SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035722
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026035722/vaneckbnbs-1a5.htm

Chunk 70 of 91
Word Count: 1490
Character Count: 9409

Document Content:

employee restrictions; material disruption to blockchain networks or protocols (including hard forks, chain reorganizations, material network congestion, validator outages, materially elevated transaction fees, or consensus failures) not caused by the BNB Custodian; critical vendor or subprocessor outages; or any other catastrophe or material event which is beyond the reasonable control of the BNB Custodian; provided, however, that for the avoidance of doubt, the Custody Agreement’s Force Majeure provision shall not apply in respect to a cybersecurity attack, hack or other intrusion by a third party or by someone associated with the BNB Custodian is not a circumstance that is beyond the BNB Custodian’s reasonable control, to the extent directly caused by the BNB Custodian’s failure to comply with its obligations under the Custody Agreement. The occurrence of an event described in the Force Majeure provision shall not affect the validity and enforceability of any remaining provisions of the Custody Agreement.

Under the Custody Agreement, each of the BNB Custodian and the Trust has agreed to indemnify and hold harmless the other party from any third-party claim or third-party demand (including reasonable attorneys’ fees and expenses) (collectively, “Damages”) arising out of or related to the BNB Custodian’s or the Trust’s, as the case may be, non-performance of its obligations under or material breach of the Custody Agreement violation of any law, rule or regulation related to the performance of its obligations under the Custody Agreement or gross negligence, fraud or willful misconduct. In addition, the BNB Custodian agrees to indemnify the Trust in the event of Losses relating to any breach of the BNB Custodian’s confidentiality, data protection and/or information security obligations or the Trust’s access or use of the services, in accordance with the terms and conditions of the Custody Agreement, violates, misappropriates, or infringes upon any third party intellectual and/or industrial property rights.

The BNB Custodian shall not be liable to the Trust (whether under contract, tort (including negligence) or otherwise) for any indirect, incidental, special, punitive or consequential losses suffered or incurred by the Trust for any amount in excess of fees paid by the Trust less the aggregate amount of any losses for which the BNB Custodian is or was liable during such period.

The Custody Agreement will commence on the date of execution and continue until terminated in accordance with its provisions. The Custody Agreement may be terminated by the BNB Custodian upon 180 days written notice to the Trust and the Trust may terminate the Custody Agreement upon 30 days written notice to the BNB Custodian; provided, however, that if the Custody Agreement is terminated, the BNB Custodian shall continue to act as BNB Custodian pursuant to the terms of the Custody Agreement for a 180-day period commencing on the date the party is notified of any termination of the Custody Agreement. Either party (the “Terminating Party”) may terminate the Custody Agreement at any time on written notice to the other party (the “Defaulting Party”), such termination to take effect after giving effect to any notice requirement and cure period that may apply.

The BNB Custodian has the right to immediately (i) take actions the BNB Custodian determines appropriate to comply with applicable law and regulations and in accordance with its Bank Secrecy Act and Anti-Money Laundering compliance program (“BSA/AML Program”), (ii) suspend the Trust’s BNB Account or Fiat Account, (iii) freeze/lock the funds and assets in all such accounts, and (iv) suspend the Trust’s access to the BNB Custodian’s platform or its account there (collectively, an “account suspension”), if: (A) the BNB Custodian is required to do so by a regulatory authority, court order, facially valid subpoena, or binding order of a governmental authority, (B) the BNB Custodian reasonably and in good faith believes the Trust has violated applicable laws and regulations in connection with the Trust’s BNB Account or Fiat Account, or the BNB Custodian is required to do so under the BNB Custodian’s BSA/AML Program, (C) the BNB Custodian believes someone is attempting to gain unauthorized access to the account, or (D) the BNB Custodian believes there is unusual activity in the account. Except as set forth above, the BNB Custodian shall not suspend the Trust’s access to the BNB Account or the Fiat Account, and any suspension of the Trust’s access to such accounts shall constitute a breach of the Custody Agreement. In the case of an account suspension due to (C) or (D) of this paragraph, the BNB Custodian shall restore the Trust’s normal access to the BNB Account or Fiat Account as promptly as reasonably possible without putting the BNB and fiat currency in such accounts at risk.

The Sponsor may, in its sole discretion, add or terminate other BNB Custodians. The Sponsor may, in its sole discretion, change the custodian for the Trust’s BNB holdings, but it will have no obligation to do so or to seek any particular terms for the Trust from other such custodians. To the extent that the Sponsor adds or terminates other BNB Custodians, or changes the custodian for the Trust’s BNB holdings, notification will be made to Shareholders via a prospectus supplement and/or a current report filed with the SEC.

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 keeps custody of the Trust’s BNB. The Trust’s BNB are held in segregated accounts opened in the name of the Trust on the BNB Custodian’s books and records. Under the Custody Agreement, the BNB Custodian maintains the Trust’s BNB in segregated wallets separate from the assets of other customers of the BNB Custodian.

Key Generation

The BNB Custodian will receive BNB for storage in the Trust’s BNB Account by generating private keys and corresponding public key pairs, with the BNB Custodian retaining custody of such private keys. The Trust’s BNB Account will be established in the name of, or for the benefit of, the Trust, and ownership of the Trust’s BNB will be recorded in such BNB Account. Each Account is recorded separately on the BNB Custodian’s books and records and has one or more unique wallet addresses on the relevant blockchain.

Key Storage

Upon receipt of BNB, the BNB Custodian will custody the Trust’s BNB in the Trust’s name in an Account established for the benefit of the Trust and no other person. The private keys controlling the Trust’s BNB are required to be securely held by the BNB Custodian in offline cold storage at all times. The Trust’s BNB held in its BNB Account is required to be segregated at one or more unique blockchain addresses on the relevant blockchain from the assets held by the BNB Custodian as principal, the assets of other customers of the BNB Custodian and the assets of any other person. The Trust’s BNB will not be treated as general assets of the BNB Custodian, and the BNB Custodian will have no right, title or interest in such BNB. The BNB Custodian serves as fiduciary and custodian on the Trust’s behalf, and the Trust’s BNB will remain the Trust’s property at all times and will not be commingled with other customers’, the BNB Custodian’s or any other person’s digital assets.

Security Procedures

The BNB Custodian is the custodian of the Trust’s BNB in accordance with the terms and provisions of the Custody Agreement. Transfers of BNB into or out of the Trust’s account are subject to the BNB Custodian’s procedures for receiving, approving and authenticating instructions from the Trust or persons authorized by the Trust.

The Custody Agreement requires the Trust to designate multiple persons who are authorized to provide instructions on behalf of the Trust, and certain instructions require approval by more than one such authorized person. The BNB Custodian’s authentication procedures include biometric authentication, which may include fingerprint, facial recognition or voiceprint authentication. Instructions may also be submitted through an application programming interface made available by the BNB Custodian, subject to the Trust’s obligation to safeguard related API keys.