SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.3
Date Filed: 2025-11-21
Accession Number: 0001628280-25-053634
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025053634/exhibit103-sx1a2.htm

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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 third-party 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 third-party 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

a.Anchorage Digital will not monitor digital assets for actions taken by the issuer of such digital asset, which may include an issuer instruction requiring the transfer of a digital asset to a certain location. For the avoidance of doubt, you are solely responsible for actions of the issuer of a digital asset.

b.Anchorage Digital may maintain fiat currency balances in accounts established with third-party depository institutions and subject to standard commercial terms. Anchorage Digital is not liable to you for any losses arising from acts, omissions, failure or insolvency of any third-party depository institution that maintains accounts to hold you fiat currency balances.

7.Conflicts in trading

a.You should note that the Anchorage Digital entity, AHold trades on an agency basis and A1 trades on a principal basis. While processes are in place to mitigate conflicts, elimination of conflicts cannot be guaranteed. You acknowledge that there may be actual or potential conflicts of interest in trading with us, including that (1) A1 acting as a principal may be the liquidity provider for a AHold agency transaction; (2) A1 will act as principal and execute orders from its own inventory in normal business operations while in possession of orders or imminent orders of AHold clients; (3) A1 may engage in trading through liquidity providers which could affect the value of digital assets and or the terms of transactions, including prices available to you through AHold. As a result of these and other conflicts, there may be incentives to favor our transactions over yours.