Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2026

The financial highlights summarize certain per share operating information and financial ratios of net investment income and expenses, to daily average net assets for the periods below. An individual investor’s return and ratios may vary based on the timing of capital transactions:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2026
Net asset value per share, beginning of period	$	14.02	$	25.18

From investment operations:
Net investment income^(b)		0.16		0.48
Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in avalanche^(c)		9.21		(2.27)
Net increase (decrease) resulting from operations		9.37		(1.79)

Less distribution to shareholders
Decrease in net assets resulting from distributions to shareholders		(0.17)		(0.17)

Net asset value per share, end of period	$	23.22	$	23.22
Total return^(d)		67.77%		(6.60)%

Ratios to average net assets^(e)
Gross expense		0.20%		0.20%
Net expense		0.20%		0.18%
Net investment income		4.23%		3.76%

(a)	No prior comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025.
(b)	Net investment income per share has been calculated based upon an average of daily shares outstanding.
(c)	The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses for the period because of the timing of sales and repurchases of the Trust’s shares in relation to fluctuating market values of AVAX.
(d)	Returns are not annualized and include adjustments required by GAAP. Returns for financial statements purposes may differ from net asset values and performance reported elsewhere by the Trust.
(e)	Annualized.