0002060717 2026-01-01 2026-09-30 0002060717 2026-10-31 0002060717 2026-09-30 0002060717 2025-12-31 0002060717 2025-01-01 2025-12-31 0002060717 2026-07-01 2026-09-30 0002060717 2026-06-30 0002060717 vavx:QuantityOfAvalancheMember 2026-09-30 0002060717 us-gaap:FairValueInputsLevel1Member 2026-09-30 0002060717 us-gaap:FairValueInputsLevel2Member 2026-09-30 0002060717 us-gaap:FairValueInputsLevel3Member 2026-09-30 0002060717 us-gaap:FairValueInputsLevel1Member 2025-12-31 0002060717 us-gaap:FairValueInputsLevel2Member 2025-12-31 0002060717 us-gaap:FairValueInputsLevel3Member 2025-12-31 0002060717 vavx:QuantityOfAvaxMember 2025-12-31 0002060717 us-gaap:PortionAtFairValueFairValueDisclosureMember 2025-12-31 0002060717 vavx:QuantityOfAvaxMember 2026-01-01 2026-09-30 0002060717 us-gaap:PortionAtFairValueFairValueDisclosureMember 2026-01-01 2026-09-30 0002060717 vavx:QuantityOfAvaxMember 2026-09-30 0002060717 us-gaap:PortionAtFairValueFairValueDisclosureMember 2026-09-30 0002060717 vavx:QuantityOfAvaxMember 2025-11-19 0002060717 us-gaap:PortionAtFairValueFairValueDisclosureMember 2025-11-19 0002060717 vavx:QuantityOfAvaxMember 2025-11-20 2025-12-31 0002060717 us-gaap:PortionAtFairValueFairValueDisclosureMember 2025-11-20 2025-12-31 0002060717 2025-11-20 2026-02-28 0002060717 vavx:SeedCapitalInvestorMember 2025-11-20 2025-11-20 0002060717 vavx:SeedCapitalInvestorMember 2025-11-20 0002060717 vavx:SeedCreationBasketsMember 2025-12-22 0002060717 vavx:SeedCreationBasketsMember 2025-12-22 2025-12-22 0002060717 vavx:SeedCapitalInvestorMember 2026-09-30 0002060717 vavx:SeedCapitalInvestorMember 2025-12-31 0002060717 vavx:VanEckSecuritiesCorporationMember us-gaap:ParentMember 2026-09-30 0002060717 vavx:QuantityOfAvaxMember vavx:NoncoLLCMember 2026-01-01 2026-09-30 0002060717 vavx:NoncoLLCMember 2026-01-01 2026-09-30 0002060717 vavx:SecondaryMarketMember 2026-01-01 2026-09-30 0002060717 vavx:O2026Q4DividendsMember us-gaap:SubsequentEventMember 2026-10-05 0002060717 vavx:O2026Q4DividendsMember us-gaap:SubsequentEventMember 2026-10-05 2026-10-05 shares iso4217:USD iso4217:USD shares vavx:Avalanche pure vavx:Segment 10-Q true 2026-09-30 2026 false 001-43064 VanEck Avalanche ETF DE 33-6867966 666 Third Avenue 9th Floor New York NY 10017 212 293-2000 Shares VAVX NASDAQ Yes Yes Non-accelerated Filer true true true false 1000000 18984097 2500000 22064999 2517563 22064999 2517563 7146 0 7146 0 22057853 2517563 0 0 950000 950000 100000 100000 23.22 25.18 145915 324163 145915 324163 6562 16064 6562 16064 0 956 6562 15108 139353 309055 0 0 -52185 -52185 -4276 -4892 -56461 -57077 8046314 3063339 7989853 3006262 8129206 3315317 139353 309055 -56461 -57077 8046314 3063339 8129206 3315317 140003 140003 2505622 16364976 0 0 2505622 16364976 10494825 19540290 11563028 2517563 22057853 22057853 1985601.68 18984097 22064999 1.0003 22064999 -0.0003 -7146 1 22057853 206019.9 2500000 2517563 1 2517563 0 0 1 2517563 1588636.97 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>Note 1</b></span><b>.<span style="font-size: 10pt"> Organization</span>:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck Avalanche ETF (the “Trust”), a Delaware statutory trust, is an exchange-traded fund that issues common shares of beneficial interest in the Trust (the “Shares”). The Trust commenced operations on January 26, 2026. The Shares are traded on the Nasdaq Stock Market LLC (the “Exchange”). The Trust’s investment objective is to reflect the performance of the price of Avalanche (“AVAX”)<span style="color: #E52138"> </span>and rewards from staking a portion of the Trust’s AVAX, to the extent VanEck Digital Assets, LLC (the “Sponsor”) in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust’s ability to qualify as a grantor trust for tax purposes, less the operating expenses of the Trust. The Trust is managed and controlled by the Sponsor, a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”). The CSC Delaware Trust Company, is the trustee of the Trust (the “Trustee”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>Note 2. Significant Accounting Policies</b></span><b>:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">A.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Basis of Preparation and Use of Estimates</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies<i> </i>(“ASC Topic 946”)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">B.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Cash</i></span><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Cash, if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">C.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Investment Valuation</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust values its investment in AVAX and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust identifies and determines the AVAX principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities</span>;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following is a summary of the fair value hierarchy as of September 30, 2026 and December 31, 2025</span>:</p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 0 29.6pt"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 36pt; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">September 30, 2026</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">December 31, 2025</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—  </td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following represents the changes in quantity of AVAX and the respective fair value</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of January 1, 2026</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">2,517,563</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">559,830.28 </span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">5,598,904 </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> 1,242,626.55</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">11,104,040 </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> (22,875.05)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">(161,770) </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span>   </td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt">—</p></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">3,063,339</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">(57,077) </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of September 30, 2026</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">1,985,601.68</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">22,064,999</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of November 20, 2025^(a)</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">2,500,000</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">17,563</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of December 31, 2025</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">2,517,563</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p> <table cellpadding="0" style="width: 90%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 18pt; text-align: left">(a)</td><td>The Trust did not hold any AVAX as of November 20, 2025 (Date of Seeding).