SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-16
Accession Number: 0001628280-26-017834
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026017834/vaneckbnbs-1a3.htm

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held at a Money Market Fund is not eligible for deposit insurance whether on a pass-through or any other basis. The Custody Agreement provides that wire deposit and withdrawal transfer times in respect of the Fiat Account are subject to bank holidays, the internal processes and jurisdiction of the Trust's bank, and the internal processes of the BNB Custodian's banks and financial institutions. In certain situations, wire deposit or withdrawal transfer times may be delayed in connection with Downtime or disruptions to the BNB Custodian's banks and/or affiliates or service providers. ACH deposit and withdrawal transfer times are subject to bank holidays, the internal processes and jurisdiction of the Trust's bank, and the internal processes of the Trust's banks. The Custody Agreement provides that in certain situations, ACH withdrawal transfer times may be delayed in connection with Downtime or disruptions to the BNB Custodian's banks and/or affiliates or service providers.

The Custody Agreement provides that no more than once per calendar year, the Trust shall be entitled to request that the BNB Custodian produce its Services Organization Controls 2 Type I report (a "SOC 2-I Report") and a new Services Organization Controls 2 Type II report (a "SOC 2-II Report" and, together with a SOC 2-I Report, "SOC Reports"), or certify that there have been no material changes which would impact the previous SOC Reports provided to the Trust, and promptly deliver to the Trust a copy of each SOC Report within 45 days of the Trust's request. No more than once per calendar year, the Trust shall be entitled to request that the BNB Custodian produce a copy of the BNB Custodian's audited annual financial statements for each financial year ending on or after December 31, 2021, and the BNB Custodian shall promptly deliver such financial statements to the Trust.

The BNB Custodian agrees to take reasonable care and use commercially reasonable efforts in executing its responsibilities to the Trust pursuant to the Custody Agreement, which includes exercising the degree of care, diligence and skill that a prudent and competent professional provider of services similar to the services contemplated by the Custody Agreement would exercise in the circumstances, or such higher care where required by law or the Custody Agreement (collectively, the "Standard of Care"). The BNB Custodian cannot be held responsible for any failure or delay to act by the BNB Custodian, its affiliates or service providers, or its banks that is within the time limits permitted by the Custody Agreement, or that is caused by the Trust's negligence or is required to comply with applicable laws and regulations. The BNB Custodian cannot be held responsible for any Downtime or System Failure (defined below), which prevents the BNB Custodian from fulfilling its obligations under the Custody Agreement, provided that BNB Custodian took reasonable care and used commercially reasonable efforts to prevent or limit such System Failures or Downtime and otherwise complied with this Agreement. The Custody Agreement provides that a "System Failure" shall mean a failure of any computer hardware, software, computer systems, or telecommunications lines or devices used by BNB Custodian, or interruption, loss, or malfunction of utility, data center, Internet or network provider services used by BNB Custodian; provided, however, that a cybersecurity attack, data breach, hack, or other intrusion, or unauthorized disclosure by a third party, BNB Custodian, a BNB Custodian affiliate or service provider, or an agent or subcontractor of BNB Custodian, shall not be deemed a System Failure, to the extent such events or any losses arising therefrom are due to BNB Custodian's failure to comply with its obligations under the Custody Agreement. The BNB Custodian cannot be held responsible for any circumstances beyond the BNB Custodian's reasonable control, provided BNB Custodian acted in accordance with the Standard of Care. Notwithstanding any other provision in the Custody Agreement, for the Trust's BNB held in the BNB Account, the BNB Custodian represents, warrants, and covenants that it will maintain the private key or keys in a form accessible to the BNB Custodian and will take reasonable care and use commercially reasonable efforts to (i) protect and keep the private key or keys secure and (ii) not disclose them or allow access to them by any other person. The BNB Custodian shall take reasonable care and use commercially reasonable efforts to ensure that the Trust shall be able to access the BNB Account via the BNB Custodian's online interface 97% of the time excluding Downtime and System Failures. The BNB Custodian shall not, without the prior written consent of the Trust, deposit or hold the Trust's BNB with any third-party depositary, custodian, clearance system, wallet, or sub-custodian. Subject to the foregoing, the BNB Custodian is permitted to perform its obligations under the Custody Agreement using subcontractors or agents, provided that, in relation to each such subcontractor or agent used by the BNB Custodian, the BNB Custodian shall: (i) comply with the Standard of Care in the selection, appointment and use of each such subcontractor or agent; (ii) monitor such subcontractor's or agent's performance; and (iii) remain solely liable to Trust for the performance of the BNB Custodian's obligations under the Custody Agreement, notwithstanding any use of subcontractors or agents.

Subject to the "Force Majeure" provision (defined below) and as limited by the limitations of liability in the Custody Agreement, the BNB Custodian shall be liable to the Trust for the Loss (defined below) of any of the

Trust's BNB or fiat currency to the extent that such Loss was caused by the negligence, fraud, willful or reckless misconduct of the BNB Custodian or breach by the BNB Custodian of its Standard of Care. The Custody Agreement provides that "Loss" means if, at any time the Trust's BNB Account or Fiat Account, as applicable, does not hold the BNB or fiat currency that had been (1) received by BNB Custodian in connection with the Trust's BNB Account or Fiat Account pursuant to the Custody Agreement, or (2) duly sent to the BNB Custodian by the Trust or Authorized Participants in connection with the Trust's BNB Account pursuant to the Custody Agreement but not received because of a failure caused by the BNB Custodian. The Custody Agreement provides that "Loss" shall include situations where the BNB Custodian fails to execute a valid withdrawal request, BNB are withdrawn from the Trust's BNB Account other than pursuant to a withdrawal request, or the Trust is not able to timely withdraw BNB from the BNB Account pursuant to a withdrawal request, in each case due to a failure caused by the BNB Custodian; provided, however, that the BNB Custodian's failure to permit timely withdrawals because it has determined that it cannot do so due to the requirements of applicable laws and regulations or because of the operation of its fraud detection controls shall not be considered a Loss, provided the BNB Custodian is acting reasonably and in good faith. The Custody Agreement provides that should a Loss of the Trust's BNB or fiat currency due to the negligence, fraud, willful or reckless misconduct of the BNB Custodian or a breach by the BNB Custodian of its Standard of Care occur, the BNB Custodian will, as soon as practicable, return to the Trust a quantity of the same digital asset that is equal to the quantity of digital assets involved in the Loss, or return to the Trust a quantity of the same fiat currency that is equal to the quantity of fiat currency involved in the Loss (if the Loss involved the Fiat Account). The Custody Agreement provides that (i) the BNB Custodian does not own or control the underlying software protocols of networks which govern the operation of digital assets (including the BNB Chain), (ii) the BNB Custodian makes no guarantees regarding their security, functionality, or availability, and (iii) in no event shall the BNB Custodian be liable for or in connection with any acts, decisions, or omissions made by developers or promoters of digital assets, including BNB.

The Custody Agreement's "Force Majeure" provision provides that in no event shall the BNB Custodian be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition, whether or not foreseeable, beyond the BNB Custodian's reasonable control, including, but not limited to, any act of God, nuclear or natural disaster, epidemic, action or inaction of civil or military authorities, act of war, terrorism, sabotage, civil disturbance, strike or other labor dispute, accident, or state of emergency; provided, however, that for the avoidance of doubt, the Custody Agreement's Force Majeure provision shall not apply in respect of System Failures or Downtime, which are subject to other respective provisions of the Custody Agreement. The occurrence of an event described in the Force Majeure provision shall not affect the validity and enforceability of any remaining provisions of the Custody Agreement.