SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-4.1
Date Filed: 2026-04-28
Accession Number: 0001628280-26-027783
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026027783/exhibit41-sx1a4.htm

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other securities market participant such as a bank or other financial institution that is not required to register as a broker-dealer or be a member of FINRA to engage in securities transactions, (2) is a participant in DTC and (3) has entered into an Authorized Participant Agreement. Only Authorized Participants may place orders to create or redeem one or more Creation Baskets (either in cash or in-kind). “Authorized Participant Agreement” shall mean an agreement entered into by each Authorized Participant that provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the BNB and/or cash required for such creations and redemptions. “Basket Cash Component” shall have the meaning and be calculated in the manner specified in Section 2.08. “Basket Deposit” means Creation Basket Deposit, and the two terms are used interchangeably herein. “Beneficial Owner” means any Person owning a beneficial interest in any Shares.

“BNB token” or “BNB” shall mean the native token of the decentralized BNB Chain Ecosystem, where it powers transactions, pays for fees, and allows for participation in governance.

“BNB Chain Ecosystem” means the multi-chain blockchain ecosystem designed to provide scalable, EVM-compatible smart contract execution and decentralized data storage, consisting of three blockchains: BNB Smart Chain, opBNB, and BNB Greenfield.

“BNB Custodian” means the Initial BNB Custodian and any substitute or additional custodian of the Trust’s BNB pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust.

“Business Day” shall mean any day the Exchange is open for business and the Trust accepts Purchase Orders and Redemption Orders for Creation Baskets.

“By-Laws” shall mean the By-Laws of the Trust, if any, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the “governing instrument” within the meaning of the Delaware Act (as defined herein).

“Cash” shall mean U.S. dollars, the legal tender of the United States of America.

“Cash Amount” shall mean an amount of cash sufficient to pay any applicable transaction fee (including the Transaction Fee), redemption fee and any additional fixed and/or variable charges, costs, taxes, or expenses, applicable to Creation Orders or Redemption Orders effected fully in cash, as described in the Authorized Participant Agreement and/or in the Registration Statement.

“Cash Custodian” means State Street Bank and Trust Company or any successor custodian for the Trust’s cash and non-BNB assets, if any.

“Cash Custodian Agreement” means the agreement pursuant to which the Cash Custodian acts as custodian for the Trust’s cash and non-BNB assets, if any. The initial cash custodian shall be the Administrator.

“Certificate” means a certificate that is executed and delivered by the Sponsor evidencing Shares.

“Certificate of Trust” means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware on March 31, 2025 pursuant to Section 3810 of the Delaware Act as amended or restated from time to time.

“Clearing Account” has the meaning given in the Registration Statement.

“Clearing Agreement” means the agreement between the Trust and the Initial BNB Custodian in respect of the Clearing Services (as defined in the Registration Statement).

“Code” means the Internal Revenue Code of 1986, as amended.

“Conflicting Provisions” shall have the meaning assigned to such term in Section 10.04(a) herein.

“Control” and/or “Controlled” mean that the specified party, directly or indirectly, has the power to direct or cause the direction of the management and policies of an entity through the ownership of voting securities, by contract or otherwise.

“Corporate Trust Office” means the principal office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date hereof is located at 251 Little Falls Drive, Wilmington, DE 19808.

“Covered Person” means the Sponsor and its Affiliates and their respective members, managers, directors, officers, employees, agents and controlling persons.

“Creation Basket” or “Basket” shall mean a block of Shares in such amount as established from time to time by the Sponsor. Multiple blocks are called “Creation Baskets” or “Baskets.”

“Creation Basket Deposit” shall have the meaning and be calculated in the manner specified in Section 2.08 herein.

“Creation Order” means a Purchase Order, and these two terms are used interchangeably herein.

“Creation Order Cut-Off Time” shall mean the Order Cut-Off Time for a Creation Order on a Business Day.

“Creation Settlement Date” shall mean the settlement date for a Creation Order, which shall be the Business Day immediately following the Creation Trade Date unless the Trust, Sponsor and Authorized Participant agree in writing to a different date.

“Creation Trade Date” shall mean the Trade Date for a Creation Order, and shall have the same meaning as Purchase Order Date and the two terms shall be used interchangeably herein.

“CTA” has the meaning given in Section 10.14 herein.

“Custody Agreement” means a written agreement entered into by the Trust or Sponsor with an BNB Custodian providing for the deposit, safekeeping or delivery of BNB held by the Trust and related services.

“Delaware Act” shall mean the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.), as such statute may be amended or interpreted from time to time, and any legislative enactment that may replace or supersede such Act.

“DTC” shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC pursuant to the provisions of Section 17A of the Exchange Act. DTC will act as the securities depository for the Shares.

“DTC Participant” shall mean a participant in DTC, such as a bank, broker, dealer or trust company.

“Exchange” means the primary exchange or other securities market on which the Shares are listed for trading.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Existing Trust Agreement” shall have the meaning assigned to such term in the recitals.

“Expenses” shall have the meaning assigned to such term in Section 3.06 herein.

“Fiscal Year” shall have the meaning assigned to such term in Section 5.05 herein.

“Indemnified Person” shall have the meaning assigned to such term in Section 3.06 herein.

“Index” means the MarketVectorTM BNB Benchmark Rate or any successor selected by the Sponsor in accordance with the policies described in the Registration Statement.

“Indirect Participant” means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC Participant, either directly or indirectly, has access to the DTC clearing system.

“Initial Administrator” means, as of the date of this Trust Agreement, State Street Bank and Trust Company as Administrator.

“Initial BNB Custodian” means the BNB Custodian named in the registration statement for the Trust that is declared effective by the SEC, as such may be amended from time to time.

“Liquidating Trustee” shall have the meaning assigned to such term in Section 8.02 herein.

“Liquidity Provider” means a third party selected by the Sponsor, in the Sponsor’s sole discretion, who (1) is not an Authorized Participant and (2) will facilitate the delivery of BNB to the Trust in a cash Order.

“NAV” means net asset value, and is the aggregate value of the Trust’s assets including, but not limited to, all BNB and cash, less the Trust’s estimated accrued but unpaid liabilities (which includes accrued expenses).

“Order” shall mean any Purchase Order or Redemption Order.

“Order Cut-Off Time” means the cut-off time for placing Orders with the Trust, which shall be 3:59:59 p.m. Eastern Standard Time on Trade Date or as otherwise communicated by the Sponsor.

“Original Trust Agreement” shall have the meaning assigned to such term in the recitals.

“Percentage Interest” means, with respect to any Beneficial Owner at any time, a fraction, the numerator of which is the number of Shares held by such Beneficial Owner and the denominator of which is the total number of Shares outstanding, in each case as of 4:00 p.m., Eastern time, on the date of determination.

“Person” means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign.

“Prime Broker Agreement” means an agreement with a prime broker whereby the prime broker provides certain services to the Trust as needed, such as facilitating the purchase of BNB for Creation Basket Deposits in connection with Purchase Orders made in cash, and the sale of BNB for cash in connection with Redemption Orders where the redemption distribution is made in cash.

“Prospectus” shall have the meaning assigned to such term in Section 4.02(e) herein.

“Purchase Order” shall have the meaning assigned to such term in Section 2.08 herein.

“Purchase Order Date” shall have the meaning assigned to such terms in Section 2.08 herein.

“Purchase Slippage” means, with respect to a Purchase Order, any amount by which the actual cash purchase price of the BNB from the Liquidity Provider exceeds the Basket Cash Component.