Holds a small basket of large cryptocurrencies, five in number as its name describes, tracking a CoinDesk index.
GDLC, the Grayscale CoinDesk Crypto 5 ETF, is a $414 million ETF whose main story is crypto conviction. Over the past year it returned −35.0%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.7 of its exposure.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
Also carries: Onchain infrastructure →
Network tokens such as Solana, and the blockchain companies building payment and trading systems on them.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| GDLC | +10.0% | +39.6% | −6.4% | −35.0% | +63.5% | +7.1% |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on November 22, 2019: +31.2% a year.
$10,000 invested November 30, 2019
Year by year
Total return in each calendar year; this year is year to date. A year appears only if GDLC traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
GDLC moves largely apart from the market. When the market has moved 1%, GDLC has tended to move 0.88%.
GDLC moves closely with crypto conviction. When crypto conviction has moved 1%, GDLC has tended to move 1.15%.
Weekly returns over 157 weeks. The narrative is measured without GDLC in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
GDLC is the 29th cheapest of 81 ETFs in crypto conviction. The dashed line is the middle of the group, 0.69% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: not yet confirmed from a filing.
Common questions
What story is GDLC selling?
GDLC’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs. Its second is onchain infrastructure.
Which ETFs compete with GDLC?
The ETFs whose weekly returns move most like GDLC’s over the past 3 years are DFII (0.97), EZPZ (0.97) and NCIQ (0.97).
How has GDLC performed against its story?
Over the past year GDLC returned −35.0%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.85 with the story. Past performance only.
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