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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsAs of October 7, 2026, Grayscale’s Zcash ETF (ZCSH) is trading on NYSE Arca; the Winklevoss Zcash ETF (proposed ticker WINK) is not. Its October 6 SEC filing is preliminary, with material terms still incomplete. For a useful comparison, separate a fund’s stated sponsor fee from expenses it may not cover, identify who actually safeguards its ZEC, and compare dated ETF share-market data—not the trading volume of ZEC itself.
Which Zcash ETFs are actually available to compare?
The SEC prospectus identifies The Zcash ETF, ticker ZCSH, as approved for listing on NYSE Arca, and Grayscale said trading began on August 25, 2026. ZCSH holds ZEC; a shareholder owns fund shares, not ZEC directly. Grayscale says the product is not registered under the Investment Company Act of 1940, so it should not be assumed to have the same structure as a conventional ’40 Act ETF. SEC prospectus · Grayscale trading announcement
The Winklevoss filing describes a proposed fund expected to trade on Nasdaq under WINK, but it is marked subject to completion and is not evidence of an effective offering or a trading product. It says no public market existed for the shares before the offering. Its fee and several other terms are not finalized in that filing. SEC preliminary prospectus
| Product | Status and venue | Fee information | Custody information |
|---|---|---|---|
| The Zcash ETF (ZCSH) | Trading on NYSE Arca since August 25, 2026, according to Grayscale | 2.5% annual sponsor fee, accruing daily on the NAV Fee Basis Amount | Coinbase Custody Trust Company, LLC |
| Winklevoss Zcash ETF (proposed WINK) | Preliminary S-1; expected Nasdaq listing, not established as trading | Not finalized or disclosed in the preliminary filing | Gemini Trust Company, LLC is named as intended custodian |
Terms and roles above come from the ZCSH prospectus and the Winklevoss preliminary prospectus. Recheck the filings for changes before treating the proposed product’s terms as settled.
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How should you compare fees?
Start with the recurring sponsor fee
ZCSH’s prospectus states an annual sponsor fee of 2.5% of the NAV Fee Basis Amount, accruing daily and payable in ZEC. That is the stated ordinary recurring expense, not a guarantee that every possible cost is included.
Read what the sponsor pays—and what it excludes
Grayscale undertakes to cover specified ordinary-course expenses, including custody, administration, transfer-agent and trustee services, as well as certain listing costs up to $600,000 per fiscal year, legal, audit, regulatory, website, and license expenses. Taxes and certain extraordinary or nonrecurring expenses are excluded. Listing costs above the annual cap and specified extraordinary expenses may be charged to the trust, reducing its assets. The sponsor may waive some or all of its fee temporarily, but the prospectus says it does not presently intend to do so. ZCSH prospectus
When another fund has a final, effective prospectus, compare its fee alongside the expense coverage, exclusions, waiver terms, and any creation, redemption, or brokerage costs that may fall outside the sponsor fee. Do not rank WINK by fee until those terms are finalized; the preliminary filing does not establish one.
Who holds the ZEC, and what do the other providers do?
For ZCSH, the named custodian is Coinbase Custody Trust Company, LLC. 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 titles describe different jobs: the custodian safeguards the ZEC and private keys, while the prime broker and the trust’s administrative, trustee, and transfer-agent providers perform other brokerage or operational functions. ZCSH prospectus
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →The preliminary Winklevoss filing names Gemini Trust Company, LLC as the intended custodian. It describes Gemini as an affiliate of the proposed sponsor, Winklevoss Asset Services, LLC, and as a New York State-chartered limited liability company supervised by the New York State Department of Financial Services. These are proposed-fund disclosures, not evidence about an operating WINK fund. The filing leaves several other service-provider and benchmark fields blank. Winklevoss preliminary prospectus
For a complete custody comparison, check the named legal custodian, its stated regulatory status, whether it is affiliated with the sponsor, and which responsibilities belong to other providers. A prime broker or administrator should not be described as the custodian simply because it appears in the same service-provider list.
How do you compare trading volume and liquidity?
Do not confuse ZEC market volume with ETF share volume
ZCSH’s prospectus reports approximately $195.0 million in 24-hour Zcash trading volume as of June 30, 2026. That is volume in the underlying ZEC market, not the number or dollar value of ZCSH shares traded. The filing also reports, in its venue and pair data through June 30, 2026, 22,999,524 ZEC for the ZEC-USD pair with a stated 25.94% market share, and 7,514,647 ZEC for the ZEC-USDC pair with a stated 85.64% share. These are figures under the filing’s described data and methodology, not current ETF trading statistics. ZCSH prospectus
The prospectus says its index calculation uses price and trading-volume data and adjusts weighting to reduce the influence of anomalous or potentially manipulative observations. That benchmark methodology is separate from the question of how easily ZCSH shares can be traded.
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Check several same-date share-market measures
The cited filings do not establish a verified current average daily ZCSH share volume or a same-day bid-ask spread. For an up-to-date comparison, use exchange or broker market data and timestamp it. Compare the same lookback period for each listed fund, and examine:
- Average daily ETF share volume over a stated period, rather than a single trading-day snapshot.
- Typical bid-ask spread, which affects the price paid when buying or received when selling.
- Assets and available market depth, if reported.
- The share price’s premium or discount to net asset value (NAV).
Volume alone does not settle a liquidity question: a burst of trading may not persist, while spreads, market depth, and the relationship to NAV also matter. ETF shares trade during exchange hours, not around the clock like digital assets. An overnight ZEC move can therefore leave shares facing a price gap when the exchange reopens. The prospectus warns that shares can trade above or below NAV and does not guarantee that an active market will continue. ZCSH prospectus
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do listing and redemption terms tell you?
Listing status matters because a proposed fund has no public share-market record to compare. The Winklevoss filing says there was no public market for its shares before the offering; consequently, there is no comparable WINK share-volume or spread history in that filing.
ZCSH’s redemption arrangements also need to be read in date order. The predecessor Grayscale trust’s quarterly report for the period ended June 30, 2026 says it did not operate a redemption program then. That was before the NYSE Arca transition. The later ZCSH prospectus describes ongoing issuance and redemption mechanics associated with the listed product, so the predecessor’s historical status should not be carried forward as the current arrangement. June 30, 2026 Form 10-Q · ZCSH prospectus
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A practical comparison checklist
- Confirm the product is trading. Verify its exchange listing and effective prospectus; distinguish these from a preliminary registration filing.
- Compare the full fee terms. Record the annual sponsor rate, how it accrues, expenses the sponsor covers, exclusions, waiver provisions, and costs borne by the fund or shareholder.
- Identify the actual custodian. Note the legal entity, stated regulatory status, sponsor affiliation, and the division of work among custodian, prime broker, trustee, administrator, and transfer agent.
- Use dated ETF market data. Compare share volume over the same lookback, spreads, depth where available, and premium or discount to NAV; do not substitute global ZEC volume.
- Check listing and redemption mechanics. Use current product documents, since a predecessor trust’s historical terms may differ from a listed fund’s arrangements.
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