The 2x Avalanche ETF (AVAZ) is a leveraged exchange-traded fund issued by Volatility Shares that seeks daily investment results, before fees and expenses, of twice the daily performance of AVAX, the native token of the Avalanche network. The fund launched on May 15, 2026, and trades on Cboe under the ticker AVAZ. It does not hold AVAX directly. Instead, it gets its exposure mainly through AVAX futures contracts, held through a Cayman Islands subsidiary, and it may also use swaps and other derivatives that reference AVAX.

Avalanche is a layer-1 blockchain built for fast transaction finality and high throughput. Its C-Chain is compatible with the Ethereum Virtual Machine, so developers can deploy Ethereum-based applications on it. Its architecture also lets projects launch their own custom blockchains (formerly called subnets). AVAX pays transaction fees, secures the network through staking, and is used in network governance.

AVAZ is a non-diversified fund under the Investment Company Act of 1940. Because it uses CFTC-regulated futures, it is also classified as a commodity pool. Its total expense ratio is 1.85%, and Foreside Fund Services, LLC is the distributor. The fund targets 2x exposure over a single day only, so returns over longer periods can differ significantly from twice AVAX’s return because of compounding. Leveraged crypto exposure is highly volatile, and investors could lose the full value of their investment within a single day.