[Grayscale Applies for Zcash Income ETF, Plans Biweekly Dividends] According to a report by BeInCrypto on September 26, as cited by Jinse Finance, Grayscale submitted an application to the U.S. Securities and Exchange Commission (SEC) on September 25 for the 'ZCSH High Income ETF,' which plans to distribute dividends to holders every two weeks. The cash for these dividends will come from selling options rather than holding the underlying cryptocurrency. If approved, the application will take effect approximately 75 days later, in early December. The fund will not directly hold Zcash (ZEC) but will trade options linked to Grayscale's existing spot fund, The Zcash ETF (ZCSH). It will replicate ZCSH's price movements by purchasing call options and selling put options, while also selling short-term call options—primarily with maturities under one month—to collect premiums to support the dividend payouts. The filing specifies that at least 80% of net assets must be invested in options related to Zcash exchange-traded products. However, it explicitly states that 'high income' does not guarantee a fixed dividend rate, and some dividends may simply be a return of investors' principal. In terms of risks, selling call options limits upside potential—if ZEC exceeds the strike price, the fund will miss out on gains, while still bearing full losses in the event of a price drop. Additionally, the ZCSH options market only launched on September 8, 2026, and remains immature. The fund advisor is affiliated with the ZCSH sponsor and charges a 2.50% fee, presenting a conflict of interest. As of the week ending September 18, ZCSH's assets under management had reached $914.5 million.