</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">D.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Avalanche</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">AVAX transactions are accounted for on trade date. Realized gains and losses on the sale of AVAX are determined based on the average cost method. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of AVAX. Proceeds received by the Trust from the issuance of baskets consist of AVAX or cash (used to purchase AVAX). Staking income is recognized on an accrual basis. Deposits of AVAX will be held by Coinbase Custody Trust Company, LLC and/or Anchorage Digital Bank N.A. (collectively the “AVAX Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the AVAX Custodians to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor or (iii) sold by the Sponsor to fund quarterly distributions to Shareholders from staking rewards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">E.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Staking</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust stakes a portion of the Trust’s AVAX through one or more staking services providers (the “Staking Services Providers”) to conduct such staking activities. The Staking Services Providers will utilize the available</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">AVAX for staking by instructing the AVAX Custodians to delegate such AVAX to a validator address selected in accordance with the Trust’s Staking Policy. Any staked AVAX will be inaccessible for approximately 16 days. While the Trust’s assets are delegated to the Staking Services Providers for staking activities, the Trust maintains all rights, title and interest to the staked AVAX; and as such, the staked assets are reflected in Investments in AVAX, at fair value on the Statements of Assets and Liabilities. Staking rewards received in AVAX represent non-cash consideration and are measured at fair value using the MarketVector^TM Avalanche Benchmark Rate used to calculate the Trust’s NAV on the date the income from staking rewards is recognized. The Sponsor has adopted a liquidity risk program that provides a variety of mechanisms to monitor and manage the liquidity of the Trust’s assets. Staking activity comes with a risk of loss of AVAX. Coinbase Custody Trust Company, LLC was the only custodian holding staked AVAX during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">F.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Calculation of Net Asset Value</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust’s net asset value (“NAV”) is calculated based on the Trust’s net asset holdings, as reconciled to the AVAX Custodians’ accounts, on a market approach determined on a daily basis using the MarketVector^TM Avalanche Benchmark Rate price at 4:00 pm EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the administrator.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">G.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Distributions</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Staking consideration received by the Trust from staking, net of staking fee, is intended to be distributed quarterly by the Trust. The amount of quarterly distributions cannot be predicted with certainty. Distributions are paid in cash and they are not reinvested in additional shares of the Trust.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">H.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Federal Income Taxes</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any staking income, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period presented and has determined that no provision for income tax is required in the Trust’s financial statements</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">I.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Segment Reporting</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Chief Financial Officer and Treasurer of the Sponsor acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-2">single</span> operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.<span style="color: #03871A"> </span>The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">J.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Interim Financial Statements</i></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The interim financial statements included herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2026, are not necessarily indicative of the results to be expected for the full year or for any other period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">A.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Basis of Preparation and Use of Estimates</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies<i> </i>(“ASC Topic 946”)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended</span>.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">A.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Basis of Preparation and Use of Estimates</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies<i> </i>(“ASC Topic 946”)<i>, </i>but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended</span>.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">B.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Cash</i></span><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Cash, if any, represents cash deposits held at a major financial institution and is subject to credit risk to the extent its balance exceeds the federally insured limits.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">C.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Investment Valuation</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust values its investment in AVAX and other assets and liabilities at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust identifies and determines the AVAX principal market (or in the absence of a principal market, the most advantageous market) for GAAP financial statement purposes consistent with the application of fair value measurement framework in Financial Accounting Standards Board (“FASB”) ASC 820 at 11:59 p.m. EST. Under ASC 820, a principal market is the market with the greatest volume and activity level for the asset or liability. The Sponsor on behalf of the Trust will determine in its sole discretion the valuation sources and policies used to prepare the Trust’s financial statements in accordance with GAAP.