SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
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/vaneckbnbs-1a4.htm

Chunk 62 of 91
Word Count: 1467
Character Count: 12032

Document Content:

large number of low-dollar trades, because, any manipulation attempt would have to involve a majority of global spot BNB volume in a three-minute window to have any influence on the NAV. As discussed, trimming the highest and lowest prices 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 Benchmark Rate, including its methodology and calculation formula, is available the MarketVector website, which is accessible at www.marketvector.com. The MarketVector™ BNB Benchmark Rate is designed to be a robust price for BNB in USD. There is no component other than BNB in the index. Adjustments to exchange coverage will be announced four business days prior to the first business day of June/December at 23:00 CET/CEST; the indexes are rebalanced at 16:00:00 ET on the last business day of May/November.

In case of a hard fork, the forked coin is not added to the MarketVectorTM BNB Benchmark Rate. 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 15 seconds. 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 Benchmark Rate calculation*:

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

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
1 31/03/2026 15:02:07 611.6146197 1,997.338517 CoinBase
1 31/03/2026 15:01:12 612.2956446 0.249863549 CoinBase
1 31/03/2026 15:00:18 612.4783522 1.817 CoinBase
1 31/03/2026 15:00:00 613.234 6500.973479 Binance
1 31/03/2026 15:00:36 616.1303976 0.001634414 Kraken
1 31/03/2026 15:00:54 616.7505178 52.42788243 Kraken
1 31/03/2026 15:02:43 621.0299016 15.03138954 CoinBase
1 31/03/2026 15:01:30 621.4940188 322.3913684 Binance
1 31/03/2026 15:01:49 621.9291815 39.22692 Gateio
1 31/03/2026 15:02:25 622.143453 86.42407725 Binance

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
2 31/03/2026 15:03:19 605.23456 22.39424091 CoinBase
2 31/03/2026 15:04:13 606.5467 85.8875535 Binance
2 31/03/2026 15:04:31 609.2346 881.8418513 CoinBase
2 31/03/2026 15:03:55 613.1963171 24.5786328 CoinBase
2 31/03/2026 15:03:37 615.2333955 1.25643 Gateio
2 31/03/2026 15:03:01 616.2200512 25.20490108 CoinBase
2 31/03/2026 15:05:44 619.697398 86.37928425 Binance
2 31/03/2026 15:05:26 621.5393212 70.42376361 CoinBase
2 31/03/2026 15:05:08 622.4693142 10.17016 Gateio
2 31/03/2026 15:04:49 622.8563681 251.91024 Gateio
3 31/03/2026 15:06:56 616.436317 1.611969464 CoinBase
3 31/03/2026 15:08:27 617.5756749 1441.125 CoinBase
3 31/03/2026 15:06:02 618.7762503 33.01696 Gateio
3 31/03/2026 15:07:32 619.005646 1.2628 Gateio
3 31/03/2026 15:08:08 619.1456796 34.72128 Gateio
3 31/03/2026 15:07:50 620.4520031 99.99999984 Kraken
3 31/03/2026 15:08:45 620.635122 355.0014427 CoinBase
3 31/03/2026 15:07:14 620.7662948 812.6049905 CoinBase
3 31/03/2026 15:06:38 622.237586 32.11296 Gateio
3 31/03/2026 15:06:20 622.5616766 213.5367 bybit
4 31/03/2026 15:09:03 604.9712469 2.09435758 CoinBase
4 31/03/2026 15:09:39 605.4197737 6.30008068 CoinBase
4 31/03/2026 15:11:46 606.8980053 2000.546748 CoinBase
4 31/03/2026 15:09:57 606.9777653 2345.548718 CoinBase
4 31/03/2026 15:11:27 608.4802261 213.9345 Gateio
4 31/03/2026 15:11:09 611.9799523 1.825 CoinBase
4 31/03/2026 15:10:33 612.033246 76.88302 Gateio
4 31/03/2026 15:10:51 613.262133 1410.456377 CoinBase
4 31/03/2026 15:09:21 615.6177943 99.87808051 Binance
4 31/03/2026 15:10:15 615.6803074 4907.243118 CoinBase
5 31/03/2026 15:14:28 609.6489212 1.28002 Gateio
5 31/03/2026 15:12:22 610.360827 6.999354936 Binance
5 31/03/2026 15:14:46 612.4540023 10.00829252 CoinBase
5 31/03/2026 15:13:34 615.2513393 1.25706 Gateio
5 31/03/2026 15:13:16 615.8621462 24.5921524 CoinBase
5 31/03/2026 15:14:10 616.4023674 1.25993 Gateio
5 31/03/2026 15:12:58 615.45646 3181.640927 CoinBase
5 31/03/2026 15:12:04 615.6789 306.4600239 Binance
5 31/03/2026 15:12:40 616.025478 38.4636 Gateio
5 31/03/2026 15:13:52 616.7962551 5554.016687 Kraken
6 31/03/2026 15:16:17 610.3893496 84.826224 Binance
6 31/03/2026 15:16:53 611.4162654 290.7951 Gateio
6 31/03/2026 15:15:05 611.4823755 86.510592 Binance
6 31/03/2026 15:17:47 611.5839781 130.87024 Gateio

