ETF Evaluator:
Grayscale Zcash Trust (ZEC) (ZCSH)
Follow This ETF
(as of Aug 07)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
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Risk
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ETF Details
Grayscale Zcash Trust (ZEC) Overview
Grayscale Zcash Trust (ZEC) (ZCSH) is a passively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Grayscale launched the ETF in 2017.
The investment seeks to provide investors a cost-effective and convenient way to invest in Zcash tokens (“ZEC”), while avoiding the complication of directly holding ZEC.
The Trust’s investment objective is for the Shares (based on ZEC per Share) to reflect the value of the ZEC held by the Trust, determined by reference to the index Price, less the Trust’s expenses and other liabilities.
About Grayscale Zcash Trust (ZEC) (ZCSH)
There are 1 members of the management team with an average tenure of 8.77 years: Management Team (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: ZCASH TOKEN USD index with a weighting of 100%. Grayscale Zcash Trust (ZEC) has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale Zcash Trust (ZEC) is part of the Other global asset class and is within the Miscellaneous ETF group. Grayscale Zcash Trust (ZEC) has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale Zcash Trust (ZEC) has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $177 million in total assets, which is below the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ZCSH Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale Zcash Trust (ZEC) expense ratio is high compared to funds in the Digital Assets category. Grayscale Zcash Trust (ZEC) has an expense ratio of 2.50%, which is 158% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale Zcash Trust (ZEC) has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, Grayscale Zcash Trust (ZEC) returned 14.1%, which earned it a grade of A, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale Zcash Trust (ZEC) has a trailing yield of 0.00%, which is below the 15.12% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale Zcash Trust (ZEC) Grades
Year to date, the ETF has returned -11.7%, 19.0 percentage points better than the category, which translates into a grade of A. The fund has returned 1090.2% over the past year (grade of A), 142.0% over the past three years (grade of A) and 30.5% per year over the past five years (grade of A).
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ZCSH Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ZCSH Return (NAV) | 14.1% | 29.7% | 1090.2% | 142.0% | 30.5% | na |
| ZCSH Return (Price) | -23.1% | 25.6% | 839.4% | 133.7% | 26.2% | na |
| NAV +/- Price Return | 37.218% | 4.102% | 250.759% | 8.370% | 4.314% | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| ZCSH Grade (NAV) | A | A | A | A | A | na |
| +/- Category (NAV) | 11.2% | 46.5% | 1122.3% | 135.9% | 47.6% | na |
| ZCSH Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
ZCSH Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ZCSH Return (NAV) | -11.7% | 782.8% | 92.5% | -26.1% | -76.0% | 136.4% | 120.8% | -52.7% | -88.7% | na | na |
| ZCSH Return (Price) | -1.4% | 446.8% | 96.9% | 65.9% | -86.3% | 120.7% | 120.8% | -52.7% | -88.7% | na | na |
| NAV +/- Price Ret | -0.880% | -0.429% | 0.047% | -3.524% | 0.136% | -0.116% | 0.000% | 0.0% | 0.0% | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| ZCSH Grade (NAV) | A | A | B | F | D | B | D | F | F | na | na |
| +/- Category | 19.0% | 792.7% | 26.8% | -153.9% | -3.7% | -63.0% | -54.3% | -64.5% | -7.3% | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | 249.7% |
| Category Risk Index: | 2.79 |
| Category Risk Rating: | High |
| Total Risk Index: | 20.36 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 177 Mil |
| Share Class Assets: | $ 177 Mil |
| Turnover: | na |
| Expense Ratio: | 2.50% |
| Index Fund: | Yes |
| Index Tracked: | ZCASH TOKEN USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Team Management (2017) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Grantor Trust |
| Fund Family: | Grayscale |
| Phone Number: | 212-668-1427 |
| Website: | |
| Inception Date: | October 24, 2017 |
Expenses and Fees
| Expense Ratio (%): | 2.50% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