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data or they may be internally developed. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The three levels of the fair value hierarchy are as follows</span>:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities</span>;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Level 3 – Unobservable inputs where there are little or no market activity for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following is a summary of the fair value hierarchy as of September 30, 2026 and December 31, 2025</span>:</p><table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 36pt; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">September 30, 2026</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">December 31, 2025</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—  </td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following represents the changes in quantity of AVAX and the respective fair value</span>:</p><table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of January 1, 2026</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">2,517,563</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">559,830.28 </span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">5,598,904 </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> 1,242,626.55</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">11,104,040 </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> (22,875.05)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">(161,770) </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span>   </td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt">—</p></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">3,063,339</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">(57,077) </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of September 30, 2026</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">1,985,601.68</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">22,064,999</span></td></tr> </table><table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of November 20, 2025^(a)</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">2,500,000</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">17,563</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of December 31, 2025</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">2,517,563</span></td></tr> </table><table cellpadding="0" style="width: 90%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 18pt; text-align: left">(a)</td><td>The Trust did not hold any AVAX as of November 20, 2025 (Date of Seeding).</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following is a summary of the fair value hierarchy as of September 30, 2026 and December 31, 2025</span>:</p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0 0 0 29.6pt"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 36pt; border-spacing: 0px;"> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1px">September 30, 2026</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="width: 3%; padding-bottom: 3px"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">—</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td><td style="width: 3%; border-bottom: Black 3px double"> </td> <td style="width: 1%; text-align: left; border-bottom: Black 3px double">$</td><td style="width: 10%; text-align: right; border-bottom: Black 3px double">22,064,999</td><td style="width: 1%; text-align: left; border-bottom: Black 3px double"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">December 31, 2025</td><td style="font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 1</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 2</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Level 3</td><td style="text-align: center; font-weight: bold; border-bottom: Black 1px solid"> </td> <td colspan="3" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Total</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-size: 10pt; text-align: left; padding-bottom: 3px; padding-left: 10pt"><span style="font-size: 10pt">Investment in AVAX</span></td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—  </td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">—</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td style="border-bottom: Black 3px double"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">2,517,563</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> 22064999 0 0 22064999 2517563 0 0 2517563 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-size: 10pt">The following represents the changes in quantity of AVAX and the respective fair value</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of January 1, 2026</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">2,517,563</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">559,830.28 </span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">5,598,904 </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> 1,242,626.55</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">11,104,040 </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt"> (22,875.05)</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">(161,770) </span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold in-kind</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; text-align: right"><span style="font-size: 8pt">—</span>   </td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 7.2pt; text-align: right; text-indent: -7.2pt">—</p></td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">3,063,339</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: top; text-align: left"> </td> <td style="vertical-align: top; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">(57,077) </span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of September 30, 2026</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">1,985,601.68</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">22,064,999</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 36pt; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>AVAX</b></span></td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 8pt"><b>Fair Value</b></span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; width: 58%; padding-bottom: 1px"><span style="font-size: 10pt; font-style: normal"><b>Beginning balance as of November 20, 2025^(a)</b></span></td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; text-align: right; width: 2%; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left; width: 