The Winklevoss Zcash ETF is a passively managed exchange-traded product that holds ZEC, the native digital asset of the Zcash Network. The trust provides investors with exposure to ZEC price movements through standard brokerage accounts, eliminating the operational and security risks associated with direct digital asset custody and private key management. Shares trade on Nasdaq, and Gemini Trust Company, an affiliate of the sponsor Winklevoss Asset Services, holds all underlying ZEC in institutional cold storage custody. ZEC is a proof-of-work digital asset designed for privacy-preserving transactions through zero-knowledge cryptography. The trust does not actively manage its holdings, instead issuing and redeeming shares in large blocks through authorized broker-dealers to keep the share price aligned with net asset value. The trust generates revenue for the sponsor through an annual fee based on a percentage of assets under management. This unified fee covers all routine operating expenses, including custody, administration, and exchange listing fees. Because the trust holds only digital assets that generate no yield or interest, it periodically sells ZEC to pay the sponsor fee, gradually reducing the amount of ZEC backing each share over time.