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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at a minimum, (i) identify the account at the BNB Custodian ("[ ]") of the other party to the Clearing Transaction (such party, the "Confirming Party"), (ii) the Buyer and the applicable Fiat Currency Amount for the Clearing Transaction, (iii) the Seller and the applicable Digital Asset Amount for the Clearing Transaction, and (iv) the time period by when the Clearing Request will expire if not completed ("Expiration Time"). Once the Submitting Party successfully submits a Clearing Request, the BNB Custodian shall notify the Confirming Party of the Clearing Request and the relevant information in such Clearing Request. The Trust is responsible for funding its Fiat Account or BNB Account, as applicable, with the Fiat Currency Amount and the Digital Asset Amount, as applicable based on the Clearing Request, in each case prior to the Expiration Time. The Counterparty must fund its applicable account at the BNB Custodian as well.

If, prior to the Expiration Time, both the Trust and the Counterparty have funded their applicable account at the BNB Custodian with their respective obligation of the Fiat Currency Amount and the Digital Asset Amount, the BNB Custodian shall (i) transfer the Fiat Currency Amount from the Buyer's [     ] Account to the Seller's [     ] Account and (ii) transfer the Digital Asset Amount from the Seller's [     ] Account to the Buyer's [     ] Account. If the parties do not fund their respective accounts with the amounts specified in the Clearing Request by the Expiration Time, the Clearing Request will expire and [     ] have no obligations with respect to such Clearing Request.

The Trust acknowledges and agrees that the BNB Custodian is not involved in and does not have any responsibility for any Clearing Transaction, other than as specifically identified in the Clearing Agreement. The BNB Custodian has represented to the Sponsor that it has policies and procedures in place for mitigating conflicts of interest when executing the Trust's orders pursuant to the Clearing Services. Absent gross negligence, willful misconduct or fraud, the BNB Custodian shall not be liable for any loss resulting from a Clearing Request or the use of Clearing Services. Validation and confirmation procedures used by [     ] are designed only to verify the source of Clearing Requests and that each party has met its respective obligations in respect of a Clearing Request and not to detect errors in the content of that Clearing Request or to prevent duplicate Clearing Requests. The Trust is responsible for losses resulting from Clearing Requests provided by it and for any errors made by or on behalf of the Trust, any errors resulting, directly or indirectly, from fraud or the duplication of any Clearing Request by or on behalf of the Trust, or any losses resulting from the malfunctioning of any devices used by the Trust or loss or compromise of credentials used by the Trust to deliver Clearing Requests.

The Trust also agrees and understands that the BNB Custodian may reject, refuse to settle or otherwise not complete any request to settle a Clearing Request through [     ] for any reason necessary to comply with applicable laws and regulations or in connection with its fraud or other compliance controls and systems, and the Trust agrees

that the BNB Custodian shall have no liability whatsoever to the Trust, any transaction counterparty or any other party in connection with or arising out of the BNB Custodian rejecting, refusing or otherwise not completing the settlement of a transaction through [     ].

The BNB Custodian will not settle transactions through [     ]: (i) if either party to a Clearing Transaction has not fully funded its applicable account at the BNB Custodian, with the required Fiat Currency Amount or Digital Asset Amount, as applicable, prior to the Expiration Time; (ii) if either party to a Clearing Transaction has not confirmed its acceptance of the Clearing Request to the BNB Custodian prior to the Expiration Time; (iii) if either party to a transaction is not a customer of the BNB Custodian; or (iv) for any other reason as determined by the BNB Custodian in its sole discretion to comply with applicable laws and regulation or in connection with the BNB Custodian's fraud or other compliance controls and systems.]

The Transfer Agent

The Transfer Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Trust Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.

The Marketing Agent

The Marketing Agent is responsible for: (1) working with the Administrator to review and approve, or reject, purchase and redemption orders of Baskets placed by Authorized Participants with the Administrator; (2) providing assistance in the marketing of the Shares; (3) reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable SEC and FIRA advertising laws, rules and regulations; and (4) maintaining a public website on behalf of the Trust, containing information about the Trust and the Shares. The internet address of the Trust's website is accessible at www.vaneck.com. This internet address is only provided here as a convenience, and the information contained on or connected to the Trust's website is not considered part of this Prospectus.

MarketVector Indexes GmbH is an indirectly wholly owned-subsidiary of Van Eck Associates Corporation.

CUSTODY OF THE TRUST'S ASSETS

[The Trust's BNB Custodian will keep custody of all of the Trust's BNB relating to its BNB Account and Clearing Account. BNB private keys are stored in two different forms: "hot wallet" storage, whereby the private keys are stored on secure, internet-connected devices, and "cold" storage, where digital currency private keys are stored completely offline.

The Trust's Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents except in connection with cash creation and redemption orders. However, there may be situations where the Trust will unexpectedly hold cash on a temporary basis. The Custody Agreement requires the BNB Custodian to hold the Trust's BNB in its BNB Account in cold storage, unless required to facilitate withdrawals as a temporary measure. BNB temporarily held in the Clearing Account in connection with creations and redemptions or withdrawals of BNB to pay the Sponsor Fee or extraordinary expenses may be held in omnibus hot storage wallets.

As a fiduciary the BNB Custodian is held to specific capital reserve requirements and banking compliance standards. The BNB Custodian is also subject to the laws, regulations and rules of applicable governmental or regulatory authorities, including: money service business regulations under FinCEN; U.S. state money transmission laws; laws, regulations, and rules of relevant tax authorities; applicable regulations and guidance set forth by FinCEN; the Bank Secrecy Act of 1970; the USA PATRIOT Act of 2001; other anti-money laundering regulations as mandated by U.S. federal law and any other rules and regulations regarding anti-money laundering/counter-terrorist financing; issuances from the Office of Foreign Assets Control; the New York Banking Law; regulations promulgated by the NYDFS from time to time; the National Futures Association; the Financial Industry Regulatory Authority; and the Commodity Exchange Act.

The BNB Custodian provides custody, clearing/settlement, and other capital markets services specifically designed for digital asset exchange-traded funds and other fund vehicles. The BNB Custodian currently custodies and supports other exchange traded products.

The BNB Custodian is a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Advisers Act. [     ]® is also regularly audited and subject to stringent capital reserve requirements. The BNB Custodian has represented to the Sponsor that it also maintains digital asset insurance consisting of a $[] million specie policy which provides certain coverage for digital assets held in its cold storage system as well as a $[] million crime policy which provides certain coverage for assets and funds including those digital assets held in its hot wallets. This insurance coverage applies to all digital assets held by the BNB Custodian. The Trust is not a named insured on such insurance policies and such insurance is not specific to the Trust, but the BNB Custodian has represented to the Sponsor that such insurance covers customer losses, including losses suffered by the Trust, arising from specified events, including fraud, theft, and cybersecurity breaches.

The BNB Custodian will use segregated cold storage BNB addresses for the Trust's BNB Account, which is separate from the BNB addresses that the BNB Custodian uses for its other customers and which are directly verifiable via the BNB Chain. The BNB Custodian will at all times record and identify in its books and records that such BNB constitute the property of the Trust. The BNB Custodian will not loan, hypothecate, pledge or otherwise encumber the Trust's BNB, as applicable, without the Trust's instruction, nor will the Sponsor or any other entity or service provider. The Trust will not lease or loan BNB held in the Trust's account with the BNB Custodian and will not give instructions to that effect.