SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-4.1
Date Filed: 2025-11-21
Accession Number: 0001628280-25-053634
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025053634/exhibit41-sx1a2.htm

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Section 2.08 herein. “Purchase Slippage” means, with respect to a Purchase Order, any amount by which the actual cash purchase price of the BNB from the Liquidity Provider exceeds the Basket Cash Component. “Redemption Order” shall have the meaning assigned to such term in Section 2.09 herein. “Redemption Order Cut-Off Time” shall mean the Order Cut-Off Time for a Creation Order on a Business Day. “Redemption Order Date” shall have the meaning assigned to such term in Section 2.09 herein. “Redemption Settlement Date” shall mean the settlement date for a Redemption Order, which shall be the Business Day immediately following the Redemption Trade Date unless the Trust, Sponsor and Authorized Participant agree in writing to a different date. “Redemption Slippage” means, with respect to a Redemption Order, any amount by which the actual cash sale price of the BNB to the Liquidity Provider is less than the Basket Cash Component.

“Redemption Trade Date” shall mean the Trade Date for a Redemption Order.

“Registered Owner” means the Person in whose name Shares are registered on the books of the Transfer Agent maintained for that purpose.

“Registration Statement” means the current registration statement of the Trust as filed with the SEC, either pending effectiveness or already effective, as the same may at any time and from time to time be amended or supplemented.

“Required Cash Creation Total” means, for a Creation Order, the amount the Authorized Participant shall be responsible for delivering in cash on Creation Settlement Date to the Trust’s account at the Cash Custodian, consisting of (1) the Basket Cash Component, plus the (2) Cash Amount, plus any (3) Purchase Slippage.

“Required Cash Redemption Total” means, for a Redemption Order, the amount the Trust shall be responsible for instructing the Cash Custodian to deliver to the Authorized Participant’s designated bank account in cash on Redemption Settlement Date, consisting of the Basket Cash Component, minus the Cash Amount, minus the Purchase Slippage.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the U.S. Securities Act of 1933, as amended.

“Shareholders” – means Registered Owners and Beneficial Owners.

“Shares” means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust.

“Sponsor” means VanEck Digital Assets, LLC, a Delaware limited liability company, or its successors.

“Sponsor Fee” shall have the meaning assigned to such term in Section 4.04 herein.

“Sponsor Indemnified Party” shall have the meaning assigned to such term in Section 4.06(c) herein.

“Trade Date” shall mean a Business Day on which an Order is placed by an Authorized Participant.

“Transaction Fee” shall have the meaning given in Section 2.09(e).

“Transfer Agent” means any Person from time to time engaged to register Shares and transfers of Shares, provide such services or related services to the Trust pursuant to authority delegated by the Sponsor.

“Trust” refers to the Delaware statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on March 31, 2025.

“Trust Agreement” shall mean this Amended and Restated Declaration of Trust and Trust Agreement, as amended or restated from time to time.

“Trust Property” means the property of the Trust and, specifically, the BNB and cash owned or held by or for the account of the Trust.

“Trustee” refers to CSC Delaware Trust Company or any successor Trustee designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust.

Section 1.04.    Delaware Trustee; Offices.

(a)    The sole Trustee of the Trust is CSC Delaware Trust Company, which is located at the Corporate Trust Office or at such other address in the State of Delaware as the Trustee may designate in writing to the Registered Owners. The Trustee shall receive service of process on the Trust in the State of Delaware at the foregoing address. In the event CSC Delaware Trust Company resigns or is removed as the Trustee, the trustee of the Trust in the State of Delaware shall be the successor Trustee, subject to Section 3.04.

(b)    The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Registered Owners. Initially, the principal office of the Trust shall be at c/o VanEck Digital Assets, LLC, 666 Third Avenue, 9th Floor, New York, New York 10017.

Section 1.05. Declaration of Trust. The Trust Property shall be held in trust for the Beneficial Owners. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Delaware Trust Statute and that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and for purposes of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Beneficial Owners partners or members of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the rights, powers and duties set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute.

Section 1.06. Grantor Trust. Notwithstanding any other provision of the Trust Agreement, nothing in this Trust Agreement, any Custody Agreement, or otherwise shall be construed to give the Trustee or Sponsor the power to vary the investment of the Beneficial Owners (within the meaning of Treasury Regulation Section 301.7701-4(c) or any similar or successor provision of the Code or the regulations under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment of the Beneficial Owners. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify as a “grantor trust” under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee’s or Sponsor’s responsibility for the administration of the Trust in accordance with this Trust Agreement.

Section 1.07. Legal Title. Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity; provided, however, that if applicable law in any jurisdiction requires legal title to any portion of the Trust Property to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Property to be held by or in the name of the Sponsor or any other Person (other than a Beneficial Owner) as nominee.

ARTICLE II

SHARES

Section 2.01. Division of Beneficial Interest. The beneficial interest in the Trust shall be divided into Shares. Each Share of the Trust shall represent an equal beneficial interest in the net assets of the Trust, and each holder of Shares shall be entitled to receive such holder’s pro rata share of distributions of income and capital gains, if any.

All Shares issued hereunder shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the Trust. All distributions, if any, shall be made ratably among all Registered Owners from the assets of the Trust according to the number of Shares held of record by such Registered Owner on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Every Registered Owner, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Trust Agreement.