2%"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right; width: 18%"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX purchased</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">2,500,000</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-size: 10pt">AVAX sold</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-left: 10pt; text-indent: -10pt"><span style="font-size: 10pt">Net change in unrealized appreciation (depreciation) from investment in AVAX</span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right"><span style="font-size: 8pt">17,563</span></td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"><span style="font-size: 10pt">Net realized gain (loss) on investment in AVAX</span></td> <td style="vertical-align: bottom; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right"><span style="font-size: 8pt">—</span></td></tr> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 3px"><span style="font-size: 10pt; font-style: normal"><b>Ending balance as of December 31, 2025</b></span></td> <td style="vertical-align: bottom; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">206,019.90</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; vertical-align: bottom; text-align: left"><span style="font-size: 8pt">$</span></td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right"><span style="font-size: 8pt">2,517,563</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"> </p> <table cellpadding="0" style="width: 90%; margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif; margin-left: 36pt; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 18pt; text-align: left">(a)</td><td>The Trust did not hold any AVAX as of November 20, 2025 (Date of Seeding).</td></tr></table> 206019.9 2517563 559830.28 5598904 1242626.55 11104040 22875.05 161770 0 0 0 3063339 0 -57077 1985601.68 22064999 0 0 206019.9 2500000 0 0 0 17563 0 0 206019.9 2517563 2025 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">D.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Avalanche</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">AVAX transactions are accounted for on trade date. Realized gains and losses on the sale of AVAX are determined based on the average cost method. Under ASC Topic 946, the average cost method is an accepted method to determine realized gains and losses on the sale of AVAX. Proceeds received by the Trust from the issuance of baskets consist of AVAX or cash (used to purchase AVAX). Staking income is recognized on an accrual basis. Deposits of AVAX will be held by Coinbase Custody Trust Company, LLC and/or Anchorage Digital Bank N.A. (collectively the “AVAX Custodians”), on behalf of the Trust until (i) delivered out in connection with redemptions of baskets or cash or (ii) sold by the Sponsor, which may be facilitated by the AVAX Custodians to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor or (iii) sold by the Sponsor to fund quarterly distributions to Shareholders from staking rewards.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">E.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Staking</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust stakes a portion of the Trust’s AVAX through one or more staking services providers (the “Staking Services Providers”) to conduct such staking activities. The Staking Services Providers will utilize the available</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">AVAX for staking by instructing the AVAX Custodians to delegate such AVAX to a validator address selected in accordance with the Trust’s Staking Policy. Any staked AVAX will be inaccessible for approximately 16 days. While the Trust’s assets are delegated to the Staking Services Providers for staking activities, the Trust maintains all rights, title and interest to the staked AVAX; and as such, the staked assets are reflected in Investments in AVAX, at fair value on the Statements of Assets and Liabilities. Staking rewards received in AVAX represent non-cash consideration and are measured at fair value using the MarketVector^TM Avalanche Benchmark Rate used to calculate the Trust’s NAV on the date the income from staking rewards is recognized. The Sponsor has adopted a liquidity risk program that provides a variety of mechanisms to monitor and manage the liquidity of the Trust’s assets. Staking activity comes with a risk of loss of AVAX. Coinbase Custody Trust Company, LLC was the only custodian holding staked AVAX during the period.</p> P16D <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">F.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Calculation of Net Asset Value</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Trust’s net asset value (“NAV”) is calculated based on the Trust’s net asset holdings, as reconciled to the AVAX Custodians’ accounts, on a market approach determined on a daily basis using the MarketVector^TM Avalanche Benchmark Rate price at 4:00 pm EST. The Trust’s NAV per Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the administrator.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">G.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Distributions</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Staking consideration received by the Trust from staking, net of staking fee, is intended to be distributed quarterly by the Trust. The amount of quarterly distributions cannot be predicted with certainty. Distributions are paid in cash and they are not reinvested in additional shares of the Trust.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">H.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Federal Income Taxes</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-size: 10pt">The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any staking income, expenses, gains and losses are passed through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions for the period presented and has determined that no provision for income tax is required in the Trust’s financial statements</span>.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">I.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Segment Reporting</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Chief Financial Officer and Treasurer of the Sponsor acts as the Trust’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that the Trust has a <span style="-sec-ix-hidden: hidden-fact-2">single</span> operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.<span style="color: #03871A"> </span>The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 36pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">J.