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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →A Zcash ETF is an exchange-traded product that gives investors exposure to ZEC through shares in a trust. Grayscale’s The Zcash ETF, ticker ZCSH, holds ZEC and trades on NYSE Arca; buying a share does not mean you directly own or control ZEC. The product began trading on August 25, 2026, after changing its name from Grayscale Zcash Trust (ZEC) the previous day.
What is The Zcash ETF?
The Zcash ETF is a Delaware statutory trust sponsored by Grayscale. It holds ZEC, Zcash’s cryptocurrency, and issues shares representing fractional beneficial interests in the Trust. Its stated objective is for the value of its shares, based on the amount of ZEC per share, to reflect the value of the Trust’s ZEC using an index price, less fees, expenses and liabilities. The product trades on NYSE Arca under the ticker ZCSH.
The product was previously called Grayscale Zcash Trust (ZEC). NYSE Arca certified its listing on August 24, 2026, and Grayscale announced that trading began August 25, 2026. See the SEC-filed Form 8-A, the NYSE Arca certification and Grayscale’s launch announcement.
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How does ZCSH work?
The Trust holds ZEC with a custodian. Investors generally buy and sell ZCSH shares through a brokerage account, so they trade a security rather than sending ZEC to a personal wallet. The shares represent an interest in the Trust’s holdings, not a claim to withdraw a particular amount of ZEC on demand.
Share creation and redemption
The prospectus describes creation and redemption in baskets of 10,000 shares, handled by Authorized Participants (APs), rather than as a process available directly to every shareholder. Under the structure described in the filing, APs can place cash orders, with liquidity providers acquiring or disposing of ZEC in connection with those orders. The prospectus also permits in-kind creations, in which an AP or its designee deposits ZEC with the Trust.
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As described in that prospectus, in-kind redemptions were not permitted. Cash redemptions require the Sponsor’s written approval on a case-by-case basis. The Sponsor may limit cash creations and may halt creations or redemptions in specified circumstances. These arrangements can help keep the share price near the value of the Trust’s underlying assets, but they do not guarantee it will match net asset value (NAV).
Why the amount of ZEC per share can change
The ZEC represented by a basket is calculated from the Trust’s ZEC per share after accrued fees and expenses. The amount of ZEC attributable to each share can fall over time as ZEC is transferred or sold to cover the Sponsor’s Fee and certain expenses. The prospectus says the Sponsor generally assumes ordinary expenses, while certain extraordinary expenses may be paid by the Trust.
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What does ZCSH cost?
The prospectus filed August 25, 2026, states an annual Sponsor’s Fee of 2.5% of its specified net asset value fee basis. It accrues daily and is paid to the Sponsor in ZEC. The Sponsor may temporarily waive some or all of the fee at its discretion; the prospectus said it did not then intend to waive it. Fees reduce the Trust’s assets over time and, consequently, the ZEC represented per share. Check the latest prospectus for current fee and expense terms.
Is ZCSH the same as owning ZEC?
No. With ZCSH, you own shares in a trust that holds ZEC; you do not directly own the cryptocurrency or control the Trust’s wallet. A shareholder’s exposure is mediated by the Trust’s custody, expenses, share price and operating arrangements. A ZEC owner, by contrast, holds the digital asset directly and is responsible for choosing and securing its storage. ZCSH can provide brokerage-based exposure without requiring an investor to manage a crypto wallet, but that convenience does not make the share equivalent to ZEC.
How is a Zcash ETF different from a conventional ETF?
Despite its name and exchange listing, the Trust is not registered as an investment company under the Investment Company Act of 1940. Grayscale says it therefore does not have the same regulations and protections as registered investment-company ETFs and mutual funds. Exchange trading alone should not be taken to mean that the Trust has the legal status or protections of a conventional registered ETF. The SEC-filed prospectus and Grayscale’s launch announcement describe the structure and associated risks.
What is Zcash’s privacy feature, and why does it matter?
Zcash supports both shielded and unshielded transactions. According to the prospectus, shielded transactions use zk-SNARKs to protect transaction amounts and sender and recipient details. Unshielded transactions are publicly viewable and can support selective disclosure. ZCSH gives exposure to ZEC; it does not itself make a shareholder’s brokerage trades private or provide the shareholder with control over Zcash transaction settings. The prospectus also warns that privacy technology has distinct vulnerabilities and that its underlying cryptography could fail.
The prospectus reported a maximum supply of 21 million ZEC, a circulating supply of 16.7 million ZEC as of June 30, 2026, and Trust holdings equal to approximately 2.3% of circulating ZEC as of June 30, 2026. These are dated figures, not live supply or holdings data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What are the main risks?
- Price volatility: ZCSH is exposed to ZEC, whose price can rise or fall sharply; Grayscale cautions that investors could lose their entire investment.
- Premiums and discounts: Shares can trade above or below NAV, and the creation and redemption process does not ensure that market price stays aligned with the Trust’s asset value.
- Custody and service-provider dependence: The Trust relies on custodians, liquidity providers and other service providers to operate.
- Operational disruption: Interruptions to ZEC trading platforms or the Zcash network, or difficulties creating and redeeming shares, may affect the Trust and its shares.
- Cryptographic and privacy risks: Vulnerabilities in cryptography or privacy technology could affect Zcash.
- No benefits from forks or airdrops: The prospectus says shareholders do not receive the benefits of forks or airdrops.
For the full terms, including risk disclosures and operational conditions, consult the SEC-filed prospectus.
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