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ZEC Grayscale 向 SEC 提交 ZCSH 高收益 ETF 提案
9月25日，Grayscale 向美国证券交易委员会（SEC）提交了关于“ZCSH 高收益 ETF”的提案。这是一只主动管理型基金，旨在通过与 Zcash 交易所交易产品（ETP）挂钩的期权策略来产生收入。该基金的目标是每两周进行一次分配，同时保持对 ZEC 的间接敞口。
此次提名的时机颇具深意。Grayscale 现有的 Zcash ETF（代码：ZCSH）资产规模已增长至约 9.96 亿美元，而 ZEC 本身在9月份也经历了显著的价格上涨。
新基金不直接持有 ZEC
这并非另一只现货 Zcash ETF。根据 SEC 的文件显示，新基金不会直接持有 ZEC，也不会维护加密钱包或控制私钥。相反，它将使用与 Zcash ETPs 挂钩的期权，包括现有的 ZCSH 基金。
该策略类似于备兑看涨期权（Covered Call）产品。基金将收取期权权利金，并利用这些权利金支持每两周一次的分配。然而，这种收入模式存在权衡：如果 Zcash 价格大幅上涨并超过期权的行权价，卖出看涨期权可能会限制基金的上行潜力。
ZCSH 资产规模逼近 10 亿美元大关
随着市场对合规 Zcash 投资需求的加速，这份文件应运而生。ZCSH 在推出仅几周后资产规模便突破了 5 亿美元，截至 9 月 25 日，其资产基础已接近 10 亿美元。
Importantly, this does not mean investors injected nearly $1 billion in cash. A portion of total assets reflects the ZECs already held by the former Grayscale Trust, and the surge in Zcash prices has also pushed up the valuation of the fund's assets.
Grayscale converted its Zcash trust to ZCSH, providing U.S. investors with a more convenient brokerage channel to enter the ZEC market; at the same time, the Zcash price exceeded US$1,200 and attracted more attention. In addition, the launch of independent Zcash ETP in Europe has further broadened access channels for institutional investors.