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>Interim Financial Statements</i></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The interim financial statements included herein were prepared without audit according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three and nine months ended September 30, 2026, are not necessarily indicative of the results to be expected for the full year or for any other period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 3. Trust Expenses and Other Agreements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust pays the Sponsor a unified fee (the “Sponsor Fee”) of 0.20% on average daily net assets, that accrues daily and pays monthly. The Sponsor agreed to waive that fee for the first $500 million in net assets up until February 28, 2026. The Sponsor has agreed to pay all operating expenses (except for extraordinary expenses, including but not limited to, non-recurring expenses and costs of services performed by the Sponsor or a service provider on behalf of the Trust to protect the Trust or the interests of Shareholders, such as the Custodian Staking Facilitation Fee, and in connection with any indemnification of agents, service providers or counterparties of the Trust and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters) out of the Sponsor Fee. Coinbase Crypto Services currently serves as the Staking Service Provider for the Trust and is entitled to a staking fee of 4% of the staking income earned by the Trust’s staked assets as presented in the Statements of Operations. The Sponsor from time to time will sell AVAX, which may be facilitated by one or more liquidity providers and/or the AVAX Custodians or an affiliate thereof, in such quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trustee fee is paid by the Sponsor and is not an expense of the Trust.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The Trust may hold its AVAX at either of the AVAX Custodians, both of which are regulated third-party custodians that carry insurance and are responsible for safekeeping of AVAX owned by the Trust and holding private keys that provide access to the AVAX in the Trust’s AVAX account.</span><span style="font-size: 12pt; color: #DB3326"> </span><span style="font-size: 10pt">As of September 30, 2026 the Trust held all of its AVAX at Coinbase Custody Trust Company, LLC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">State Street Bank and Trust Company serves as the Trust’s administrator, transfer agent and cash custodian</span>.</p> 0.002 500000000 0.04 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 4. Related Parties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">The Sponsor is considered to be a related party to the Trust</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">MarketVector Indexes GmbH is the index sponsor and index administrator for the MarketVector^TM Avalanche Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly wholly-owned subsidiary of VanEck</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">Van Eck Securities Corporation, a marketing agent to the Trust, is a wholly-owned subsidiary of VanEck</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck was the initial seed investor (“Seed Capital Investor”) and purchased for cash 4,000 Shares (the “Seed Shares”) at a per-Share price of $25.00 on November 20, 2025. Total proceeds to the Trust from the sale of the Seed Shares were $100,000. On December 22 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the “Seed Creation Baskets”, comprising a total of 100,000 Shares at a per-Share price of $25.00. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $2,500,000 which resulted in the Trust receiving 206,019.90 AVAX. As of September 30, 2026 and December 31, 2025, the Seed Capital Investor’s ownership in the Trust represents approximately 11% and 100% of net assets, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">VanEck is a minority equity holder in Metatech Holdings, the parent company of Nonco LLC and holds approximately 5% of its equity. Nonco LLC is a liquidity provider to the Trust, and the Trust conducts its AVAX purchase and sale transactions by trading directly with liquidity providers, including Nonco LLC. During the nine months ended September 30, 2026, the Trust had the following purchase and sale transactions through Nonco LLC:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"> </td> <td style="vertical-align: top; padding-bottom: 1px; font-size: 10pt; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Quantity</b></span></td> <td style="vertical-align: top; font-size: 10pt; text-align: center; padding-bottom: 1px"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Cost/Proceeds</b></span></td></tr> <tr> <td style="vertical-align: bottom; text-indent: 0pt; font-size: 10pt; width: 71%"><span style="font-size: 10pt; font-style: normal">Purchase</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 4%"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 10%"><span style="font-size: 10pt">207,609</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 4%"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: left; text-indent: -7.2pt; font-size: 10pt; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 10%"><span style="font-size: 10pt">2,303,442</span></td></tr> <tr> <td style="vertical-align: bottom; text-indent: 0pt; font-size: 10pt"><span style="font-size: 10pt">Sale</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt">20,080</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt">139,984</span></td></tr> </table> 4000 25 100000 100000 25 2500000 206019.9 0.11 1 0.05 During the nine months ended September 30, 2026, the Trust had the following purchase and sale transactions through Nonco LLC:<table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; font-size: 10pt; padding-bottom: 1px"> </td> <td style="vertical-align: top; padding-bottom: 1px; font-size: 10pt; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Quantity</b></span></td> <td style="vertical-align: top; font-size: 10pt; text-align: center; padding-bottom: 1px"> </td> <td colspan="2" style="vertical-align: bottom; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><span style="font-size: 10pt"><b>Cost/Proceeds</b></span></td></tr> <tr> <td style="vertical-align: bottom; text-indent: 0pt; font-size: 10pt; width: 71%"><span style="font-size: 10pt; font-style: normal">Purchase</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 4%"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 10%"><span style="font-size: 10pt">207,609</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 4%"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: left; text-indent: -7.2pt; font-size: 10pt; width: 1%"><span style="font-size: 10pt">$</span></td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt; width: 