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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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.

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 28/02/2026 15:00:00 614.3996798 6,500.973479 Binance
1 28/02/2026 15:00:18 612.4783522 1.817 CoinBase
1 28/02/2026 15:00:36 616.1303976 0.001634414 Kraken
1 28/02/2026 15:00:54 616.7505178 52.42788243 Kraken
1 28/02/2026 15:01:12 612.2956446 0.249863549 CoinBase
1 28/02/2026 15:01:30 621.4940188 322.3913684 Binance
1 28/02/2026 15:01:49 621.9291815 39.22692 Gateio
1 28/02/2026 15:02:07 611.6146197 1997.338517 CoinBase
1 28/02/2026 15:02:25 622.143453 86.42407725 Binance
1 28/02/2026 15:02:43 621.0299016 15.03138954 CoinBase

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
2 28/02/2026 15:03:01 616.2200512 25.20490108 CoinBase
2 28/02/2026 15:03:19 610.7328237 22.39424091 CoinBase
2 28/02/2026 15:03:37 615.2333955 1.25643 Gateio
2 28/02/2026 15:03:55 613.1963171 24.5786328 CoinBase
2 28/02/2026 15:04:13 611.45654 85.8875535 Binance
2 28/02/2026 15:04:31 611.48652 881.8418513 CoinBase
2 28/02/2026 15:04:49 622.8563681 251.91024 Gateio
2 28/02/2026 15:05:08 622.4693142 10.17016 Gateio
2 28/02/2026 15:05:26 621.5393212 70.42376361 CoinBase
2 28/02/2026 15:05:44 619.697398 86.37928425 Binance
3 28/02/2026 15:06:02 618.7762503 33.01696 Gateio
3 28/02/2026 15:06:20 622.5616766 213.5367 bybit
3 28/02/2026 15:06:38 622.237586 32.11296 Gateio
3 28/02/2026 15:06:56 616.436317 1.611969464 CoinBase
3 28/02/2026 15:07:14 620.7662948 812.6049905 CoinBase
3 28/02/2026 15:07:32 619.5350644 1.2628 Gateio
3 28/02/2026 15:07:50 620.4520031 99.99999984 Kraken
3 28/02/2026 15:08:08 620.3059508 34.72128 Gateio
3 28/02/2026 15:08:27 617.5756749 1441.125 CoinBase
3 28/02/2026 15:08:45 620.635122 355.0014427 CoinBase
4 28/02/2026 15:09:03 611.0820675 2.09435758 CoinBase
4 28/02/2026 15:09:21 621.8361558 99.87808051 Binance
4 28/02/2026 15:09:39 611.535125 6.30008068 CoinBase
4 28/02/2026 15:09:57 613.1088538 2345.548718 CoinBase
4 28/02/2026 15:10:15 621.8993004 4907.243118 CoinBase
4 28/02/2026 15:10:33 618.2154 76.88302 Gateio
4 28/02/2026 15:10:51 619.564 1410.456377 CoinBase
4 28/02/2026 15:11:09 618.161568 1.825 CoinBase
4 28/02/2026 15:11:27 614.626491 213.9345 Gateio
4 28/02/2026 15:11:46 613.0282882 2000.546748 CoinBase
5 28/02/2026 15:12:04 618.0153896 306.4600239 Binance
5 28/02/2026 15:12:22 611.4302859 6.999354936 Binance
5 28/02/2026 15:12:40 618.1153231 38.4636 Gateio
5 28/02/2026 15:12:58 617.9234501 3181.640927 CoinBase
5 28/02/2026 15:13:16 616.9412444 24.5921524 CoinBase
5 28/02/2026 15:13:34 616.3293672 1.25706 Gateio
5 28/02/2026 15:13:52 618.299569 5554.016687 Kraken
5 28/02/2026 15:14:10 617.4824121 1.25993 Gateio
5 28/02/2026 15:14:28 610.7171328 1.28002 Gateio
5 28/02/2026 15:14:46 613.5271288 10.00829252 CoinBase
6 28/02/2026 15:15:05 612.5537996 86.510592 Binance
6 28/02/2026 15:15:23 619.0757437 604.5511294 Binance
6 28/02/2026 15:15:41 619.6612676 589.3872797 Binance
6 28/02/2026 15:15:59 616.2592869 4653.359876 Kraken