SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
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/vaneckbnbs-1a2.htm

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exchanges and analyzes such exchanges to determine whether the exchanges should be approved as a data source (approved exchanges are referred to by BITA as “whitelisted”). BITA’s methodology for evaluating exchanges utilizes a combination of qualitative and quantitative metrics to analyze a comprehensive data set, covering five categories of evaluation. The categories of evaluation include regulatory standing, trading volume and liquidity, data quality, technology and usability/coverage. BITA evaluates each category of each exchange with respect to each different digital asset, with different weights assigned to each category to arrive at a “total score” for each exchange. BITA then ascribes a rating to each exchange and determines the minimum total score for an exchange to be included in each pricing index. Each qualifying exchanges is then ranked by BITA according to their “total score” to determine their BITA ranking, which determines the weighting of such exchange in the MarketVector BNB Index.

As of November 19, 2025, 18 exchanges were approved by BITA for inclusion in the MarketVectorTM BNB Index. The number of exchanges included in the MarketVector BNB Index is subject to change. As of this same date, the top five highest-ranked exchanges were: Coinbase, Binance, Kraken, Bybit and OKX. The exchange coverage is reviewed by BITA quarterly with adjustments, if any, implemented on the first day of March, June, September and December. [Once it has actual knowledge of material changes to the component exchanges used to calculate the Index, the Trust will notify Shareholders in a prospectus supplement and a current report on Form 8-K or in its annual or quarterly reports.]

Disclaimers

VanEck BNB ETF (the "Product") is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH ("Licensor") and any of its affiliates. Licensor and any of its affiliates make no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in tokens generally or in the Product particularly or the ability of the MarketVectorTM BNB Index to track the performance of the digital assets market. Licensor's only relationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Index that is determined, composed and calculated by Licensor without regard to the Licensee or the Product. Licensor has no obligation to take the needs of the Licensee or the owners of the Product into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Product.

LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MARKETVECTOR BNB INDEX OR ANY DATA INCLUDED THEREIN AND LICENSOR AND ANY OF ITS AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSOR AND ANY OF ITS AFFILIATES MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE VANECK BNB ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MARKETVECTOR BNB INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY

DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKETVECTOR BNB INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR AND ANY OF ITS AFFILIATES HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Product is not sponsored, promoted, sold or supported in any other manner by BITA GmbH nor does BITA GmbH offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price at any time or in any other respect. The Index is calculated and published by BITA GmbH. BITA GmbH uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, BITA GmbH has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by BITA GmbH nor the licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by BITA GmbH to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of BITA GmbH with regard to any investment in this financial instrument. BITA GmbH is not responsible for fulfilling the legal requirements concerning the accuracy and completeness of the financial instrument's prospectus.

NET ASSET VALUE DETERMINATIONS

Calculation of NAV and NAV per Share

The Trust's NAV will be calculated based on the Trust's net asset holdings as reconciled to the BNB Custodian's accounts on a market approach, determined on a daily basis in accordance with the MarketVectorTM BNB Index price at 4:00 p.m. Eastern time. The Sponsor believes that use of the MarketVectorTM BNB Index mitigates against idiosyncratic exchange risk, as the failure of any individual exchange will not materially impact pricing for the Trust. It also allows the Administrator to calculate the NAV in a manner that significantly deters manipulation.

The Sponsor holds full discretion to change either the index used for calculating NAV or the index provider subject to proper notification to shareholders (such notification will be made via a prospectus supplement and/or a current report filed with the SEC and will occur in advance of any such change). Shareholder approval is not required.

As discussed, the fact that there are multiple exchanges contributing prices to the MarketVectorTM BNB Index used to calculate NAV makes manipulation more difficult in a well-arbitraged and fractured market, as a malicious actor would need to manipulate multiple exchanges simultaneously to impact the NAV, or dramatically skew the historical distribution of volume between the various exchanges.

In calculating the MarketVectorTM BNB Index, the methodology captures trade prices and volumes from a set of BITA whitelisted exchanges and calculates one VWAP for every minute of a given hour (one observation) in order to generate one VWAP out of the 60 observation windows leading up to 4:00 p.m. Eastern time to produce the closing value. This extended period of 60 observations supports Authorized Participant activity by capturing volume over a longer time period, rather than forcing Authorized Participants to mark an individual close or auction. The use of a VWAP price eliminates the ability of outlier prices to impact the NAV, as it systematically excludes those prices from the NAV calculation. The use of a VWAP protects against attempts to manipulate the MarketVectorTM BNB Index (and, by extension, the Trust’s NAV) by weighting prices used in larger transactions because any manipulation attempt would have to involve a majority of global spot BNB volume in a one minute observation window to have any influence on the MarketVectorTM BNB Index and, by extension, the Trust’s NAV. As discussed, considering every trade realized within the hour and weighting the higher volume realized transactions further protects against attempts to manipulate the NAV, requiring bad actors to act on multiple exchanges at once to have any ability to influence the price. Additional information about the MarketVectorTM BNB Index, including its methodology and calculation formula, is available the MarketVector website, which is accessible at www.marketvector.com.

The MarketVector™ BNB Index is designed to be a robust price for BNB in USD. There is no component other than BNB in the index.

The whitelisted exchanges are reviewed by BITA quarterly with adjustments, if any, implemented on the first day of March, June, September and December. Every BITA whitelisted exchange that trades BNB against USD, USDT, USDC and BTC are used to calculate the MarketVectorTM BNB Index.

In case of a hard fork, the forked coin is not added to the MarketVectorTM BNB Index. Notwithstanding the foregoing, if MarketVector determines that a forked asset is significant enough to replace the old line in terms of market capitalization and acceptance, MarketVector may decide for a different treatment.

In the unlikely event a spun-off coin is larger than BNB (by market capitalization) and is in general accepted as the successor of the original chain, the index owner might decide to keep it as the only index component.

The index is calculated daily between 00:00 and 24:00 (ET) and the index values are disseminated to data vendors every second. The index is disseminated in USD and the closing value is calculated at 16:00:00 ET with fixed 16:00 ET exchange rates.

The following provides a hypothetical example of the MarketVector™ BNB Index calculation*:

1.On a given calculation day, the below relevant transactions are observed at 9:02 p.m. Eastern time: