VanEck Avalanche ETF (VAVX) is a passively managed exchange-traded product that gives investors exposure to AVAX, the native token of the Avalanche blockchain network. The Trust holds AVAX directly, and each share represents a fractional ownership interest in those holdings, allowing investors to gain exposure to AVAX price movements without directly holding or custodying the asset. The Trust is listed on Nasdaq and is sponsored by VanEck Digital Assets, a subsidiary of VanEck. The Trust also stakes a portion of its AVAX holdings to earn staking rewards, which are passed through to shareholders and reflected in the daily NAV; staking is managed by Coinbase Crypto Services, which charges a 4% fee on rewards earned. AVAX is the native token of the Avalanche network, a Layer 1 blockchain and smart contract platform with a capped supply of 720 million tokens, used for transaction fees, staking, and as a unit of account across the network. VanEck earns a Sponsor Fee of 0.20% of average daily net assets, which covers all ordinary operating expenses, making it the all-in cost to shareholders. Revenue scales directly with AUM, which depends on investor demand for VAVX shares and the price of AVAX. Shares are created and redeemed exclusively through Authorized Participants in blocks of 25,000 shares, with retail investors accessing VAVX only through secondary market trading on Nasdaq.