v3.26.3
Creations and Redemptions of Shares
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Creations and Redemptions of Shares

4. Creations and Redemptions of Shares

The Trust creates and redeems Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of ZEC to the Trust or the distribution of ZEC by the Trust. The amount of ZEC required for each Basket of Shares issued by the Trust (“Creation Basket”) or the amount of ZEC for each Basket of Shares redeemed by the Trust (“Redemption Basket”) is determined by dividing (x) the amount of ZEC owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of ZEC representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000. Each Share represented approximately 0.0267 and 0.0272 of one ZEC at September 30, 2026 and December 31, 2025, respectively. The decrease in the amount of ZEC represented by each Share is primarily a result of the periodic withdrawal of ZEC to pay the Sponsor’s Fee.

As of the date of this Report, Authorized Participants may submit orders to create Shares through transactions that are referred to as “cash orders” or “in-kind orders”, in accordance with the agreements with Authorized Participants, but the Trust does not currently permit the redemption of Shares through in-kind orders, and Authorized Participants must submit orders to redeem Shares as cash orders.

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Number of Shares Issued and Redeemed:(1)

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

 

10,080,000

 

 

 

156,900

 

 

 

10,080,000

 

 

 

333,000

 

Shares redeemed

 

 

(1,400,000

)

 

 

-

 

 

 

(1,400,000

)

 

 

-

 

Net Change in Number of Shares Issued and Redeemed

 

 

8,680,000

 

 

 

156,900

 

 

 

8,680,000

 

 

 

333,000

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(Amounts in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Activity in Value of Shares Issued and Redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued

 

$

318,229

 

 

$

251

 

 

$

318,229

 

 

$

442

 

Shares redeemed

 

 

(50,475

)

 

 

-

 

 

 

(50,475

)

 

 

-

 

Net Change in Value of Shares Issued and Redeemed

 

$

267,754

 

 

$

251

 

 

$

267,754

 

 

$

442

 
(1)
Share amounts for periods presented prior to the Share Split have been retroactively adjusted to reflect the 3-for-1 Share Split of the Trust’s issued and outstanding Shares completed on September 30, 2026.