SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035722
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026035722/vaneckbnbs-1a5.htm

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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 on 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.

In case of a hard fork, the forked coin is not added to the MarketVectorTM BNB Benchmark Rate. Notwithstanding the foregoing, if MarketVector determines that a forked asset is significant enough to replace the old line in terms of market capitalization and acceptance, MarketVector may decide for a different treatment.

In the unlikely event a spun-off coin is larger than BNB (by market capitalization) and is in general accepted as the successor of the original chain, the index owner might decide to keep it as the only index component.

The index is calculated daily between 00:00 and 24:00 (ET) and the index values are disseminated to data vendors every 15 seconds. The index is disseminated in USD and the closing value is calculated at 16:00:00 ET with fixed 16:00 ET exchange rates.

The following provides a hypothetical example of the MarketVector™ BNB Benchmark Rate calculation*:

1.On a given calculation day, the below relevant transactions are observed at 9:02 p.m. Eastern time:

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
1 31/03/2026 15:02:07 611.6146197 1,997.338517 CoinBase
1 31/03/2026 15:01:12 612.2956446 0.249863549 CoinBase
1 31/03/2026 15:00:18 612.4783522 1.817 CoinBase
1 31/03/2026 15:00:00 613.234 6500.973479 Binance
1 31/03/2026 15:00:36 616.1303976 0.001634414 Kraken
1 31/03/2026 15:00:54 616.7505178 52.42788243 Kraken
1 31/03/2026 15:02:43 621.0299016 15.03138954 CoinBase
1 31/03/2026 15:01:30 621.4940188 322.3913684 Binance
1 31/03/2026 15:01:49 621.9291815 39.22692 Gateio
1 31/03/2026 15:02:25 622.143453 86.42407725 Binance

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
2 31/03/2026 15:03:19 605.23456 22.39424091 CoinBase
2 31/03/2026 15:04:13 606.5467 85.8875535 Binance
2 31/03/2026 15:04:31 609.2346 881.8418513 CoinBase
2 31/03/2026 15:03:55 613.1963171 24.5786328 CoinBase
2 31/03/2026 15:03:37 615.2333955 1.25643 Gateio
2 31/03/2026 15:03:01 616.2200512 25.20490108 CoinBase
2 31/03/2026 15:05:44 619.697398 86.37928425 Binance
2 31/03/2026 15:05:26 621.5393212 70.42376361 CoinBase
2 31/03/2026 15:05:08 622.4693142 10.17016 Gateio
2 31/03/2026 15:04:49 622.8563681 251.91024 Gateio
3 31/03/2026 15:06:56 616.436317 1.611969464 CoinBase
3 31/03/2026 15:08:27 617.5756749 1441.125 CoinBase
3 31/03/2026 15:06:02 618.7762503 33.01696 Gateio
3 31/03/2026 15:07:32 619.005646 1.2628 Gateio
3 31/03/2026 15:08:08 619.1456796 34.72128 Gateio
3 31/03/2026 15:07:50 620.4520031 99.99999984 Kraken
3 31/03/2026 15:08:45 620.635122 355.0014427 CoinBase
3 31/03/2026 15:07:14 620.7662948 812.6049905 CoinBase
3 31/03/2026 15:06:38 622.237586 32.11296 Gateio
3 31/03/2026 15:06:20 622.5616766 213.5367 bybit
4 31/03/2026 15:09:03 604.9712469 2.09435758 CoinBase
4 31/03/2026 15:09:39 605.4197737 6.30008068 CoinBase
4 31/03/2026 15:11:46 606.8980053 2000.546748 CoinBase
4 31/03/2026 15:09:57 606.9777653 2345.548718 CoinBase
4 31/03/2026 15:11:27 608.4802261 213.9345 Gateio
4 31/03/2026 15:11:09 611.9799523 1.825 CoinBase
4 31/03/2026 15:10:33 612.033246 76.88302 Gateio
4 31/03/2026 15:10:51 613.262133 1410.456377 CoinBase
4 31/03/2026 15:09:21 615.6177943 99.87808051 Binance
4 31/03/2026 15:10:15 615.6803074 4907.243118 CoinBase
5 31/03/2026 15:14:28 609.6489212 1.28002 Gateio
5 31/03/2026 15:12:22 610.360827 6.999354936 Binance
5 31/03/2026 15:14:46 612.4540023 10.00829252 CoinBase
5 31/03/2026 15:13:34 615.2513393 1.25706 Gateio
5 31/03/2026 15:13:16 615.8621462 24.5921524 CoinBase
5 31/03/2026 15:14:10 616.4023674 1.25993 Gateio
5 31/03/2026 15:12:58 615.45646 3181.640927 CoinBase
5 31/03/2026 15:12:04 615.6789 306.4600239 Binance
5 31/03/2026 15:12:40 616.025478 38.4636 Gateio
5 31/03/2026 15:13:52 616.7962551 5554.016687 Kraken
6 31/03/2026 15:16:17 610.3893496 84.826224 Binance
6 31/03/2026 15:16:53 611.4162654 290.7951 Gateio
6 31/03/2026 15:15:05 611.4823755 86.510592 Binance
6 31/03/2026 15:17:47 611.5839781 130.87024 Gateio