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
6 31/03/2026 15:17:29 612.4173235 159.74154 Gateio
6 31/03/2026 15:17:11 614.2315131 173.43924 Gateio
6 31/03/2026 15:15:59 615.1813815 4653.359876 Kraken
6 31/03/2026 15:15:23 617.992912 604.5511294 Binance
6 31/03/2026 15:15:41 618.5774118 589.3872797 Binance
6 31/03/2026 15:16:35 619.6216595 151.70628 Gateio
7 31/03/2026 15:19:54 610.0526082 846.612 CoinBase
7 31/03/2026 15:19:36 610.4373999 62.54948 Gateio
7 31/03/2026 15:18:24 611.7180019 366 Gateio
7 31/03/2026 15:19:18 611.7514084 139.0204067 CoinBase
7 31/03/2026 15:20:30 613.0878854 20.00059113 Binance
7 31/03/2026 15:18:42 613.8467328 38.72392 Gateio
7 31/03/2026 15:20:12 616.39877 24.470476 CoinBase
7 31/03/2026 15:18:05 617.2533861 1574.25674 CoinBase
7 31/03/2026 15:20:48 618.5453969 1.2726 Gateio
7 31/03/2026 15:19:00 621.2647446 1531.065702 CoinBase
8 31/03/2026 15:23:49 611.8011289 280.5192734 CoinBase
8 31/03/2026 15:22:19 612.5746466 3503.486385 Binance
8 31/03/2026 15:22:37 616.3069963 506.0614604 CoinBase
8 31/03/2026 15:21:43 617.0911306 37.9374 Gateio
8 31/03/2026 15:23:31 617.8539703 61.78515529 Kraken
8 31/03/2026 15:21:24 618.0295425 128.2839788 Kraken
8 31/03/2026 15:22:01 619.2110806 909.9500294 CoinBase
8 31/03/2026 15:21:06 619.7887871 499.8630512 CoinBase
8 31/03/2026 15:22:55 619.8368329 1419.63651 CoinBase
8 31/03/2026 15:23:13 620.6526814 1.27246 Gateio
9 31/03/2026 15:24:07 609.6456533 1.26252 Gateio
9 31/03/2026 15:25:38 610.2601429 838.188 CoinBase
9 31/03/2026 15:24:25 610.9406072 5.534994868 CoinBase
9 31/03/2026 15:26:32 612.0404056 233.4126446 CoinBase
9 31/03/2026 15:24:43 614.4974715 34.5477 Gateio
9 31/03/2026 15:25:20 615.828643 3.700194037 CoinBase
9 31/03/2026 15:25:56 617.0280449 1.829 CoinBase
9 31/03/2026 15:25:02 617.5352198 172.898712 Binance
9 31/03/2026 15:26:50 617.9808137 2501.294694 Binance
9 31/03/2026 15:26:14 620.2844605 719.947786 Kraken
10 31/03/2026 15:29:51 610.5505514 435.17204 CoinBase
10 31/03/2026 15:27:44 611.9081226 772.164912 CoinBase
10 31/03/2026 15:27:08 612.1062561 10.07985 Gateio
10 31/03/2026 15:28:57 612.9120766 1.27176 Gateio
10 31/03/2026 15:29:15 613.7634516 10.11976 bybit
10 31/03/2026 15:29:33 615.3646345 24.7273484 CoinBase
10 31/03/2026 15:27:26 616.622617 85.2798888 CoinBase
10 31/03/2026 15:28:21 616.6984167 40.31871056 CoinBase

