Grayscale filed with the SEC on September 25, 2026, to propose the ZCSH High Income ETF, an actively managed fund designed to seek shareholder distributions every two weeks through options linked to Zcash exchange-traded products. The fund would not hold ZEC directly, maintain a wallet or control private keys. Instead, it would use a synthetic covered-call strategy involving calls and puts tied to products including Grayscale’s existing ZCSH fund. Option premiums could support distributions, but payments and yields would not be guaranteed, and some distributions could return investor capital. The strategy could also lag sharp gains in ZCSH after calls are sold, while sold puts would leave it exposed if the underlying product falls. Grayscale’s ZCSH held roughly $996 million in assets as of September 25, although the total includes ZEC inherited from its predecessor trust, gains in the token’s value and a roughly $100 million ZCSH share creation by Digital Currency Group. ZEC traded near $1,580, with $1,592 and $1,670 identified as nearby upside levels and $1,534 as a level below which the short-term setup would weaken. Separately, 21Shares launched its physically backed ZCASH ETP in Europe, expanding listed access to ZEC outside the U.S.