SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-10.3
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/exhibit103-sx1a3.htm

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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

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

Confidential & Proprietary

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.

Confidential & Proprietary