The VanEck Avalanche ETF (the Trust) was formed on March 10, 2025, and operates under an Amended and Restated Declaration of Trust and Trust Agreement dated November 26, 2025. The Trust's primary purpose is to own AVAX, the native token of the Avalanche network, transferred in exchange for Shares, which represent fractional undivided beneficial interests. Assets are primarily AVAX held by third-party custodians: Anchorage Digital Bank N.A. and Coinbase Custody Trust Company, LLC. The Trust is managed by VanEck Digital Assets, LLC (the Sponsor), a wholly-owned subsidiary of VanEck, and its Shares are quoted on The Nasdaq Stock Market LLC under the ticker symbol VAVX. Van Eck Associates Corporation, the Seed Capital Investor, initially purchased 4,000 Shares for $100,000 on November 20, 2025. On December 22, 2025, these Seed Shares were redeemed, and the Seed Capital Investor purchased 100,000 Shares (Seed Creation Baskets) for $2,500,000, receiving 206,019.90 AVAX. The Trust's Net Asset Value (NAV) was $2,517,562 at December 31, 2025, with 100,000 Shares outstanding, reflecting a 2,418% increase from the seeding date. The investment objective is to reflect the performance of AVAX and rewards from staking a portion of the Trust's AVAX, less operating expenses, while qualifying as a grantor trust for U.S. federal income tax purposes. The Trust is a passive investment vehicle, not actively managed to capitalize on or mitigate AVAX price volatility. The Sponsor Fee is 0.20% of average daily net assets, accruing daily and payable monthly in AVAX, with a waiver for the first $500 million in net assets from January 26, 2026, to February 28, 2026. Creations and redemptions occur in blocks of 25,000 Shares (Baskets) only by Authorized Participants, in either cash or in-kind transactions. Coinbase Crypto Services, LLC serves as the Staking Services Provider, staking the Trust's AVAX and transferring rewards (net of a 4.0% fee) to the Trust. The Trust is treated as a grantor trust for U.S. federal income tax purposes, meaning income, expenses, gains, and losses are passed through to shareholders.