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
10 31/03/2026 15:28:02 617.8978578 59.68261 bybit
10 31/03/2026 15:28:39 617.9682503 1.28513 Gateio
11 31/03/2026 15:32:34 610.9380291 1.27176 Gateio
11 31/03/2026 15:30:27 611.5479345 10.10072 Gateio
11 31/03/2026 15:31:21 612.0008524 1.829806752 CoinBase
11 31/03/2026 15:32:52 613.1719609 85.99514175 Binance
11 31/03/2026 15:31:03 613.1753697 33.65252 Gateio
11 31/03/2026 15:31:39 613.8332274 823.9912591 CoinBase
11 31/03/2026 15:30:09 615.753011 509.7265295 CoinBase
11 31/03/2026 15:32:16 617.807463 225.7811468 CoinBase
11 31/03/2026 15:30:45 618.2172603 1.10349 CoinBase
11 31/03/2026 15:31:58 619.0204705 13.44631062 CoinBase
12 31/03/2026 15:33:28 610.0281051 1.803 CoinBase
12 31/03/2026 15:34:22 611.687937 34.6556351 bybit
12 31/03/2026 15:34:58 612.1883624 69.98999995 CoinBase
12 31/03/2026 15:35:53 615.0708453 32.4792 Gateio
12 31/03/2026 15:33:46 615.5124383 51.59953271 Kraken
12 31/03/2026 15:35:35 616.2078874 420.92939 Gateio
12 31/03/2026 15:33:10 616.6259465 2.910599993 CoinBase
12 31/03/2026 15:34:40 618.0975489 500.0154087 Binance
12 31/03/2026 15:35:17 619.1957447 1.802 CoinBase
12 31/03/2026 15:34:04 621.5181546 159.74154 Gateio
13 31/03/2026 15:36:47 609.7585815 1.28016 Gateio
13 31/03/2026 15:37:23 612.2222073 1081.440112 Kraken
13 31/03/2026 15:38:17 615.8246531 7.63293 CoinBase
13 31/03/2026 15:37:41 616.7201582 34.9721 Gateio
13 31/03/2026 15:38:36 617.1526481 19.00532578 Binance
13 31/03/2026 15:37:59 617.9378413 10.07435 Gateio
13 31/03/2026 15:38:54 618.0386186 0.001637487 Kraken
13 31/03/2026 15:36:11 619.0271014 1026.995448 Binance
13 31/03/2026 15:37:05 621.4095557 7.483381946 CoinBase
13 31/03/2026 15:36:29 621.667495 625.272299 Binance
14 31/03/2026 15:41:55 609.5509517 441.91143 CoinBase
14 31/03/2026 15:39:30 611.5194592 720.6658637 CoinBase
14 31/03/2026 15:41:00 611.6070375 1.05000014 CoinBase
14 31/03/2026 15:40:24 611.7177509 1.025199672 CoinBase
14 31/03/2026 15:40:06 611.7327341 0.000193248 CoinBase
14 31/03/2026 15:40:42 612.8691664 0.250685301 CoinBase
14 31/03/2026 15:39:12 614.4834568 90.51648 bybit
14 31/03/2026 15:41:18 616.4181553 184.81121 Gateio
14 31/03/2026 15:41:36 616.599089 1.26532 Gateio
14 31/03/2026 15:39:48 618.0484875 279.7271665 Binance
15 31/03/2026 15:44:55 609.7343253 173.2837995 Binance
15 31/03/2026 15:44:01 611.7101185 299.0063569 Binance