10%"><span style="font-size: 10pt">2,303,442</span></td></tr> <tr> <td style="vertical-align: bottom; text-indent: 0pt; font-size: 10pt"><span style="font-size: 10pt">Sale</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt">20,080</span></td> <td style="vertical-align: top; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"> </td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="vertical-align: bottom; padding-left: 7.2pt; text-align: right; text-indent: -7.2pt; font-size: 10pt"><span style="font-size: 10pt">139,984</span></td></tr> </table> 207609 2303442 20080 139984 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 5. Capital Share Transactions</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors can buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol VAVX. Shares are bought and sold throughout the trading day like other publicly traded securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust continuously offers the Trust Shares in baskets consisting of 25,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more baskets. The administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of AVAX represented by the baskets being created (or redeemed); the amount of AVAX represented is equal to the combined NAV of the number of Shares included in the baskets being created (or redeemed).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The Trust creates and redeems Shares, but only in one or more baskets. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of AVAX represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. The authorized participants deliver cash or AVAX to create baskets and receive cash or AVAX when redeeming Shares. For a subscription in cash, an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use to purchase AVAX from a liquidity provider chosen by the Sponsor. For a redemption in cash, the Sponsor will arrange for the AVAX represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized participant. For an “in-kind” subscription, authorized participants will deliver, or arrange for the delivery by the authorized participant’s designee of, AVAX to the Trust’s account with the AVAX Custodians in exchange for Shares when they purchase Shares. For an “in-kind” redemption transaction with the Trust, when authorized participants redeem Shares, the Trust through the AVAX Custodians, will deliver AVAX to such authorized participants, or a designee thereof, in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with the Trust’s AVAX Custodians to facilitate settlement of the Shares and AVAX</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">Share and capital activity is as follows</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="4" style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><b>Three Months Ended<br/> September 30, 2026^(a)</b></td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="4" style="vertical-align: top; text-align: center; border-bottom: Black 1px solid"><b>Nine Months Ended<br/> September 30, 2026^(a)</b></td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><b>Shares</b></td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><b>Amount</b></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><b>Shares</b></td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><b>Amount</b></td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; width: 25%"><span style="font-style: normal">Beginning of period</span></td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: right; width: 8%">825,000</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="vertical-align: bottom; text-align: right; width: 8%">16,359,354</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: right; width: 8%">100,000</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="vertical-align: bottom; text-align: right; width: 8%">2,500,000</td> <td style="vertical-align: top; text-align: right; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom">Shares issued</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">125,000</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right">2,505,622</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">850,000</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right">16,364,976</td> <td style="vertical-align: top; text-align: right"> </td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; padding-bottom: 1px">Shares redeemed</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td></tr> <tr> <td style="vertical-align: bottom; padding-bottom: 3px"><span style="font-style: normal">End of period</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">950,000</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">18,864,976</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">950,000</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: left">$</td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">18,864,976</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 18pt; text-align: left">(a)</td><td style="text-align: justify">No comparative share activity have been provided as the Trust did not have any operations as of September 30, 2025.</td> </tr></table> 25000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">Share and capital activity is as follows</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="4" style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><b>Three Months Ended<br/> September 30, 2026^(a)</b></td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="4" style="vertical-align: top; text-align: center; border-bottom: Black 1px solid"><b>Nine Months Ended<br/> September 30, 2026^(a)</b></td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><b>Shares</b></td> <td style="vertical-align: top; text-align: center"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><b>Amount</b></td> <td style="vertical-align: top; text-align: center"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: center"><b>Shares</b></td> <td style="vertical-align: top"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid"><b>Amount</b></td> <td style="vertical-align: top; text-align: center"> </td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; width: 25%"><span style="font-style: normal">Beginning of period</span></td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: right; width: 8%">825,000</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="vertical-align: bottom; text-align: right; width: 8%">16,359,354</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: right; width: 8%">100,000</td> <td style="vertical-align: top; text-align: right; width: 3%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="vertical-align: