SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-28
Accession Number: 0001628280-26-027783
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026027783/vaneckbnbs-1a4.htm

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generally or in the Product particularly or the ability of the MarketVectorTM BNB Benchmark Rate to track the performance of the digital assets market. Licensor’s only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Product. Licensor has no obligation to take the needs of the Licensee or the owners of the Product into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Product.

LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MARKETVECTOR BNB BENCHMARK RATE OR ANY DATA INCLUDED THEREIN AND LICENSOR AND ANY OF ITS AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSOR AND ANY OF ITS AFFILIATES MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE VANECK BNB ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MARKETVECTOR BNB BENCHMARK RATE OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKETVECTOR BNB BENCHMARK RATE OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR AND ANY OF ITS AFFILIATES HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Product is not sponsored, promoted, sold or supported in any other manner by BITA nor does BITA offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade

mark or the Index price at any time or in any other respect. The Index is calculated and published by BITA. BITA uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, BITA has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by BITA nor the licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by BITA to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of BITA with regard to any investment in this financial instrument. BITA is not responsible for fulfilling the legal requirements concerning the accuracy and completeness of the financial instrument’s prospectus.

NET ASSET VALUE DETERMINATIONS

Calculation of NAV and NAV per Share

The Trust’s NAV will be calculated based on the Trust’s net asset holdings as reconciled to the BNB Custodian’s accounts on a market approach, determined on a daily basis in accordance with the MarketVectorTM BNB Benchmark Rate price at 4:00 p.m. Eastern time. The Sponsor believes that use of the MarketVectorTM BNB Benchmark Rate mitigates against idiosyncratic exchange risk, as the failure of any individual exchange will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

The Sponsor holds full discretion to change either the index used for calculating NAV or the index provider subject to proper notification to shareholders (such notification will be made via a prospectus supplement and/or a current report filed with the SEC and will occur in advance of any such change). Shareholder approval is not required.

In the event that (i) the Sponsor elects to no longer rely on the MarketVector™ BNB Index, or (ii) the MarketVector™ BNB Index is temporarily or permanently unavailable, the Sponsor has adopted the following policies and procedures for calculating the Trust’s NAV:

•Identification of a Successor Index. The Sponsor will endeavor, as promptly as practicable, to identify and select a successor index or pricing benchmark that (a) is calculated and published by a reputable, independent third-party index provider, (b) is based on the spot price of BNB derived from a rules-based methodology that aggregates prices across multiple eligible trading venues, and (c) employs manipulation-resistant calculation features, such as volume-weighted average pricing (VWAP) or similar methodologies, that are at least as robust as those employed by the MarketVector™ BNB Index. Any change to the index or index provider will be disclosed in advance to shareholders via a prospectus supplement and/or a current report on Form 8-K filed with the SEC.

•Temporary Unavailability. If the MarketVector™ BNB Index is unavailable on any given Business Day due to a technical failure, data disruption, or other temporary circumstance, the Sponsor will instruct the Administrator to calculate the Trust’s NAV using the most recently published value of the MarketVector™ BNB Index, or, if the Sponsor determines that such value no longer reflects fair value, using a pricing methodology determined by the Sponsor in good faith, which may include reference to one or more third-party price sources (such as other recognized BNB pricing benchmarks, volume-weighted average prices sourced directly from BITA-whitelisted exchanges, or over-the-counter market data) that the Sponsor believes most accurately reflects the fair value of BNB at or around 4:00 p.m. Eastern time on that Business Day.

•Extended Unavailability or Permanent Discontinuation. If the MarketVector™ BNB Index is unavailable for an extended period or is permanently discontinued, and the Sponsor is unable to promptly identify a suitable successor index, the Sponsor will calculate the Trust’s NAV using a methodology determined in good faith by the Sponsor that is consistent with the principles described above—specifically, aggregating trade prices and volumes from a set of reputable, liquid spot BNB trading venues and applying a VWAP-based or equivalent calculation methodology over a period designed to deter manipulation and support Authorized Participant activity. The Sponsor will disclose any such methodology to shareholders via a prospectus supplement and/or a current report on Form 8-K filed with the SEC as promptly as practicable.

•Conflicts of Interest. The Sponsor will apply its conflicts-of-interest policies and procedures when selecting any successor index, index provider, or alternative pricing methodology to ensure that any such selection is made in the best interests of the Trust and its shareholders.

As discussed, the fact that there are multiple exchanges contributing prices to the MarketVectorTM BNB Benchmark Rate used to calculate NAV makes manipulation more difficult in a well-arbitraged and fractured

market, as a malicious actor would need to manipulate multiple exchanges simultaneously to impact the NAV, or dramatically skew the historical distribution of volume between the various exchanges.

In calculating the MarketVectorTM BNB Benchmark Rate, the methodology captures trade prices and sizes from exchanges and examines twenty three-minute periods leading up to 4:00 p.m. Eastern time to produce the closing value. It then calculates an equal-weighted average of the volume-weighted median price of these twenty three-minute periods, removing the highest and lowest contributed prices. Using twenty consecutive three-minute segments over a sixty-minute period means malicious actors would need to sustain efforts to manipulate the market over an extended period of time, or would need to replicate efforts multiple times across exchanges, potentially triggering review. This extended period also supports Authorized Participant activity by capturing volume over a longer time period, rather than forcing Authorized Participants to mark an individual close or auction. The use of a median price eliminates the ability of outlier prices to impact the NAV, as it systematically excludes those prices from the NAV calculation. The use of a volume-weighted median (as opposed to a traditional median) protects against attempts to manipulate the NAV by executing a large number of low-dollar trades, because, any manipulation attempt would have to involve a majority of global spot BNB volume in a three-minute window to have any influence on the NAV. As discussed, trimming the highest and lowest prices further protects against attempts to manipulate the NAV, requiring bad actors to act on multiple exchanges at once to have any ability to influence the price. Additional information about the MarketVectorTM BNB Benchmark Rate, including its methodology and calculation formula, is available the MarketVector website, which is accessible at www.marketvector.com.

The MarketVector™ BNB Benchmark Rate is designed to be a robust price for BNB in USD. There is no component other than BNB in the index.

Adjustments to exchange coverage will be announced four business days prior to the first business day of June/December at 23:00 CET/CEST; the indexes are rebalanced at 16:00:00 ET on the last business day of May/November.