Global investment manager VanEck has filed for an Avalanche (AVAX) exchange-traded fund (ETF) with the US Securities and Exchange Commission seeking to offer investors direct exposure to the smart contract platform.
A snippet of the application was shared on social media on March 14 by Bloomberg analyst James Seyffart, who has been closely monitoring the crypto ETF industry.
Source: James Seyffart
The proposed VanEck Avalanche ETF intends to “reflect the performance of the price of “AVAX,” the native token of the Avalanche network, less the expenses of the Trust’s operations,” the prospectus read.
The proposed fund will hold AVAX and will “value its Shares daily based on the reported MarketVector Avalanche Benchmark Rate,” the prospectus said.
Read the full article here