SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.3
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/exhibit103-sx1a4.htm

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Anchorage the Monthly Settlement Service Fee as agreed in the Order Form of this Agreement. For the avoidance of doubt, the Monthly Settlement Service Fee shall: (i) be in addition to any gas or network fees and any Fees as provided in the Order Form, (ii) constitute part of the Fees as described in Section 5 of the Agreement, and (iii) be subject to all provisions in the Agreement relating to Fees, unless otherwise agreed in this Addendum. Changes to the Optional Settlement Services, including the inclusion of new assets or Clients, are subject to changes in Monthly Settlement Service Fee upon mutual written agreement of the Parties. Anchorage shall provide Client with at least thirty (30) days' advance written notice of any proposed fee changes, and Client shall have the right to reject such changes and terminate this Addendum without penalty within fifteen (15) days of receiving such notice.

6.    Optional Settlement Service Termination Rights. This Addendum shall remain in full force and effect until actual receipt by Anchorage of written termination notice by Client (with mandatory copy to any Counterparty of Client listed in any outstanding Settlement Instructions). Upon receipt of Client’s termination notice, Anchorage shall automatically disregard any outstanding or newly-submitted Settlement Instructions. Anchorage may, at its option, terminate this Addendum by sending at least thirty (30) days’ advance written notice to the Client. Notwithstanding the foregoing, this Addendum may be terminated immediately (without an opportunity to cure) upon written notice by Anchorage if (i) Anchorage reasonably determines that any part of the Optional Settlement Services is in violation of applicable Laws or (ii) upon any material breach of this Addendum by Client. .

7.    Consent for Data Sharing between Anchorage and Settlement Partner. Client hereby acknowledges and consents to the sharing of Client Data between Anchorage and Settlement Partner in order to provide services under this Addendum. Any sharing of Client Data shall be subject to the Data Processing Addendum agreed between the Parties and all applicable Laws. Client further acknowledges and consents to the sharing of Client’s legal name, trade name, unique Optional Settlement Services identifier, Account address, and any additional information as required with Counterparty of Client, Settlement Partners, and clients of Settlement Partners in order to facilitate identification of Clients of Anchorage and Settlement Partners participating in Optional Settlement Services.

8.    Third Parties. This Addendum is between the Parties hereto and is not intended to confer any benefits on third parties.

9.    Counterparts. This Addendum may be executed in any number of counterparts, each of which shall be an original or a copy, but all of which taken together shall constitute one and the same instrument. Delivery by a Party hereto of an executed signature page of this Addendum by facsimile or other electronic transmission (such as pdf) shall be binding on the other Parties hereto as if the original of such transmission had been delivered to such other Parties.

Schedule D

Risk Disclosures

This risk disclosure provides a description of certain risks associated with holding or trading digital assets. The disclosures below do not disclose or explain all the risks involved, there may be additional risks that are not foreseen or identified. You acknowledge and accept these risks and will not hold Anchorage Digital Bank N.A. (“Anchorage Bank”), Anchorage Hold LLC, Anchorage Digital Singapore Pte. Ltd. (“Anchorage Singapore”), A1, Ltd. or any other Anchorage entity (together “Anchorage Digital”) responsible for losses arising from such risks.

1.    Blockchain/digital asset risks

a.    Anchorage Digital has no control over the blockchains and markets in which digital assets are purchased and traded, and such may be subject to technology flaws, manipulations, hacks, double spending, “51%” attacks, other attacks, and operational limitations.

b.    Anchorage Digital does not control and makes no guarantee as to the functionality of any blockchain’s decentralized governance, which could, among other things, lead to delays, conflicts of interest, or operational decisions that may impact you or your digital assets.

c.    Advancements in cryptography could render current cryptography algorithms utilized by a Blockchain supporting a specific digital asset inoperative.

d.    The nature of digital assets may lead to an increased risk of fraud or cyber-attack.

e.    The nature of digital assets means that technological difficulties experienced by Anchorage Digital or third parties may prevent the access to or use of your digital assets.

f.    Transactions in digital assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

g.    Some digital asset transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that transaction was initiated.

2.    Legal and regulatory uncertainty

a.    Digital Assets may not be legal tender and are not backed by any government.

b.    Judicial orders, legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, operability and/or value of digital assets.

3.    Valuation issues | Volatility | No or limited liquidity

a.    The price and liquidity of digital assets has been subject to large fluctuations in the past and may be subject to large fluctuations in the future.

b.    The value of digital assets may be derived from the continued willingness of market participants to exchange fiat currency or digital assets for digital assets, which may result in the potential for permanent and total loss of value of a particular digital asset should the market for that digital asset disappear.

c.    There is no assurance that a person who accepts digital assets as payment today will continue to do so in the future.

d.    Due to the volatility and unpredictability of the price of digital assets relative to fiat currency trading and owning digital assets may result in significant loss over a short period of time.

e.    The price of stablecoins may fluctuate in value, including below the price at which they are designed to track. Additionally, there is no guarantee that the ability to convert fiat currency into stablecoins or stablecoins into fiat currency will be available at any

particular time, and such convertibility may be suspended, disrupted or permanently lost.

f.    Anchorage Digital does not control and makes no guarantee as to the availability of fiat currency “on ramps” and “off ramps” or the ability to convert or exchange between digital assets and fiat currency.

4.    No investment advice, recommendations or tax advice

a.    Anchorage Digital does not provide investment advice or exercise investment discretion. You are responsible for and capable of evaluating transaction and investment risks independently, both in general and with regard to all transactions and investment strategies. You are solely responsible for, and Anchorage Digital has no involvement in, determining whether any digital asset transaction (whether an investment or otherwise), investment strategy, or related transaction is appropriate for you. You are familiar with and are capable of evaluating the investment risks of digital assets independently or you agree to consult your own advisors in respect of legal, regulatory, business, investment, financial tax and accounting matters and have made your decisions without reliance on Anchorage Digital. Anchorage Digital does not provide investment or tax advice or exercise any investment discretion on your behalf. Nothing on Anchorage Digital’s website is an offer to sell, a solicitation of an offer to buy or a recommendation for any digital asset by Anchorage Digital.

5.    Bankruptcy treatment | Digital asset holdings are not covered by deposit or securities investor protection | Brokerage not regulated

a.    You should note that balances at Anchorage Digital entities that custody assets such as Anchorage Bank and Anchorage Singapore may not be considered “deposits,” as that term may be used under the applicable laws, rules, or regulations in your jurisdiction.

b.    In particular, Digital assets in your custody accounts are not subject to deposit insurance protection of the Federal Deposit Insurance Corporation and may not be subject to the protection afforded customers under the Securities Investor Protection Act of 1970, as amended.

c.    Any bond, insurance or trust account maintained by the relevant Anchorage Digital for the benefit of its customers may not be sufficient to cover all losses incurred by you.

d.    Fiat currency balances may be maintained in accounts established with thirdparty depository institutions and subject to standard commercial terms. The relevant Anchorage Digital entity maintaining the account acts as agent in respect of the establishment and operation of such accounts, and does not undertake any duties or liabilities beyond those of an agent. To the maximum extent permitted by applicable law, Anchorage Digital shall not be liable to you for any losses arising from acts, omissions, failure or insolvency of any thirdparty depository institution that maintains accounts to hold your fiat currency balances.

e.    Anchorage Hold LLC is not registered as a broker dealer under United States federal law or as a state trust under any United States states laws. Any claims against Anchorage Hold LLC following a bankruptcy would constitute those of a general unsecured creditor.

6.    Issuer actions | Third party actions