ETF Evaluator:
Grayscale AI Compute ETF ()
Follow This ETF
(as of Nov 13)
Best Performing in Equity Digital Assets Over the Last Year
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ETF Details
Grayscale AI Compute ETF Overview
Grayscale AI Compute ETF (GCPU) is a passively managed Sector Equity Equity Digital Assets exchange-traded fund (ETF). Grayscale launched the ETF in 2025.
The investment seeks investment results that track the performance (before fees and expenses) of the Indxx High Performance Computing Index.
Under normal circumstances, the fund generally will invest at least 80% of its net assets in constituents that comprise the index and in other instruments that have economic characteristics and provide investment exposure similar to the component securities of the index. The index is designed to provide exposure to global bitcoin mining companies that generate revenue from bitcoin mining activities or mining related hardware, software and/or services. The fund is non-diversified.
About Grayscale AI Compute ETF (GCPU)
There are 2 members of the management team with an average tenure of 1.75 years: Rafael Zayas (2025) and Austin Wen (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Indxx High Performance Computing TR USD index with a weighting of 100%. Grayscale AI Compute ETF has 32 securities in its portfolio. The top 10 holdings constitute 68.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale AI Compute ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Grayscale AI Compute ETF has 17.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 82.0% There is 17.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale AI Compute ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $147 million average for the Equity Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
GCPU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale AI Compute ETF expense ratio is average compared to funds in the Equity Digital Assets category. Grayscale AI Compute ETF has an expense ratio of 0.59%, which is 11% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale AI Compute ETF has a portfolio turnover rate of 65%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 86% for the Equity Digital Assets category.
Recently, in the month of October 2026, Grayscale AI Compute ETF returned -33.3%, which earned it a grade of F, as the Equity Digital Assets category had an average return of -23.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale AI Compute ETF has a trailing yield of 0.70%, which is below the 6.75% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale AI Compute ETF Grades
Year to date, the ETF has returned -22.6%, 11.9 percentage points worse than the category, which translates into a grade of F. The fund has returned -51.0% over the past year (grade of F).
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GCPU Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| GCPU Return (NAV) | -33.3% | -32.8% | -51.0% | na | na | na |
| GCPU Return (Price) | -33.3% | -33.0% | -51.1% | na | na | na |
| NAV +/- Price Return | -0.057% | 0.131% | 0.053% | na | na | na |
| Equity Digital Assets Avg | -23.6% | -16.4% | -34.9% | 36.4% | -7.7% | na |
| GCPU Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -9.7% | -16.5% | -16.2% | na | na | na |
| GCPU Tax-Cost Ratio | na | na | 0.2% | na | na | na |
GCPU Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GCPU Return (NAV) | -22.6% | na | na | na | na | na | na | na | na | na | na |
| GCPU Return (Price) | -22.8% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | na | na | na | na | na | na | na | na | na | na |
| Equity Digital Assets Avg | -10.7% | 25.2% | 41.5% | 213.3% | -78.9% | 31.6% | 88.2% | 29.2% | na | na | na |
| GCPU Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -11.9% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 8 Mil |
| Share Class Assets: | $ 8 Mil |
| Turnover: | 65.0% |
| Expense Ratio: | 0.59% |
| Index Fund: | Yes |
| Index Tracked: | Indxx High Performance Computing TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Zayas Rafael (2025), Wen Austin (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 32 |
| % in Top 10 Holdings: | 68.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 17.9% |
Portfolio Allocation |
|
| Domestic Stock: | 82.0% |
| Foreign Stock: | 17.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Grayscale |
| Phone Number: | 866-775-0131 |
| Website: | |
| Inception Date: | January 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.67% |