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
6 31/03/2026 15:17:29 612.4173235 159.74154 Gateio
6 31/03/2026 15:17:11 614.2315131 173.43924 Gateio
6 31/03/2026 15:15:59 615.1813815 4653.359876 Kraken
6 31/03/2026 15:15:23 617.992912 604.5511294 Binance
6 31/03/2026 15:15:41 618.5774118 589.3872797 Binance
6 31/03/2026 15:16:35 619.6216595 151.70628 Gateio
7 31/03/2026 15:19:54 610.0526082 846.612 CoinBase
7 31/03/2026 15:19:36 610.4373999 62.54948 Gateio
7 31/03/2026 15:18:24 611.7180019 366 Gateio
7 31/03/2026 15:19:18 611.7514084 139.0204067 CoinBase
7 31/03/2026 15:20:30 613.0878854 20.00059113 Binance
7 31/03/2026 15:18:42 613.8467328 38.72392 Gateio
7 31/03/2026 15:20:12 616.39877 24.470476 CoinBase
7 31/03/2026 15:18:05 617.2533861 1574.25674 CoinBase
7 31/03/2026 15:20:48 618.5453969 1.2726 Gateio
7 31/03/2026 15:19:00 621.2647446 1531.065702 CoinBase
8 31/03/2026 15:23:49 611.8011289 280.5192734 CoinBase
8 31/03/2026 15:22:19 612.5746466 3503.486385 Binance
8 31/03/2026 15:22:37 616.3069963 506.0614604 CoinBase
8 31/03/2026 15:21:43 617.0911306 37.9374 Gateio
8 31/03/2026 15:23:31 617.8539703 61.78515529 Kraken
8 31/03/2026 15:21:24 618.0295425 128.2839788 Kraken
8 31/03/2026 15:22:01 619.2110806 909.9500294 CoinBase
8 31/03/2026 15:21:06 619.7887871 499.8630512 CoinBase
8 31/03/2026 15:22:55 619.8368329 1419.63651 CoinBase
8 31/03/2026 15:23:13 620.6526814 1.27246 Gateio
9 31/03/2026 15:24:07 609.6456533 1.26252 Gateio
9 31/03/2026 15:25:38 610.2601429 838.188 CoinBase
9 31/03/2026 15:24:25 610.9406072 5.534994868 CoinBase
9 31/03/2026 15:26:32 612.0404056 233.4126446 CoinBase
9 31/03/2026 15:24:43 614.4974715 34.5477 Gateio
9 31/03/2026 15:25:20 615.828643 3.700194037 CoinBase
9 31/03/2026 15:25:56 617.0280449 1.829 CoinBase
9 31/03/2026 15:25:02 617.5352198 172.898712 Binance
9 31/03/2026 15:26:50 617.9808137 2501.294694 Binance
9 31/03/2026 15:26:14 620.2844605 719.947786 Kraken
10 31/03/2026 15:29:51 610.5505514 435.17204 CoinBase
10 31/03/2026 15:27:44 611.9081226 772.164912 CoinBase
10 31/03/2026 15:27:08 612.1062561 10.07985 Gateio
10 31/03/2026 15:28:57 612.9120766 1.27176 Gateio
10 31/03/2026 15:29:15 613.7634516 10.11976 bybit
10 31/03/2026 15:29:33 615.3646345 24.7273484 CoinBase
10 31/03/2026 15:27:26 616.622617 85.2798888 CoinBase
10 31/03/2026 15:28:21 616.6984167 40.31871056 CoinBase