Grayscale's Zcash ETF, trading under the ticker ZCSH, submitted a free writing prospectus (FWP) with the SEC on November 10, 2026, in connection with an ongoing offering under Registration No. 333-291800.

Key Highlights

  • Ticker and structure: The fund is identified as the Zcash ETF with ticker ZCSH, described as an exchange traded product.
  • Not a 1940 Act fund: According to the filing, ZCSH "is not registered under the Investment Company Act of 1940" and therefore lacks the same regulatory protections as 1940 Act registered ETFs and mutual funds.
  • Risk disclosure: The filing states that "an investment in ZCSH is subject to a high degree of risk and heightened volatility."
  • Not a direct ZEC investment: The filing specifies that "an investment in the Fund is not a direct investment in ZEC."
  • Service providers named: Foreside Fund Services, LLC is identified as Marketing Agent, and Grayscale Securities, LLC is identified as Advertising Review and Filing Agent for the Fund.
  • Registration statement on file: The Fund has filed a registration statement, including a prospectus, with the SEC for the offering to which the communication relates.

Grayscale's Zcash ETF: Offering Details and Risk Disclosures

The free writing prospectus filed on November 10, 2026, under Registration No. 333-291800, relates to the Zcash ETF, an exchange traded product sponsored by Grayscale. The fund is designed to provide exposure linked to Zcash (ZEC), a cryptocurrency described in the filing's promotional materials as "CRYPTO that's DIFFERENT by NATURE." The filing makes clear, however, that an investment in ZCSH is not equivalent to a direct holding of ZEC.

According to the filing, the fund is not registered under the Investment Company Act of 1940 and therefore does not carry the same regulatory safeguards that apply to conventional 1940 Act registered ETFs and mutual funds. The disclosure states explicitly that ZCSH "is not suitable for an investor that cannot afford the loss of the entire investment," reflecting the fund's characterization of its own risk profile as involving "a high degree of risk and heightened volatility."

Foreside Fund Services, LLC, located at 190 Middle Street, Suite 301, Portland, Maine 04101, is named as the Marketing Agent for the Fund. Grayscale Securities, LLC serves as Advertising Review and Filing Agent. The prospectus filed as part of the registration statement contains more complete information about the Fund and the offering, according to the disclosure language repeated throughout the filing materials.

What Was Disclosed

Grayscale submitted a free writing prospectus on November 10, 2026, for the Zcash ETF (ZCSH) under Registration No. 333-291800, disclosing the fund's exchange traded product structure, its exclusion from 1940 Act protections, elevated risk warnings, and its service provider arrangements.