SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: EX-4.1
Date Filed: 2025-11-21
Accession Number: 0001628280-25-053634
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025053634/exhibit41-sx1a2.htm

Chunk 0 of 19
Word Count: 1467
Character Count: 9390

Document Content:

Exhibit 4.1

CLIFFORD CHANCE US LLP

AMENDED AND RESTATED

DECLARATION OF TRUST

AND

TRUST AGREEMENT

VANECK BNB ETF

Dated as of November 20,

2025 By and Between

VANECK DIGITAL ASSETS, LLC

as Sponsor

and

CSC DELAWARE TRUST COMPANY

as Trustee

TABLE CONTENTS

Page

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.	Legal Title	8

Article II SHARES	8

Section 2.01.	Division of Beneficial Interest	8

Section 2.02.	Form of Certificates; Book Entry; Transferability of Shares	8

Section 2.03.	Transfer of Shares	10

Section 2.04.	Investments in the Trust	10

Section 2.05.	Status of Shares and Limitation of Personal Liability	10

Section 2.06.	Designation and Rights of Shares	11

Section 2.07.	Creation and Redemption of Shares	11

Section 2.08.	Creation and Issuance of Creation Baskets	12

Section 2.09.	Redemption of Creation Baskets	15

Section 2.10.	Cash Distributions	18

Section 2.11.	Other Distributions	18

Article III TRUSTEE	19

Section 3.01.	Duties	19

Section 3.02.	Liability of Trustee	19

Section 3.03.	Compensation and Expenses of the Trustee	20

Section 3.04.	Term; Resignation	21

Section 3.05.	Successor Trustee	21

Section 3.06.	Indemnification	21

Article IV THE SPONSOR	21

Section 4.01.	Management of the Trust	21

Section 4.02.	Authority of Sponsor	22

Section 4.03.	Obligations of Sponsor	24

Section 4.04.	Compensation of the Sponsor	26

Section 4.05.	Sponsor’s Obligations With Respect to Hard Forks	26

Section 4.06.	Liability of Sponsor and Indemnification	28

Section 4.07.	Voluntary Withdrawal of the Sponsor	29

Section 4.08.	Litigation	29

Section 4.09.	Bankruptcy; Merger of the Sponsor	30

Article V BOOKS OF ACCOUNT, REPORTS AND FISCAL YEAR	30

Section 5.01.	Books of Account	30

Section 5.02.	Annual Updates, Quarterly Updates and Account Statements	30

Section 5.03.	Maintenance of Records	30

Section 5.04.	Calculation of Net Asset Value	31

Section 5.05.	Fiscal Year	31

Article VI AMENDMENT OF TRUST AGREEMENT; MEETINGS	31

Section 6.01.	Amendments to the Trust Agreement	31

Section 6.02.	Meetings of the Trust	31

Section 6.03.	Action Without a Meeting	31

Article VII TERM	32

Article VIII TERMINATION	32

Section 8.01.	Events Requiring Dissolution of the Trust	32

Section 8.02.	Distributions on Dissolution	33

Section 8.03.	Termination; Certificate of Cancellation	34

Article IX THE BENEFICIAL OWNERS	34

Section 9.01.	No Management or Control; Limited Liability; Exercise of Rights through a Participant	34

Section 9.02.	Rights and Duties	34

Section 9.03.	Limitation on Liability	35

Section 9.04.	Business of Beneficial Owners	35

Section 9.05.	Authorization of Registration Statement	35

Section 9.06.	Voting Rights	35

Article X MISCELLANEOUS PROVISIONS	36

Section 10.01.	Governing Law	36

Section 10.02.	Submission to Jurisdiction	36

Section 10.03.	Derivative Actions	36

Section 10.04.	Provisions in Conflict with Law or Regulations	36

Section 10.05.	Merger and Consolidation	36

Section 10.06.	Construction	37

Section 10.07.	Notices	37

Section 10.08.	Counterparts; Electronic Signatures	38

Section 10.09.	Binding Nature of Trust Agreement	38

Section 10.10.	No Legal Title to Trust Property	38

Section 10.11.	Creditors	38

Section 10.12.	Integration	38

Section 10.13.	Goodwill; Use of Name	38

Section 10.14.	Corporate Transparency Act	38

- iii -

THIS AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT (this “Trust Agreement”), dated as of November 20, 2025, 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 “Existing Trust Agreement”); and

WHEREAS, the Sponsor and the Trustee desire 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 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.” 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)    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.

“Business Day” shall mean any day the Exchange is open for business and the Trust accepts Purchase Orders and Redemption Orders for Creation Baskets.

“By-Laws” shall mean the By-Laws of the Trust, if any, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the “governing instrument” within the meaning of the Delaware Act (as defined herein).

“Cash” shall mean U.S. dollars, the legal tender of the United States of America.