bottom; text-align: right; width: 8%">2,500,000</td> <td style="vertical-align: top; text-align: right; width: 1%"> </td></tr> <tr> <td style="vertical-align: bottom">Shares issued</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">125,000</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right">2,505,622</td> <td style="vertical-align: top; text-align: right"> </td> <td style="vertical-align: bottom; text-align: right">850,000</td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: right">16,364,976</td> <td style="vertical-align: top; text-align: right"> </td></tr> <tr style="background-color: rgb(229,255,255)"> <td style="vertical-align: bottom; padding-bottom: 1px">Shares redeemed</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; padding-bottom: 1px"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: left"> </td> <td style="vertical-align: bottom; border-bottom: Black 1px solid; text-align: right">—</td> <td style="vertical-align: top; text-align: right; padding-bottom: 1px"> </td></tr> <tr> <td style="vertical-align: bottom; padding-bottom: 3px"><span style="font-style: normal">End of period</span></td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">950,000</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">18,864,976</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">950,000</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: left">$</td> <td style="vertical-align: bottom; border-bottom: Black 3px double; text-align: right">18,864,976</td> <td style="vertical-align: top; text-align: right; padding-bottom: 3px"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 18pt; text-align: left">(a)</td><td style="text-align: justify">No comparative share activity have been provided as the Trust did not have any operations as of September 30, 2025.</td> </tr></table> 825000 16359354 100000 2500000 125000 2505622 850000 16364976 0 0 0 0 950000 18864976 950000 18864976 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"><b>Note 6. Commitments and Contingent</b></span><b> <span style="font-size: 10pt">Liabilities</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">In the normal course of business, the Trust enters into contracts that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk of loss under these arrangements to be remote</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 7. Risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the Trust’s assets are holdings of AVAX, which creates a concentration risk associated with fluctuations in the value of AVAX due to a number of factors. Accordingly, a decline in the value of AVAX will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the value of AVAX include high volatility, which could have a negative impact on the performance of the Trust. AVAX platforms are relatively new and may be unregulated or may be subject to regulation in a relevant jurisdiction, but may not be complying, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Shares depends on the development and acceptance of the AVAX network. The slowing or stopping of the development or acceptance of the AVAX network may adversely affect an investment in the Trust. The price of AVAX on the AVAX market has exhibited periods of extreme volatility. Digital assets such as AVAX were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain technologies and to the fundamental investment characteristics of digital assets that are uncertain and difficult to evaluate. The Trust is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price. The amount of AVAX represented by the Shares may decline over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Future and current regulations by a United States or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity Exchange Act. Future legal or regulatory developments may negatively affect the value of AVAX or require the Trust or the Sponsor to become registered with the SEC or CFTC, which may cause the Trust to liquidate</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure of the AVAX spot market could result in the absence of active authorized participants able to support the trading activity of the Trust</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">Shareholders that are not authorized participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect Shareholders’ investment in the Shares</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 8. Financial Highlights^(a)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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</span>:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Three Months<br/> Ended<br/> September 30,</td><td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Nine Months<br/> Ended<br/> September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2026</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2026</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%">Net asset value per share, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14.02</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">25.18</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">From investment operations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Net investment income^(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.48</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in avalanche^(c)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">9.21</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2.27)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 20pt; padding-bottom: 1px">Net increase (decrease) resulting from operations</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">9.37</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1.79)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 20pt; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less distribution to shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Decrease in net assets resulting from distributions to shareholders</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(0.17)</td><td style="text-align: left; padding-bottom: 1px"></td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(0.17)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt; padding-bottom: 3px">Net asset value per share, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23.22</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23.22</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Total return^(d)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67.77%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.60)%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ratios to average net assets^(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Gross expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Net expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Net investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.23%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.76%</td><td style="text-align: left"></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; width: 18pt; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(a)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">No prior comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(b)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">Net investment income per share has been calculated based upon an average of daily shares outstanding.