For more information on the determination of the Trust’s NAV, see “Business —Valuation of AVAX and Determination of NAV.” The following table illustrates the movements in the Index Price from August 20, 2024 (the commencement of the Trust’s operations) to December 31, 2025. The Sponsor has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms individually or as a group. High Low
Last business day
Index Price
Index Price
End of period
Period
Average
Date
Date
August 20, 2024 (the commencement of the Trust’s operations) to December 31, 2024 Twelve months ended December 31, 2025 August 20, 2024 (the commencement of the Trust’s operations) to December 31, 2025
$ 31.96 $ 54.44 12/4/2024 $ 20.91 9/6/2024 $ 35.92 $ 35.92
$ 22.51 $ 44.28 1/6/2025 $ 11.36 12/18/2025 $ 12.34 $ 12.34
$ 25.05 $ 54.44 12/4/2024 $ 11.36 12/18/2025 $ 12.34 $ 12.34
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