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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Document Content:

Exhibit 4.1

Execution Version

SECOND AMENDED AND RESTATED

DECLARATION OF TRUST

AND

TRUST AGREEMENT

VANECK BNB ETF

Dated as of April 24, 2026

By and Between

VANECK DIGITAL ASSETS, LLC

as Sponsor

and

CSC DELAWARE TRUST COMPANY

as Trustee

TABLE CONTENTS

ARTICLE I NAME, PURPOSE AND DEFINITIONS	1

Section 1.01.	Name	1

Section 1.02.	Purpose	1

Section 1.03.	Definitions	2

Section 1.04.	Delaware Trustee; Offices.	7

Section 1.05.	Declaration of Trust	8

Section 1.06.	Grantor Trust	8

Section 1.07.	Tax Treatment.	8

Section 1.08.	Legal Title.	8

ARTICLE II SHARES	9

Section 2.01.	Division of Beneficial Interest	9

Section 2.02.	Form of Certificates; Book Entry; Transferability of Shares.	9

Section 2.03.	Transfer of Shares.	11

Section 2.04.	Investments in the Trust	11

Section 2.05.	Status of Shares and Limitation of Personal Liability	11

Section 2.06.	Designation and Rights of Shares	12

Section 2.07.	Creation and Redemption of Shares	12

Section 2.08.	Creation and Issuance of Creation Baskets	13

Section 2.09.	Redemption of Creation Baskets	16

Section 2.10.	Cash Distributions	20

Section 2.11.	Other Distributions	20

ARTICLE III TRUSTEE	21

Section 3.01.	Duties	21

Section 3.02.	Liability of Trustee	21

Section 3.03.	Compensation and Expenses of the Trustee	22

Section 3.04.	Term; Resignation	23

Section 3.05.	Successor Trustee	23

Section 3.06.	Indemnification	23

ARTICLE IV THE SPONSOR	24

Section 4.01.	Management of the Trust	24

Section 4.02.	Authority of Sponsor	24

Section 4.03.	Obligations of Sponsor	26

Section 4.04.	Compensation of the Sponsor	29

Section 4.05.	Sponsor’s Obligations With Respect to Hard Forks	30

Section 4.06.	Liability of Sponsor and Indemnification	31

Section 4.07.	Voluntary Withdrawal of the Sponsor	33

Section 4.08.	Litigation	33

Section 4.09.	Bankruptcy; Merger of the Sponsor	33

ARTICLE V BOOKS OF ACCOUNT, REPORTS AND FISCAL YEAR	34

Section 5.01.	Books of Account	34

Section 5.02.	Annual Updates, Quarterly Updates and Account Statements	34

Section 5.03.	Maintenance of Records	34

Section 5.04.	Calculation of Net Asset Value	35

Section 5.05.	Fiscal Year	35

ARTICLE VI AMENDMENT OF TRUST AGREEMENT; MEETINGS	35

Section 6.01.	Amendments to the Trust Agreement	35

Section 6.02.	Meetings of the Trust	35

Section 6.03.	Action Without a Meeting	35

ARTICLE VII TERM	36

ARTICLE VIII TERMINATION	36

Section 8.01.	Events Requiring Dissolution of the Trust	36

Section 8.02.	Distributions on Dissolution	37

Section 8.03.	Termination; Certificate of Cancellation	38

ARTICLE IX THE BENEFICIAL OWNERS	38

Section 9.01.	No Management or Control; Limited Liability; Exercise of Rights through a Participant	38

Section 9.02.	Rights and Duties	38

Section 9.03.	Limitation on Liability.	39

Section 9.04.	Business of Beneficial Owners	39

Section 9.05.	Authorization of Registration Statement	40

Section 9.06.	Voting Rights	40

ARTICLE X MISCELLANEOUS PROVISIONS	40

Section 10.01.	Governing Law	40

Section 10.02.	Submission to Jurisdiction	40

Section 10.03.	Derivative Actions	40

Section 10.04.	Provisions in Conflict with Law or Regulations	40

Section 10.05.	Merger and Consolidation	41

Section 10.06.	Construction	41

Section 10.07.	Notices	41

Section 10.08.	Counterparts; Electronic Signatures	42

Section 10.09.	Binding Nature of Trust Agreement	42

Section 10.10.	No Legal Title to Trust Property	42

Section 10.11.	Creditors	43

Section 10.12.	Integration	43

Section 10.13.	Goodwill; Use of Name	43

Section 10.14.	Corporate Transparency Act	43

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THIS SECOND AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT (this “Trust Agreement”), dated as of April 24, 2026, between VanEck Digital Assets, LLC, a Delaware limited liability company, as sponsor, and CSC DELAWARE TRUST COMPANY, a Delaware trust company, as trustee.

WHEREAS, the Sponsor formed the Trust on March 31, 2025 as a statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware;

WHEREAS, the Sponsor and the Trustee were parties to a trust agreement dated March 31, 2025 (the “Original Trust Agreement”);

WHEREAS, the Sponsor and the Trustee were parties to an amended and restated trust agreement dated November 20, 2025 (the “Existing Trust Agreement”); and

WHEREAS, the Sponsor desires to amend and restate the Existing Trust Agreement to revise and/or clarify certain terms and conditions upon which the Trust is administered, as hereinafter provided.

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party agrees as follows:

ARTICLE I

NAME, PURPOSE AND DEFINITIONS

Section 1.01.    Name. The Trust shall be known as the “VanEck BNB ETF.” The Sponsor and the Trustee shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Sponsor of an instrument setting forth the new name and the filing of a Certificate of Amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any such instrument shall not require the approval of the Registered Owners or Beneficial Owners (together, “Shareholders”) but shall have the status of an amendment to this Trust Agreement.

Section 1.02.    Purpose.

(a)    The purpose of the Trust is to generally reflect the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB, to the extent the Sponsor in its sole discretion (i) implements staking and (ii) determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the Trust’s ability to qualify as a grantor trust for U.S. federal income tax purposes, less the expenses of the Trust’s operations. The Sponsor intends for the Trust to be operated and treated for U.S. federal income tax purposes as an “investment trust” as defined in Treasury Regulation Section 301.7701-4(c)(1) and to be treated as a “grantor trust” described in Sections 671-679 of the Code, as hereinafter defined. All provisions in this Trust Agreement are intended to be construed such that the Trust does not lose its status as an “investment trust” treated as a “grantor trust” for U.S. federal income tax purposes. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint stock

association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the State of Delaware, now or hereafter in force, except as otherwise provided herein. The Trust shall not take any action that could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes. Without limiting the generality of the foregoing, nothing in this Trust Agreement shall be construed to give the Trustee or the Sponsor the power to vary the investment of the Beneficial Owners within the meaning of Section 301.7701-4(c) or similar provisions of the Treasury Regulations, nor shall the Trustee or the Sponsor take any action that would vary the investment of the Beneficial Owners.

(b)    Notwithstanding anything herein to the contrary, the Trust shall not acquire, hold or use any liquid staking tokens, unless it has received advice from counsel for the Trust or the Sponsor that doing so should not cause the Trust to fail to qualify as an investment trust or a grantor trust for U.S. federal income tax purposes.

Section 1.03.    Definitions. Whenever used herein, unless otherwise required by the context or specifically provided:

“Administrator” means the Initial Administrator and any substitute or additional administrator engaged to perform administration services for the Trust pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust.

“Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person.

“Authorized Participant” means a person who (1) is a registered broker-dealer under the Exchange Act and is a member in good standing of the Financial Industry Regulatory Authority ( “FINRA” ) or 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.