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(c)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">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.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(d)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">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.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(e)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">Annualized.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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</span>:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Three Months<br/> Ended<br/> September 30,</td><td> </td><td> </td> <td colspan="2" style="text-align: center; white-space: nowrap;">Nine Months<br/> Ended<br/> September 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2026</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2026</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 66%">Net asset value per share, beginning of period</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">14.02</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">25.18</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">From investment operations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Net investment income^(b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.16</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.48</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Net realized gain (loss) and change in unrealized appreciation (depreciation) from investments in avalanche^(c)</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">9.21</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(2.27)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 20pt; padding-bottom: 1px">Net increase (decrease) resulting from operations</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">9.37</td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(1.79)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 20pt; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less distribution to shareholders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px">Decrease in net assets resulting from distributions to shareholders</td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(0.17)</td><td style="text-align: left; padding-bottom: 1px"></td><td style="padding-bottom: 1px"> </td> <td style="text-align: left; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(0.17)</td><td style="text-align: left; padding-bottom: 1px"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left; padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0pt; padding-bottom: 3px">Net asset value per share, end of period</td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23.22</td><td style="text-align: left; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: left; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">23.22</td><td style="text-align: left; padding-bottom: 3px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Total return^(d)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67.77%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6.60)%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Ratios to average net assets^(e)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Gross expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 10pt">Net expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.18%</td><td style="text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Net investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.23%</td><td style="text-align: left"></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.76%</td><td style="text-align: left"></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; width: 18pt; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(a)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">No prior comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(b)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">Net investment income per share has been calculated based upon an average of daily shares outstanding.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(c)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">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.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(d)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">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.</span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-family: Times New Roman, Times, Serif; vertical-align: top"><span style="font: 8pt Times New Roman, Times, Serif">(e)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font: 8pt Times New Roman, Times, Serif">Annualized.</span></td></tr> </table> 14.02 25.18 0.16 0.48 9.21 -2.27 9.37 -1.79 0.17 0.17 23.22 23.22 0.6777 -0.066 0.002 0.002 0.002 0.0018 0.0423 0.0376 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 9. Subsequent Event Review</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 5, 2026, the Trust declared a distribution of $0.2233 per share to shareholders of record on October 6, 2026, payable on October 7, 2026. The Trust has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no other material events that require disclosure in the financial statements.</p> 2026-10-05 0.2233 2026-10-06 2026-10-07 false false false false Unlimited Unlimited 1 0002060717 false Q3 --12-31 No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025. No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025. Includes 1,588,636.97 of staked avalanche. The Trust did not hold any AVAX as of November 20, 2025 (Date of Seeding). No comparative share activity have been provided as the Trust did not have any operations as of September 30, 2025. No prior comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025. Net investment income per share has been calculated based upon an average of daily shares outstanding. 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. 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. Annualized.