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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or through its delegates the number of BNB and/or cash in an amount equal to the net asset value of a Creation Basket from Authorized Participants; (o) in connection with Purchase Orders, after accepting an Authorized Participant’s Purchase Order and receiving BNB in an amount equal to the Creation Basket Deposit, or the amount of cash needed to purchase the quantity of BNB corresponding to the Creation Basket Deposit, in accordance with Section 2.08 herein and the Authorized Participant Agreement, the Sponsor or its delegate shall direct the Trust’s appointed Transfer Agent to credit the Creation Baskets to fill the Authorized Participant’s Purchase Order within one Business Day immediately following the receipt of BNB and/or cash; (p) receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted Redemption Orders, as described in Section 2.09 herein and in the Authorized Participant Agreement;

(q)    in connection with Redemption Orders, after receiving the Redemption Order specifying the number of Creation Baskets that the Authorized Participant wishes to redeem and after the Trust’s DTC account has been credited with the Creation Baskets to be redeemed, the Sponsor or its delegates shall transfer to the redeeming Authorized Participant, in accordance with Section 2.09 herein and the Authorized Participant Agreement: (i) in the case of an in-kind redemption, an amount of BNB equal to the number of Creation Baskets being redeemed, or (ii) in the case of an in-kind redemption, the cash proceeds of the sale of such BNB;

(r)    assist in the preparation and filing of reports and proxy statements (if any) to the Registered Owners, the periodic updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;

(s)    use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its administration;

(t)    monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;

(u)    perform such other services as the Sponsor believes the Trust may from time to time require; and

(v)    in general, to carry out any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed as both objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

The Sponsor shall be entitled to delegate its obligations under this Trust Agreement and applicable law to third parties, including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance with Section 4.02(a).

Section 4.04.    Compensation of the Sponsor. The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth herein. The Trust shall pay the Sponsor a unified fee specified in the Registration Statement (the “Sponsor Fee”). The Administrator will make its determination regarding the Sponsor Fee each day by reference to the Trust’s NAV as of that day. The Sponsor Fee will be accrued daily and payable monthly in arrears on, or by, the tenth Business Day of each month in respect of the prior month (or on the date of termination of this Trust Agreement, in respect of the period commencing on the first day of the period beginning after the last period in respect of which the Sponsor Fee was paid and ending on such termination date). The Sponsor Fee will accrue daily in U.S. dollars and be payable monthly in arrears in BNB. Each month, the Administrator will calculate the Sponsor Fee for each day of the month, resulting in a cumulative total in U.S. dollars, which the Administrator will then calculate the BNB equivalent of by reference to the Index as of the date of calculation, and the Sponsor shall then withdraw the corresponding amount of BNB from the Trust’s BNB Account in payment of the Sponsor Fee. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor’s obligations hereunder.

Section 4.05.    Sponsor’s Obligations With Respect to Hard Forks. Because BNB software is open source, any user can download the software, modify it and then propose that BNB users and validators adopt the modification. When a modification is introduced and a substantial majority of users and validators consent to the modification, the change is

implemented and the BNB Chain network remains uninterrupted. However, if less than a substantial majority of users and validators consent to the proposed modification, and the modification is nonetheless implemented by some users and validators and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a “fork” (i.e., a “split”) of the BNB Chain (and the blockchain), with one version running the pre-modified software and the other running the modified software. The effect of such a “hard” fork would be the existence of two (or more) versions of the BNB Chain running in parallel, but with each version’s BNB lacking interchangeability. Additionally, a fork could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users run.

Neither the Trust nor the Sponsor shall have any obligation to take any actions that would impact hard fork events or similar events at the network level. However, if such an event does occur, the Sponsor shall determine, in good faith, which peer-to-peer network, among a group of incompatible forks of the BNB Chain, is generally accepted as the BNB Chain and should therefore be considered the appropriate network for the Trust’s purposes. Similarly, if the Trust receives, is deemed to receive, or is otherwise entitled to any “airdropped” assets (whether or not related to ownership of BNB and whether automatically distributed or requiring any affirmative action to claim, access or realize), the Sponsor shall determine, in good faith, whether such “airdropped” asset is BNB. If as a result of a hard fork, or in connection with any airdrop, the Trust holds, is deemed to hold, or is otherwise entitled to any asset other than BNB, the Trust shall take one of the two following actions:

(a)    as soon as possible direct the BNB Custodian to distribute the new non-BNB asset in-kind to the Sponsor, as agent for the Shareholders of the Trust, and the Sponsor shall arrange to sell the new non-BNB asset and distribute the proceeds to the Registered Owners; provided that the Sponsor determines that claiming or attempting to claim the new non-BNB asset and distributing such new non-BNB asset in-kind to the Sponsor:

(i)    is not impossible, impractical, prohibited by law, operationally burdensome,

(ii)    will not expose the Trust, the Sponsor, or the Trust’s (original) BNB holdings to risk,

(iii)    will not cause the Trust to fail to qualify as a grantor trust under the Code or any comparable provision of the laws of any State or other jurisdiction where such treatment is sought, and

(iv)    is not inadvisable, in each case, as determined by the Sponsor in its sole and absolute discretion; or

(b)    as soon as possible irrevocably and permanently abandon, for no consideration, such new non-BNB assets.