SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-4.1
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/exhibit41-sx1a4.htm

Chunk 5 of 19
Word Count: 1466
Character Count: 8971

Document Content:

its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime. Sections 2.08 and 2.09 below specify the procedures that shall be used for the creation and issuance of Creation Baskets and the redemption of Creation Baskets. Section 2.08. Creation and Issuance of Creation Baskets. The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), shall apply to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets that may be issued by the Trust shall be unlimited.

(a)    Creation and Issuance of Creation Baskets. On any Business Day, an Authorized Participant may place an order to create one or more Baskets in the manner provided in the Authorized Participant Agreement (such request by an Authorized Participant, a “Purchase Order”). Purchase Orders must be placed by the Creation Order Cut-Off Time. The day on which a valid Purchase Order is received in the manner provided in the Authorized Participant Agreement is referred to as the “Purchase Order Date.” Authorized Participants may not withdraw a creation request.

Prior to the delivery of Creation Baskets for a Purchase Order, the Authorized Participant must have wired to the Transfer Agent the nonrefundable transaction fee due for the Purchase Order. An Authorized Participant shall also be responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge applicable to the creation or redemption of Creation Baskets, regardless of whether such tax or charge is imposed directly on the Authorized Participant; and by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a Purchase Order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian or BNB, with the BNB Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.

For a cash creation, as further specified in subparagraph (b) below in the definition of “Basket Cash Component”, the total amount of cash required to create each Creation Basket is an amount of cash that is sufficient to purchase an amount of BNB that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the date the Purchase Order is properly received, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the date the Order is received. On Creation Trade Date, following receipt of the Purchase Order from the Authorized

Participant, the Trust shall, in its sole discretion, select a Liquidity Provider and execute a trade to purchase BNB from that Liquidity Provider in the amount of the Creation Basket Deposit (the calculation of which is explained below), with the purchased BNB to be delivered by the Liquidity Provider to the Trust on the Creation Settlement Date in exchange for a cash price to be delivered by the Trust to the Liquidity Provider on Creation Settlement Date. The Liquidity Provider, not the Authorized Participant, shall be responsible for delivering BNB to the Trust. The Authorized Participant shall be responsible for delivering cash to the Trust.

For an in-kind creation, as further specified in subparagraph (b) below in the definition of “Creation Basket Deposit”, the total amount of BNB required to create each Creation Basket is an amount of BNB that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the date the Purchase Order is properly received, as the number of Shares to be created under the Purchase Order is in proportion to the total number of Shares outstanding on the date the Order is received. The Authorized Participant, or its designee, shall be responsible for delivering BNB to the Trust.

Following an Authorized Participant’s placement of a Purchase Order for either in-kind or cash creation, (i) for an in-kind creation, the Trust’s BNB Custodian account must be credited with the required BNB by the end of the business day following the purchase order date, unless otherwise agreed by the parties in writing, or (ii) for a cash creation, the Liquidity Provider delivers BNB to the Trust’s BNB Clearing account with the BNB Custodian by the end of the business day following the purchase order date, as applicable. If the Authorized Participant or its designee, or the Liquidity Provider, as applicable, fails to consummate the foregoing, the order shall be cancelled. Upon receipt of the BNB deposit amount in the Trust’s BNB Custodian account, in the case of in-kind creations, or in the Trust’s BNB Clearing account, in the case of cash creations, the Trust instructs the Transfer Agent to release the Shares to the Authorized Participant by directing DTC to credit the number of Shares created to the applicable DTC account.

BNB held in the Trust’s BNB Custodian account is the property of the Trust and is not leased, or loaned under any circumstances, though it may be employed in staking in the future as permitted hereunder. If the Sponsor elects to implement staking, the Sponsor will seek to stake all of the BNB in the Trust’s BNB Custodian account at all times except as provided for in the Trust’s liquidity risk policies and procedures. In no case will the Trust’s liquidity risk policies and procedures be applied for the purpose of allowing the Trust to take advantage of variations in the market to improve the investments of the Trust or its Shareholders, including variations based on the value of BNB or the amount of staking rewards. The Sponsor is permitted to modify the Trust’s liquidity risk policies and procedures if it receives advice from counsel for the Trust or the Sponsor that the modification should not cause the Trust to fail to qualify as an investment trust or a grantor trust for U.S. federal income tax purposes.

(b)    Determination of Required Deposits. The total deposit, in cash, required to create each Basket (“Basket Cash Component”) changes from day to day. To determine the Creation Basket Deposit, the Administrator starts by determining the number of BNB held by the Trust as of the opening of business on Trade Date, and subtracts the amount of BNB constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on Trade Date. Fractions of a BNB smaller than 0.0000001 are disregarded for purposes of the computation of the Creation Basket Deposit. Second, this figure, in BNB, is divided by the quotient of the number of Shares outstanding at the opening of business on Trade Date divided by the number of Shares in a Basket as specified in the Registration Statement (“Creation Basket Deposit”). This produces the Creation Basket Deposit, which is

the number of BNB attributable to each Creation Basket as of the opening of business on Trade Date. Third, the resulting BNB amount is then valued, in cash, at the Index calculated on Trade Date, or in accordance with the other valuation policies described in the Registration Statement if the Index is not available. This produces the Basket Cash Component.

The Creation Basket Deposit, and the Basket Cash Component, is communicated via DTC through the Administrator and is made available on the Sponsor’s website for the Shares. The Exchange may also publish the Creation Basket Deposit determined by the Administrator as indicated above.

In the case of a cash creation only, by the end of day Eastern Standard Time (or such other time as the parties may agree) on Creation Trade Date, the Administrator will calculate and transmit the Required Cash Creation Total, consisting of (1) the Basket Cash Component, (2) Cash Amount, and (3) any Purchase Slippage, to the Authorized Participant, which the Authorized Participant shall be responsible for delivering in cash on Creation Settlement Date to the Trust’s account at the Cash Custodian. The Trust acknowledges that, if the actual cash purchase price of BNB from the Liquidity Provider is below the Basket Cash Component, the Authorized Participant shall be entitled to retain the difference and the Required Cash Creation Total shall be reduced accordingly.