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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Exhibit 10.3

FIRST AMENDMENT TO MASTER CUSTODY SERVICE AGREEMENT

This FIRST AMENDMENT (the “Amendment”) to the Master Custody Service Agreement, dated November 14, 2025 (the “Agreement”), is made on November 18, 2025 (“Amendment Effective Date”), by and between Anchorage Digital Bank N.A. (formerly Anchorage Trust Company, herein “Anchorage”) and each entity listed on the Order Form of the Agreement (each a “Client”) (Anchorage and Client, collectively, the “Parties”).

Pursuant to Section 12.7 of the Agreement, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree to amend the Agreement as follows:

1.    Amendments.

1.1.    Section 5 (Fees) of the Order Form of the Agreement is hereby deleted in its entirety and replaced with the following:

[REDACTED]

1.2.    The following Client is hereby added to Section 4 - “Client(s)” of the Order Form of the Agreement:

VanEck Avalanche ETF, a Delaware Statutory Trust

2.    Miscellaneous.

2.1.    Governing Law. This Amendment will be subject to the relevant governing law provision in the Agreement (as amended hereto).

2.2.    Effect of Amendments. Except as otherwise amended herein, all other provisions of the Agreement remain in full force and effect, and any provision in the Agreement that conflicts with the terms of this Amendment shall be deemed to be amended appropriately in order to be consistent with this Amendment.

2.3.    Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Agreement, including without limitation Schedule A (Definitions).

2.4.    Execution in Counterparts and by Electronic Means. This Amendment may be executed in counterparts and by electronic means, and the Parties agree that such electronic means and delivery will have the same force and effect as delivery of an original document with original signatures.

IN WITNESS WHEREOF, by their duly authorized representatives, Anchorage and Client hereby execute this Amendment as of the Amendment Effective Date.

ANCHORAGE DIGITAL BANK N.A. ON BEHALF OF EACH CLIENT HEREIN
By: /s/ Rachel Anderika By: /s/ Matthew Babinsky
Name: Rachel Anderika Name: Matthew Babinsky
Title: Bank COO Title: Vice President
Company: VanEck Digital Assets, LLC, solely in its capacity as sponsor to VanEck Avalanche ETF and VanEck BNB ETF

ORDER FORM

Anchorage Contact Client Contact

Name: Name: Kyle DaCruz

Email: Email: kdacruz@vaneck.com

This MASTER CUSTODY SERVICE AGREEMENT (“Agreement”) is made and entered into as of the Effective Date provided herein, by and between Anchorage Digital Bank N.A. (“Anchorage”), and each Client as provided herein (each a “Client”) (Anchorage and Client, each a “Party” and collectively, the “Parties”).

The Agreement consists of the terms in this Order Form and the following schedules herein.

1.	Effective Date:	11/14/2025 | 9:54 AM PST

2.	Initial Term:	three (3) years

3.	Renewal Term:	one (1) year

4.	Client(s). Each “Client” listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients’ Assets Under Custody.

VANECK BNB ETF, with VanEck Digital Assets, LLC, solely in its capacity as sponsor

5.    Fees.

In full consideration for Anchorage’s provision of the Services described herein, Client will pay Anchorage the following fees (“Fees”). Fees will start accruing from the Effective Date of this Agreement (“Fees Commencement Date”). Fees will be due within thirty (30) days from the date of Client’s receipt of the invoice.

Changes to the Services, including the inclusion of new assets or Clients, are subject to changes in Fees. Fees shall be invoiced by Anchorage, and paid by Client, in US Dollars ("USD").

6.    Address for Notices:

To Client(s):	vefundsbilling@vaneck.com AND legalnotices@vaneck.com c/o VanEck Digital Assets, LLC 666 Third Avenue, Floor 9 New York, NY 10017

To Anchorage:	legal@anchorage.com AND custodyexecutive@anchorage.com Anchorage Digital Bank N.A. 101 S. Reid Street, Suite 307 #329 Sioux Falls, South Dakota 57103

IN CONSIDERATION AND WITNESS WHEREOF, Anchorage and Client, by their duly authorized representatives, hereby execute this Agreement as of the Effective Date.

