# The Zcash ETF (ZCSH)

> Source: Nexqual · https://nexqual.com/ZCSH · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, The Zcash ETF (ZCSH), nexqual.com/ZCSH" · informational, not investment advice.

**Price:** USD 32.59 (+0.52% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 32.42 · day 32.29–33.5 · 52w 4.52–43.91 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y +338.4% vs S&P 500 +13.4%; 5Y +632.4% vs S&P 500 +76.9%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $20.7M | -$36.2M | -$3.6M | $11.0M | $178M | $139M |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +338.4% | +632.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +340.7% | +49.0% |
| Volatility (annualized) | 153.4% | 120.9% |
| Max drawdown | -69.6% (Nov 2025→Feb 2026) | -90.6% (Nov 2021→Jan 2023) |

## Peers
HZEN (Grayscale Horizen Trust (ZEN)) USD 0.66 -11.73% · GXLM (Grayscale Stellar Lumens Trust ) USD 24.15 +0.37% · GLNK (Grayscale Chainlink Trust ETF) USD 10.55 -0.09% · FILG (Grayscale Filecoin Trust (FIL)) USD 2.71 +8.66% · BCHG (Grayscale Bitcoin Cash Trust (B) USD 2.18 +4.56%

## More
Full page: https://nexqual.com/ZCSH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ZCSH's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/1720265/000119312526104253/zcsh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | FTX Trading | "For example, in November 2022, FTX, another of the world's largest Digital Asset Trading Platforms, filed for bankruptcy protection and subsequently halted customer withdrawals as well as trading on its FTX.US platform." |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 102.4% | ±22.6% |
| 2026-12-18 | 55 | 109.2% | ±33.8% |
| 2027-03-19 | 146 | 118.9% | ±58.3% |
| 2027-06-17 | 236 | 115.2% | ±70.7% |