Grayscale will direct 100% of the management fees collected during the first year of its spot Zcash ETF toward Zcash ecosystem adoption, education and awareness of the product. The Grayscale Zcash Trust, trading as ZCSH on NYSE Arca, launched around August 25 as the first U.S. spot Zcash exchange-traded fund. It charges an annual sponsor fee of 2.5% of net asset value, payable in ZEC and accrued daily, compared with fees as low as 0.25% for some spot Bitcoin ETFs. The commitment is voluntary and can be modified or discontinued at any time without an obligation to investors; the 2.5% fee remains unchanged regardless of how the money is used. The fund was converted from a private-placement vehicle that restricted access to accredited investors and could trade at large premiums or discounts to ZEC's underlying value. As of mid-2026, the trust held approximately 2.3% of ZEC's circulating supply, while ZEC surged nearly 70% in short bursts around the ETF's launch. A 2.5% annual fee would reduce an investment by roughly 12% over five years if conditions remain unchanged. Grayscale previously used higher fees and first-mover advantage to attract capital through its Bitcoin and Ethereum trusts, but its Bitcoin trust suffered significant outflows after lower-fee spot Bitcoin ETFs launched in 2024. With no competing U.S. spot Zcash ETFs, ZCSH currently gives Grayscale pricing power it no longer has in Bitcoin or Ethereum.