Global investment manager VanEck has filed for an Avalanche (AVAX) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) seeking to offer investors direct exposure to the smart contract platform. A snippet of the S-1 filing was shared on social media on March 14 by Bloomberg analyst James Seyffart, who has been closely monitoring developments in the crypto ETF industry.Source: James SeyffartAs Seyffart noted, the Trust’s registration “was shared widely […] earlier this week, But this is the first actual filing with the SEC.”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.Avalanche is the 16th largest crypto asset with a total market capitalization of $7.7 billion. The blockchain is notable for its high throughput and Ethereum Virtual Machine (EVM) compatibility. Related: US Bitcoin ETFs break outflow streak with $13.3M inflow
