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As of October 7, 2026, Grayscale’s Zcash ETF (ZCSH) is the Zcash exchange-traded product documented as trading: it began trading on NYSE Arca on August 25, 2026. The Winklevoss Zcash ETF (proposed ticker WINK) appears only in a preliminary SEC filing, so it has no finalized fee or public trading history to compare. For ZCSH, the prospectus lists a 2.5% annual sponsor fee, names Coinbase Custody Trust Company as custodian, and does not establish a current average daily share volume or spread. Those distinctions matter: a sponsor fee is not necessarily every possible fund expense, and ZEC market volume is not ETF-share volume.
Which Zcash ETFs are actually trading?
The SEC prospectus identifies The Zcash ETF, ticker ZCSH, as approved for listing on NYSE Arca; Grayscale announced that trading began August 25, 2026. ZCSH holds ZEC, but someone buying its shares owns fund shares rather than directly holding ZEC. The issuer states that 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 ZCSH prospectus; Grayscale trading announcement.
The October 6, 2026 Winklevoss filing is preliminary and subject to completion. It says shares are expected to trade on Nasdaq under WINK, but it is not an offer to sell, contains blank material terms, and says no public market existed before the offering. Treat WINK as proposed—not approved, effective, or trading on the evidence in that filing. SEC preliminary Winklevoss prospectus.
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| Comparison point | ZCSH (operating product) | WINK (preliminary filing) |
|---|---|---|
| Trading status | Trading on NYSE Arca since August 25, 2026, according to Grayscale’s announcement. | Proposed Nasdaq listing; preliminary filing dated October 6, 2026, with no public market before the offering. |
| Annual sponsor fee | 2.5%, accruing daily on the NAV Fee Basis Amount, under the 2026 prospectus. | Not finalized or stated in the cited preliminary filing. |
| ZEC custodian | Coinbase Custody Trust Company, LLC. | Gemini Trust Company, LLC is named as intended custodian in the preliminary filing. |
| Current ETF-share volume and spread | Not established by the cited material at the October 7, 2026 cutoff; check dated market data. | No comparable share data: the preliminary filing says no public market existed before the offering. |
How should you compare the fees?
ZCSH’s prospectus says the only ordinary recurring expense expected is its sponsor fee: 2.5% annually, accruing daily on the NAV Fee Basis Amount and payable in ZEC. That is the stated sponsor-fee rate, not a blanket promise that shareholders can never bear another cost.
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Grayscale undertakes to cover specified ordinary-course expenses, including custody, administration, transfer-agent and trustee services, legal, audit, regulatory, website and license costs, plus certain listing expenses up to $600,000 per fiscal year. Taxes and certain extraordinary or nonrecurring expenses are excluded; listing costs above the cap and certain extraordinary expenses may be charged to the trust. The sponsor may temporarily waive some or all of its fee, but says it presently does not intend to do so. Review the prospectus for the exact expense provisions before comparing headline rates. ZCSH prospectus fee and expense provisions.
A lower advertised rate on a future product would not by itself establish that it is cheaper overall. Compare the effective prospectus’s fee waivers, which routine costs the sponsor pays, excluded and extraordinary expenses, and any creation/redemption or brokerage costs. The cited WINK preliminary filing does not establish a finalized fee.
Who holds the ZEC, and what do the service-provider roles mean?
For ZCSH, Coinbase Custody Trust Company, LLC is the custodian. The prospectus separately names Coinbase, Inc. as prime broker; CSC Delaware Trust Company as trustee; The Bank of New York Mellon as administrator and transfer agent; and Continental Stock Transfer & Trust Company as co-transfer agent. These are distinct roles: the custodian safeguards ZEC and private keys, while the prime broker handles brokerage-related functions and the trustee, administrator, and transfer agents perform their respective trust and shareholder-administration duties. ZCSH service-provider disclosures.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesThe WINK preliminary filing names Gemini Trust Company, LLC, an affiliate of the proposed sponsor, as intended custodian for the trust’s ZEC. It describes Gemini as a New York State-chartered limited liability company supervised by the New York State Department of Financial Services. This describes a proposed arrangement in a preliminary filing, not a live fund’s operating setup. Other provider and benchmark fields in the filing remain blank. WINK preliminary prospectus.
How do you compare trading volume and liquidity?
First distinguish fund-share activity from activity in ZEC itself. ZCSH’s prospectus reports approximately $195.0 million in underlying Zcash 24-hour trading volume as of June 30, 2026. It also gives constituent venue-pair figures through that date: 22,999,524 ZEC for ZEC-USD, described in the filing as 25.94% market share, and 7,514,647 ZEC for ZEC-USDC, described as 85.64%. These are ZEC venue/pair figures under the prospectus’s data and methodology—not shares traded in ZCSH and not a current ETF-volume ranking. The prospectus says its index uses trading-volume and price data and adjusts weighting to reduce the influence of anomalous or manipulative observations. ZCSH prospectus market-data discussion.
For listed funds, compare the same measures over the same dated period. A practical checklist is:
- Average daily share volume: record the lookback period and dates, not just a single session’s volume.
- Bid-ask spread: check the typical spread during the hours you might trade; volume alone does not show the cost of crossing the spread.
- Market depth and assets: use them where available to understand how much trading interest is available beyond the last transaction.
- Premium or discount to NAV: compare the share price with the fund’s net asset value at a matching time.
The cited filings and announcement do not provide a verified current average daily ZCSH share volume or same-day spread snapshot at the October 7, 2026 cutoff. WINK has no comparable share-volume history in its preliminary filing because it says there was no public market before the offering. Obtain current exchange or broker data, timestamp it, and use matching lookbacks before drawing a liquidity conclusion.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Exchange shares trade during exchange hours, while ZEC trades in a 24-hour digital-asset market. A material overnight ZEC move can therefore leave shares to adjust when the exchange reopens. ZCSH’s prospectus also warns that shares may trade above or below NAV and that continued active trading is not guaranteed.
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What listing and redemption history can—and cannot—tell you
The predecessor Grayscale Zcash Trust’s June 30, 2026 quarterly report said it did not operate a redemption program at that time. That is historical information about the predecessor before the NYSE Arca transition, not the post-listing arrangement. The later ZCSH prospectus describes ongoing issuance and redemption mechanics in connection with the listing. Use the later prospectus for current structure and terms. June 30, 2026 predecessor trust Form 10-Q; ZCSH prospectus.
The prospectus also reports that predecessor shares traded at a discount on 700 days between October 18, 2021 and June 30, 2026, and at a 17% discount on June 30, 2026. Those figures describe historical OTCQX pricing before the NYSE Arca transition. They are not a prediction or measurement of post-listing ZCSH premiums and discounts.
Quick Recap
A practical comparison sequence
- Confirm status and listing. Check the latest effective prospectus and exchange listing information. Distinguish a product actually trading from a preliminary filing.
- Read the full fee terms. Note the annual sponsor fee, accrual basis, payment form, sponsor-paid expenses, caps, exclusions, waivers, and potential costs outside the sponsor fee.
- Identify the actual custodian. Separate the ZEC custodian from the prime broker, trustee, administrator, and transfer agent; note whether any custody relationship is proposed or affiliated.
- Collect like-for-like liquidity data. On a dated basis, compare average daily share volume over the same lookback, typical spread, depth if available, and premium/discount to NAV.
- Check the benchmark and mechanics. Read how the fund values ZEC and handles issuance and redemption; do not infer these details from the ticker or from another product’s structure.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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