since January 1, 2024: Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1)
Volume (AVAX)
Market Share (2)
Kraken
94,864,281 57,324,373 46,335,235 11,066,426 7,106,146
12.56 % 7.59 % 6.14 % 1.47 % 0.94 % 0.13 % 28.83 %
Bitstamp by Robinhood
Crypto.com
Bitfinex Gemini
OKX
992,503
Total AVAX-U.S. dollar trading pair
217,688,964
Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1)
Volume (AVAX)
Market Share (2)
Bullish
41,336,519 39,316,430 2,583,889 83,236,838
10.62 % 10.11 % 0.66 % 21.39 %
Bybit
Kraken
Total AVAX-USDC trading pair
(1) The Digital Asset Trading Platforms initially expected to be included in the Index are Bitfinex, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gemini, Kraken and OKX. (2) Market share is calculated using trading volume data (in AVAX) for certain Digital Asset Trading Platforms, including Bitfinex, Bitstamp by Robinhood, Bullish, Bybit, Crypto.com, Gemini, Kraken and OKX, as well as certain other large U.S.-dollar denominated Digital Asset Trading Platforms that are not included in the Index, including Binance, Binance.US (data included from February 19, 2025), Coinbase, Kucoin, and MEXC. Information regarding each Digital Asset Trading Platform may be found on the websites for such Digital Asset Trading Platforms, among other places. Such information is referenced for informational purposes only and is not incorporated by reference into this prospectus.
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Creation and Redemption ................................ The Trust creates and redeems Shares from time to time, but only in one or more whole Baskets of 10,000 Shares each, but may be subject to change. Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of, in the event of an in-kind transaction, the amount of AVAX represented by the Basket being created or redeemed, or in the event of a cash transaction, the amount of cash equivalent to the amount of AVAX represented by the Basket being created or redeemed, the amount of which is representative of the combined NAV of the number of Shares included in the Baskets being created or redeemed determined as of 4:00 p.m., New York time, on the day the order to create or redeem Baskets is properly received. Except when aggregated in Baskets or under extraordinary circumstances permitted under the Trust Agreement, the Shares are
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