VanEck BNB ETF is a passively managed exchange-traded fund that provides investors with price exposure to BNB, the native cryptocurrency of the BNB Smart Chain. The trust holds physical BNB in cold storage with regulated banking custodians Anchorage Digital Bank and BitGo, enabling investors to gain fractional token ownership through standard brokerage accounts on Nasdaq. The trust issues and redeems shares in large baskets exclusively with authorized participants, which are broker-dealers that distribute individual shares across the secondary market. Operationally, the fund passively tracks the MarketVector BNB Benchmark Rate using price data from major crypto exchanges, avoiding leverage, speculative trading, or derivatives. VanEck's business model relies on earning a sponsor fee calculated on the trust's net assets, which covers all ordinary operating expenses. Although the fund's structure allows for staking BNB to earn network rewards, VanEck currently leaves staking inactive due to regulatory and tax uncertainties. State Street serves as administrator and cash custodian.