Vaneck文件與SEC啟動第一個基於美國BNB的ETF

Vaneck是ETF領域最著名的資產經理之一，已正式提交給美國證券交易委員會（SEC）

VanEck, a well-known name in the ETF sector, has officially filed with the Securities and Exchange Commission (SEC) the S-1 form to register the first U.S. ETF based on the BNB token.

Vaneck是ETF領域的著名名稱，已正式向Securities and Exchange Commission（SEC）申請S-1表格，以基於BNB令牌註冊第一個美國ETF。

This new instrument, set to hit the market in the coming months, will offer investors the possibility to easily and conveniently access an asset still absent in the panorama of crypto ETFs approved in the United States.

這種將在未來幾個月內投放市場的新工具將為投資者提供輕鬆，方便地訪問在美國批准的加密ETF全景中仍然缺乏資產的可能性。

The ETF, named VanEck BNB Trust, will be a fully disclosed and passively managed Trust, aiming to closely track the price of BNB, net of the fund’s operating expenses. The Trust will directly hold BNB tokens and will not use any derivatives, leverage, or active management strategies.

ETF名為Vaneck BNB Trust，將是一個完全披露和被動管理的信託，旨在密切跟踪BNB的價格，該基金的運營費用淨額。該信託將直接持有BNB代幣，不會使用任何衍生工具，槓桿或主動管理策略。

The custody of the assets will be entrusted to a regulated digital asset custodian, who will keep the private keys in both hot wallet and cold storage, applying advanced security measures, insurance, and asset segregation.

資產的監護權將委託給受監管的數字資產保管人，該資產將使私鑰保持在熱錢包和冷藏中，並採用高級安全措施，保險和資產隔離。

The price of the fund will be calculated daily based on an index constructed and maintained by MarketVector Indexes GmbH, an affiliate of VanEck, which selects the five main BNB trading platforms based on a proprietary report that evaluates parameters such as regulatory compliance, security, and data quality.

該基金的價格將根據MarketVector Indexes GmbH（Vaneck的分支機構）構建和維護的指數每天計算，該索引根據專有報告選擇了五個主要BNB交易平台，該報告評估了諸如監管合規性，安全性，安全性和數據質量等參數。

The fund shares will be tradable on the main U.S. stock exchanges and will be accessible to both retail and institutional investors.

基金股票將在美國主要的證券交易所進行交易，零售和機構投資者都可以使用。

The ETF will operate according to an “in-kind” or “cash” structure through specialized operators called Authorized Participants (AP). These entities will be able to create or redeem ETF shares in blocks (basket) that represent a certain amount of BNB. The creation or redemption can occur in two ways:

ETF將根據名為授權參與者（AP）的專業運營商根據“實物”或“現金”結構進行操作。這些實體將能夠在代表一定數量的BNB的塊（籃子）中創建或兌換ETF股票。創造或贖回可以通過兩種方式發生：

The ETF shares will then be distributed to the public and traded on the secondary market. Prices on the market may vary compared to the net asset value (NAV) due to demand, supply, and market conditions.

然後將ETF股票分發給公眾並在二級市場上進行交易。由於需求，供應和市場狀況，與資產淨值（NAV）相比，市場價格可能有所不同。

One of the distinctive elements of the VanEck BNB ETF is the possibility, in the future, to activate staking activities if the exchanges on which it will be listed obtain the necessary regulatory approval (Staking Regulatory Approval). In that case, the fund will be able to use a portion of the BNB tokens held to earn rewards in BNB through trusted staking providers, also affiliated with VanEck.

Vaneck BNB ETF的獨特要素之一是，如果將列出的交易所獲得必要的監管批准（Staging Staging Congulatory批准），那麼將來有可能激活放入活動。在這種情況下，該基金將能夠使用持有的BNB代幣的一部分來通過可信賴的Staking提供者在BNB中獲得獎勵，這也隸屬於Vaneck。

The potential staking rewards could be considered income for the fund and, consequently, affect returns and taxation. However, the fund does not intend to acquire or recognize Incidental Rights arising from fork or airdrop, which will therefore be automatically excluded from the determination of the NAV.

潛在的積分獎勵可以被視為基金的收入，從而影響收益和稅收。但是，該基金不打算獲得或認識到叉或空投產生的附帶權利，因此，該權利將自動排除在NAV的確定之外。

What is BNB token?

什麼是BNB令牌？

BNB is a digital asset created by Binance, a leading cryptocurrency exchange, and launched in 2017 during an initial coin offering (ICO). It is used on the BNB Chain, a blockchain network that supports smart contracts, DApps, and other decentralized applications.

BNB是由領先的加密貨幣交易所Binance創建的數字資產，並於2017年在初始硬幣產品（ICO）（ICO）上推出。它用於BNB鏈，這是一個支持智能合約，DAPP和其他分散應用程序的區塊鍊網絡。

BNB has multiple functionalities within the ecosystem: it is used to pay transaction fees on the chain, participate in the decentralized governance of the network, and can be staked to secure the chain and earn baking rewards.

BNB在生態系統中具有多種功能：它用於在鏈上支付交易費用，參與網絡的分散治理，並可以放置以確保鏈條並獲得烘焙獎勵。

The token has a maximum supply of 200 million units and is currently ranked among the top ten cryptocurrencies by market capitalization.

代幣的最高供應量為2億個單位，目前按市值佔據了前十名加密貨幣。

Why an ETF on BNB?

為什麼要在BNB上使用ETF？

Despite the presence of several Bitcoin and Ethereum ETFs, no U.S. ETF has yet been approved for an asset other than Bitcoin or Ethereum. The filing of the S-1 form represents a turning point in the evolution of digital finance.

儘管存在幾個比特幣和以太坊ETF，但尚未獲得除比特幣或以太坊以外的資產的批准。 S-1形式的歸檔代表了數字融資演變的轉折點。

If approved by the SEC, the VanEck BNB ETF will be the first regulated fund to provide direct exposure to the BNB token, expanding investment options for U.S. investors.

如果獲得SEC的批准，Vaneck BNB ETF將是第一個向BNB代幣直接接觸的監管基金，為美國投資者提供投資期權。

The initiative also highlights the increasing interest of traditional financial institutions in the cryptocurrency sector.

該倡議還強調了加密貨幣領域的傳統金融機構的興趣日益增加。

The application for the ETF comes at a time when the cryptocurrency market is undergoing a period of transition, with new regulations and a growing demand for accessible investment products.

ETF的申請是在加密貨幣市場正在過渡期，新法規以及對可訪問投資產品的需求不斷增長的時候。