ANCHORAGE DIGITAL BANK N.A. ON BEHALF OF VANECK BNB ETF
By: /s/ Rachel Anderika By: /s/ Matthew Babinsky
Name: Rachel Anderika Name: Matthew Babinsky
Title: bank coo Title: Vice President
Company: VanEck Digital Assets, LLC, solely in its capacity as sponsor to VanEck BNB ETF

AFFILIATED BUSINESS DISCLOSURE

AND CONFLICT OF INTEREST WAIVER

Anchorage Digital Bank N.A. (“Anchorage Digital Bank”) is affiliated with Anchor Labs, Inc., Anchorage Hold LLC, Anchorage Digital Singapore Pte. Ltd., and other affiliates (each an “Anchorage Affiliate”), through common ownership and management. In particular, Anchor Labs, Inc. provides certain administrative, technology, marketing, and other support services for custodial accounts on behalf of Anchorage Digital Bank. Because Anchorage Digital Bank and Anchorage Affiliates are under common ownership and management, the owners of Anchor Labs, Inc. will receive an indirect benefit from any fees you pay to Anchorage Digital Bank. In addition, Anchorage Digital Bank and Anchorage Affiliates may each provide services to its own clients that are also participating in any additional optional services supported by both Anchorage Digital Bank and Anchorage Affiliates. Anchorage Digital Bank and Anchorage Affiliates may refer clients to each other, and cooperate with each other, for the performance of these shared services. If Anchorage Digital Bank offers additional optional services to clients to participate in a network of services offered by Anchorage Affiliates, and you choose to participate in such services, you hereby acknowledge and consent to the sharing of Client Data (as defined in this Agreement) between Anchorage Digital Bank and Anchorage Affiliates solely in order to provide such services to you. Any sharing of Client Data shall be subject to the Data Processing Addendum (as defined in this Agreement) agreed between the applicable parties, and all applicable Laws. Your use of services of Anchorage Digital Bank may result in benefits from such referral to the other companies by virtue of the companies’ common ownership and management. For the avoidance of doubt, all relationships between Anchorage Digital Bank and Anchorage Affiliates, and all provision of Services to each Client, are in compliance with all applicable laws and regulations and industry best practices, including, without limitation, those concerning conflicts of interest, and this Agreement.

ACKNOWLEDGEMENT

I, duly authorized and on behalf of each Client as set forth in the Order Form, have read this disclosure form, and I acknowledge and understand that Anchorage Digital Bank and Anchorage Affiliates are under common ownership and control. I further acknowledge and understand that by retaining Anchorage Digital Bank, I am providing an indirect financial benefit to the owners of Anchorage Affiliates. Understanding the common ownership and control of the companies, I agree to utilize the services of Anchorage Digital Bank of my own free will. I also understand and agree that Anchorage Digital Bank may share Client Data with any Anchorage Affiliate solely for the purpose of facilitating additional optional services to participate in a network of services offered by Anchorage Digital Bank, and Anchorage Affiliates, that Client has agreed to receive. I acknowledge and understand that any referrals for services among Anchorage Digital Bank and Anchorage Affiliates may result in the owners of the referring company receiving an indirect financial benefit from the services provided.

[Signature page to follow]

ON BEHALF OF EACH CLIENT SET FORTH HERETO
By:	/s/ Matthew Babinsky
Name: Matthew Babinsky
Title: Vice President
Company: VanEck Digital Assets, LLC, solely in its capacity as Sponsor to VanEck BNB ETF

ANCHORAGE DIGITAL BANK

STANDARD TERMS AND CONDITIONS

Capitalized terms not defined in the Order Form, body of these Terms and Conditions, or supporting Schedules are defined in Schedule A (Definitions).

1.    Anchorage Appointment and Provision of the Services.

1.1.    Appointment. Client appoints Anchorage to provide the Services, including acting as custodian of Client Digital Assets pursuant to this Agreement, and Anchorage hereby accepts such appointment. Anchorage is a qualified custodian as defined under Investment Advisers Act of 1940 ("Advisers Act").

1.2.    Provision of the Services.

(a)    Subject to (i) Client’s successful completion of the account acceptance process as provided in Section 2.1, and (ii) the terms of this Agreement, during the Term, Anchorage will provide the Services to Client.