expense. To assess liquidity, compare dated ETF share volume, bid-ask spreads, and premiums or discounts to net asset value (NAV)—not the trading volume of ZEC itself.
Which Zcash ETFs are actually trading?
The SEC prospectus identifies The Zcash ETF (ZCSH) as listed on NYSE Arca, and Grayscale announced that it began trading on August 25, 2026. ZCSH holds ZEC; a shareholder owns fund shares, not ZEC directly. The issuer says the product is not registered under the Investment Company Act of 1940, so it should not be assumed to have the same legal structure as a conventional ’40 Act ETF. SEC prospectus; Grayscale launch announcement.
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The SEC’s October 6, 2026, preliminary prospectus for the Winklevoss Zcash ETF proposes ticker WINK and an expected Nasdaq listing. It is explicitly subject to completion, contains material blanks, and says there was no public market for the shares before the offering. Treat it as a proposal, not a trading alternative with finalized terms. Winklevoss preliminary prospectus.
| Product | Status in cited filings | Fee | Named ZEC custodian | Share-market data |
|---|---|---|---|---|
| ZCSH (Grayscale) | Trading on NYSE Arca since August 25, 2026 | 2.5% annual sponsor fee, accruing daily; see expense qualifications below | Coinbase Custody Trust Company, LLC | No verified current average daily share volume or same-day spread snapshot established at the October 7, 2026 cutoff |
| WINK (Winklevoss) | Preliminary S-1 dated October 6, 2026; expected Nasdaq listing, not established as approved or trading | Not disclosed/final in the preliminary filing | Gemini Trust Company, LLC, in the proposed arrangement | No public-market share volume; filing says no public market existed before the offering |
Terms and status are based on the ZCSH prospectus and WINK preliminary prospectus. Recheck effective filings and exchange listings for any later change.
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How to compare sponsor fees and other expenses
ZCSH’s stated fee is not a blanket cap on costs
The ZCSH prospectus states that the sponsor fee accrues daily at an annual rate of 2.5% of the NAV Fee Basis Amount and is payable in ZEC. The sponsor undertakes to pay specified ordinary-course expenses, including custody, administration, transfer-agent and trustee services, and certain listing costs up to $600,000 per fiscal year. It also lists legal, audit, regulatory, website, and license costs among expenses it covers under the stated terms.
Taxes and certain extraordinary or nonrecurring expenses are excluded. Listing costs above the annual cap and certain extraordinary legal or other enumerated costs may be charged to the trust. The sponsor may temporarily waive some or all of the fee, but the prospectus says it presently does not intend to do so. Therefore, compare the fee rate alongside what the sponsor pays, the exclusions, and any costs associated with brokerage or share trading; do not interpret 2.5% as a guarantee that every possible cost is covered. ZCSH prospectus.
Do not treat a preliminary fee as comparable
The cited WINK preliminary prospectus does not establish a finalized sponsor fee. Compare it with ZCSH only after WINK has an effective final prospectus, and check any waiver, sponsor-paid ordinary expenses, exclusions, extraordinary-expense provisions, and creation or redemption costs. WINK preliminary prospectus.
Who holds the ZEC, and what do the other providers do?
For ZCSH, Coinbase Custody Trust Company, LLC is the named custodian. Coinbase, Inc. is the prime broker; CSC Delaware Trust Company is trustee; The Bank of New York Mellon is administrator and transfer agent; and Continental Stock Transfer & Trust Company is co-transfer agent. These are distinct roles: the custodian safeguards ZEC and private keys, while the other providers perform brokerage, trust, administration, or share-recordkeeping functions. ZCSH prospectus.
The preliminary WINK filing names Gemini Trust Company, LLC as intended custodian. It describes Gemini as a New York State-chartered limited liability company supervised by the New York State Department of Financial Services and identifies it as an affiliate of the proposed sponsor, Winklevoss Asset Services, LLC. Because the filing is preliminary, this is a proposed arrangement, not evidence of an operating fund’s current custody setup. WINK preliminary prospectus.
How to compare trading volume and liquidity
ETF share volume is not ZEC market volume
The ZCSH prospectus reports approximately $195.0 million in underlying Zcash 24-hour trading volume as of June 30, 2026. That is ZEC market activity, not ZCSH share volume. The prospectus also reports constituent-venue pair data through June 30, 2026: ZEC-USD volume totaled 22,999,524 ZEC, with a stated 25.94% market share, and ZEC-USDC volume totaled 7,514,647 ZEC, with a stated 85.64% market share. These figures reflect the filing’s venue set and methodology; they are not ETF share turnover or undated measures of current market activity. The prospectus says its index methodology uses trading volume and price data and adjusts weighting to reduce anomalous or potentially manipulative observations. ZCSH prospectus.
Use same-date share-market measures
For listed products, compare a consistent lookback period and date for each fund. A useful liquidity check includes:
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- Average daily share volume over a stated period, rather than a single-session figure.
- Typical bid-ask spread, since the quoted gap affects the price available to buyers and sellers.
- Market depth or assets, if reliably available, to add context to turnover.
- Premium or discount to NAV, which shows whether shares have been trading above or below the value of their underlying holdings.
The cited filings do not provide a verified current average daily ZCSH share volume or same-day spread snapshot at the October 7, 2026 cutoff. Obtain dated exchange or broker market data before making a current liquidity comparison. No WINK share-volume comparison is possible from its preliminary filing because it states there was no public market before the offering. ZCSH prospectus; WINK preliminary prospectus.
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Volume alone does not establish that a fund will be easy to trade at a particular price. Spreads, available depth, and price relative to NAV also matter. Exchange hours do not cover the 24-hour digital-asset market, so overnight ZEC price moves can contribute to a gap when an exchange reopens. ZCSH’s prospectus warns that shares may trade above or below NAV and that an active market is not guaranteed. ZCSH prospectus.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Check listing and redemption terms by date
Redemption status can change with a fund’s structure and listing. Grayscale’s predecessor trust reported that it did not operate a redemption program as of June 30, 2026; the later ZCSH prospectus describes ongoing issuance and redemption mechanics in connection with its NYSE Arca listing. Those are dated, different arrangements, so the predecessor’s June report should not be used as a description of the post-listing product. June 30, 2026 Form 10-Q; ZCSH prospectus.
The ZCSH prospectus also describes predecessor shares trading at a discount on 700 days from October 18, 2021, through June 30, 2026, including a 17% discount on June 30, 2026. This historical OTCQX record is not a forecast of ZCSH’s post-listing premium or discount; assess the listed shares using current, dated market data instead. ZCSH prospectus.
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- Confirm status: verify that the product has an effective prospectus and is actually listed and trading, rather than relying on a proposed ticker or expected exchange listing.
- Compare fee terms: record the annual sponsor-fee rate, how it accrues, expenses paid by the sponsor, exclusions, caps, and any waiver provisions.
- Identify the custodian: distinguish the entity safeguarding ZEC and keys from the prime broker, trustee, administrator, and transfer agent; note any disclosed sponsor affiliation.
- Compare liquidity on matching dates: use the same lookback for average daily share volume and include spreads, depth where available, and premium or discount to NAV.
- Check mechanics and benchmark: review the current creation/redemption terms and how the product determines its reference price or index, rather than assuming those details are identical across funds.
For ZCSH, the fee, service-provider roles, index discussion, and listing mechanics are set out in its SEC prospectus. WINK’s cited preliminary prospectus leaves important terms incomplete.
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