VanEck BNB ETF

What they do

The Trust owns BNB transferred to it in exchange for shares, with each Share representing a fractional undivided beneficial interest in the Trust. BNB is held by third-party custodians Anchorage Digital Bank N.A. and, since August 5, 2026, BitGo Bank & Trust, National Association. VanEck Digital Assets, LLC, a wholly owned subsidiary of Van Eck Associates Corporation, is the Sponsor; CSC Delaware Trust Company is the Delaware trustee and State Street serves as administrator, transfer agent and cash custodian. Shares are created and redeemed only in 10,000-share Baskets through Authorized Participants, in cash or in-kind.

Revenue drivers

• BNB price exposure — The Trust's only material asset is BNB, so changes in the price of BNB drive the Trust's NAV and returns; NAV was $2,140,751 at June 30, 2026.
• Share creation and redemption activity — The Trust sells and redeems Shares only in 10,000-share Baskets to registered broker-dealers; the filing does not disclose fee revenue amounts tied to creations or redemptions.
• Sponsor Fee — The Trust accrues and pays the Sponsor a fee, netted against the BNB amount represented by a Basket on creation; the filing excerpt does not state the fee rate.
• Potential staking rewards — The stated objective includes rewards from staking a portion of the Trust's BNB, if the Sponsor implements staking and determines it is not unduly risky; as of the report, the Trust stakes none of its BNB.

Recent performance

The Trust's NAV was $2,140,751 at June 30, 2026, its fiscal year end, with 100,000 Shares outstanding. Total assets were $2.1 million and total liabilities $712.00 as of June 30, 2026. Seed capital was initially $100,000 for 4,000 Shares on November 14, 2025; on May 7, 2026 those Seed Shares were redeemed for cash and the Seed Capital Investor purchased 40,000 Shares for $1,000,000, equal to 1,555.1639998 BNB at a $25.00 per-Share price. The filing states the Trust does not stake any of its BNB and does not actively manage the portfolio.

Strategy

The Trust is a passive vehicle with the objective of reflecting the performance of the price of BNB, plus staking rewards if the Sponsor implements staking, less Trust expenses. The Sponsor has sole discretion over whether to stake and will do so only if it determines staking can be done without undue legal or regulatory risk, including risk to grantor trust tax qualification. The Trust does not take actions to exploit or mitigate BNB price volatility. Subsequent to fiscal year end, on August 5, 2026, the Trust added BitGo Bank & Trust as a second BNB custodian alongside Anchorage Digital Bank N.A.

Risks

• Extreme BNB price volatility — The filing states BNB has experienced extreme volatility, including a drop from about $1,300 on October 8, 2025 to about $1,100 on October 10, 2025, and that further declines could cause the Shares to lose all or substantially all of their value.
• Binance-linked concentration risk — Although BNB is not an equity interest in Binance, the filing states market participants may perceive BNB as reflecting Binance's activity, reputation or financial condition, so regulatory or legal developments involving Binance may disproportionately affect BNB's price.
• Staking may never occur — The objective includes staking rewards only if the Sponsor in its sole discretion implements staking and deems it legally and regulatory safe; as of the report the Trust stakes no BNB, so that potential return may not be realized.
• Custody arrangements — The Trust's BNB is held by Anchorage Digital Bank N.A. and, as of August 5, 2026, BitGo Bank & Trust, National Association; the filing excerpt does not quantify any custody-related loss exposure.

Outlook

The filing describes the Trust as passive and not actively managed, with no stated forecast for BNB prices or Trust performance. The only stated forward-looking items are the objective of reflecting the price of BNB plus possible staking rewards, and the addition of a second custodian on August 5, 2026. The Sponsor retains sole discretion over whether staking is ever implemented, and no staking had occurred as of the report.