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
15 31/03/2026 15:44:19 612.1227622 1.115079206 CoinBase
15 31/03/2026 15:42:13 612.9465154 86.38637175 Binance
15 31/03/2026 15:43:07 613.6528481 379.1385873 CoinBase
15 31/03/2026 15:43:25 614.2387703 364.57002 bybit
15 31/03/2026 15:42:49 615.0035053 0.285297922 CoinBase
15 31/03/2026 15:42:31 615.2292308 114.8051437 CoinBase
15 31/03/2026 15:43:43 615.4116871 1699.456849 CoinBase
15 31/03/2026 15:44:37 621.7231873 326.8556359 Binance
16 31/03/2026 15:46:26 611.3505639 937.4875322 Binance
16 31/03/2026 15:45:14 611.4835112 8.390842405 CoinBase
16 31/03/2026 15:46:44 612.7893924 109.0065659 CoinBase
16 31/03/2026 15:46:08 614.7997587 8.644105454 CoinBase
16 31/03/2026 15:47:56 616.8446096 111.4810785 CoinBase
16 31/03/2026 15:47:02 617.0299426 185.37276 Gateio
16 31/03/2026 15:47:38 617.1987525 0.001304429 Binance
16 31/03/2026 15:45:50 617.6438365 136.2280258 Kraken
16 31/03/2026 15:45:32 618.635534 837.252 CoinBase
16 31/03/2026 15:47:20 619.1514335 1638.906221 CoinBase
17 31/03/2026 15:50:21 610.4397498 4.486166092 CoinBase
17 31/03/2026 15:48:14 614.2449712 172.7804925 Binance
17 31/03/2026 15:49:27 615.1740773 1.826 CoinBase
17 31/03/2026 15:49:45 615.2873759 3.37933425 CoinBase
17 31/03/2026 15:49:09 615.4723808 68.12625 Gateio
17 31/03/2026 15:50:03 615.5062487 250.99152 Gateio
17 31/03/2026 15:48:51 618.5770536 9.008567532 CoinBase
17 31/03/2026 15:48:33 619.6423009 82.79028 Gateio
17 31/03/2026 15:50:39 620.8211377 1434.644862 CoinBase
17 31/03/2026 15:50:57 621.5926776 828.3723526 Kraken
18 31/03/2026 15:53:04 611.1022331 85.85329725 Binance
18 31/03/2026 15:52:10 611.6758061 85.8875535 Binance
18 31/03/2026 15:52:28 612.2366052 1.26686 bybit
18 31/03/2026 15:53:40 613.7447952 523.853822 CoinBase
18 31/03/2026 15:51:52 614.1371375 1.805 CoinBase
18 31/03/2026 15:53:58 617.9744036 1.27946 bybit
18 31/03/2026 15:53:22 618.2918991 1.2796 bybit
18 31/03/2026 15:52:46 620.3724053 1.816 CoinBase
18 31/03/2026 15:51:33 620.9747474 513.1096702 CoinBase
18 31/03/2026 15:51:15 621.0866454 34.5553 Gateio
19 31/03/2026 15:56:41 610.2786508 4.860900009 CoinBase
19 31/03/2026 15:55:11 611.9029786 33.9729 Gateio
19 31/03/2026 15:54:16 614.9131283 9.100449273 CoinBase
19 31/03/2026 15:55:47 615.1282784 2000.547196 CoinBase
19 31/03/2026 15:56:05 615.8421288 1.27883 Gateio
19 31/03/2026 15:56:59 616.2726924 1.83 CoinBase