Global Investment Manager Vaneck has applied for an avalanche (avax) Exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC) (SEC) seek direct access to smart contract platforms.
Bloomberg analyst James Seyffart shared a clip of the S-1 application on social media on March 14, and has been closely monitoring the development of the crypto ETF industry.
source: James Seyffart
As Seyffart noted, the registration of the trust “was widely shared earlier this week (…), but this is the first actual document to the SEC.”
The prospectus reads that the proposed Vaneck Avalanche ETF intends to “reflect the performance of the price of the local token “Avax” of the Avalanche Network, rather than the expense of the trust operation.”
The prospectus says the proposed fund will hold Avax and will “evaluate its stocks daily” based on the reported benchmark interest rate for the avalanche of the market vector.
avalanche It is the 16th largest crypto asset with a total market value of US$7.7 billion. Blockchain is known for its high throughput and Ethereum Virtual Machine (EVM) compatibility.
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