The ETF is designed to follow the Made-in-America Blockchain Index, which aggregates qualifying assets.
According to the filing, the trust aims to mirror the index’s performance while generating additional income by participating in network validation processes, such as staking or transaction verification.
Meanwhile, the filing does not list specific coins, but market data helps illustrate the scope of the fund.
Commenting on the trend, Bloomberg ETF analyst Eric Balchunas said the filing illustrates how fund managers explore every possible angle to expose investors to the emerging industry.
“As we’ve predicted, get ready for ETFs to try every combination imaginable.”
The move by Canary Capital lands in a busy season for crypto fund applications.
The product would expose investors to Avalanche’s AVAX token without requiring direct custody. Coinbase has been named the fund’s custodian and would also act as prime broker for the product.
Proceeds from basket issuances will be used to acquire AVAX, which the trust can hold, convert to US dollars for expenses, or distribute during redemptions. Subject to regulatory approval, the trust may also use its AVAX holdings for staking to generate additional yield.
