VanEck Avalanche ETF
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0000930413-26-001611
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0000930413-26-002502
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 19 previous paragraphs and 24 current paragraphs.
14 unchanged; 4 reworded; 3 added; 1 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The Three Months Ended June 30, 2026
Current report
The Six Months Ended June 30, 2026
Current report
The 44.32% decrease in the NAV per Share from $25.18 at December 31, 2025 to $14.02 at June 30, 2026 is primarily related to the 45.17% decrease in the price of AVAX during the six months ended June 30, 2026, and offset by income from staking activities.
Removed paragraphs (1)
Previous report
The Quarter Ended March 31, 2026
Reworded paragraphs (4)
Previous wording
The 26.29% decrease in the NAV per Share from $25.18 at December 31, 2025 to $18.56 at March 31, 2026 is directly related to the 26.76% decrease in the price of AVAX during this period.
Current wording
The 24.46% decrease in the NAV per Share from $18.56 at March 31, 2026 to $14.02 at June 30, 2026 is primarily related to the 25.14% decrease in the price of AVAX during the three months ended June 30, 2026, and offset by income from staking activities
Previous wording
The Trust’s NAV increased from $2,517,563 at December 31, 2025 to $11,140,836 at March 31, 2026, a 342.52% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares outstanding also increased from 100,000 Shares at December 31, 2025 to 600,000 Shares at March 31, 2026, a net result of 500,000 Shares (20 Baskets) being created and 0 Shares (0 Baskets) being redeemed during the period. This increase in NAV was negatively impacted by the performance of AVAX, whose price decreased 26.76% from $12.22 at December 31, 2025 to $8.95 at March 31, 2026.
Current wording
The Trust’s NAV increased from $2,517,563 at December 31, 2025 to $11,563,028 at June 30, 2026, a 359.29% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares outstanding also increased from 100,000 Shares at December 31, 2025 to 825,000 Shares at June 30, 2026, a net result of 725,000 Shares (29 Baskets) being created and no redemption during the three months ended June 30, 2026. This increase in NAV was negatively impacted by the performance of AVAX, whose price decreased 45.17% from $12.22 at December 31, 2025 to $6.70 at June 30, 2026.
Previous wording
The NAV per Share of $30.22 on January 14, 2026, was the highest during the quarter, compared with a low during the quarter of $17.20 on February 23, 2026.
Current wording
The NAV per Share of $30.22 on January 14, 2026, was the highest during the six months, compared with a low during the six months of $12.75 on June 25, 2026.
Previous wording
Net decrease in net assets resulting from operations for the quarter ended March 31, 2026, was $892,497 resulting from the net change in unrealized depreciation on investment in AVAX of $943,240, offset by net investment income of $50,743 from staking activities. Other than the Net Sponsor Fee of $1,934 and the Staking Fee of $2,195, the Trust has no other expenses during the quarter.
Current wording
Net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $(4,813,889) resulting from the net realized loss and net change in unrealized appreciation (depreciation) on investment in AVAX of $(4,983,591), offset by net investment income of $169,702 from staking activities. Other than the Net Sponsor Fee of $8,546 and the Staking Fee of $7,435, the Trust has no other expenses during the six months.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The Trust’s NAV increased from $11,136,708 at March 31, 2026 to $11,563,028 at June 30, 2026, a 3.83% increase. The increase in the Trust’s NAV resulted primarily from an increase in the number of Shares outstanding also increased from 600,000 Shares at March 31, 2026 to 825,000 Shares at June 30, 2026, a net result of 225,000 Shares (9 Baskets) being created and no redemption during the three months ended June 30, 2026. This increase in NAV was negatively impacted by the performance of AVAX, whose price decreased 25.14% from $8.95 at March 31, 2026 to $6.70 at June 30, 2026.
Current report — wording carried from elsewhere
The NAV per Share of $21.20 on May 11, 2026, was the highest during the three months, compared with a low during the three months of $12.75 on June 25, 2026.
Current report — wording carried from elsewhere
Net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $(3,921,392) resulting from the net realized loss and net change in unrealized appreciation (depreciation) on investment in AVAX of $(4,040,351), offset by net investment income of $118,959 from staking activities. Other than the Net Sponsor Fee of $6,612 and the Staking Fee of $5,240, the Trust has no other expenses during the three months ended June 30, 2026.