Vaneck文件与SEC启动第一个基于美国BNB的ETF

Vaneck是ETF领域最著名的资产经理之一，已正式提交给美国证券交易委员会（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领域的著名名称，已正式向Securities and Exchange Commission（SEC）申请S-1表格，以基于BNB令牌注册第一个美国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.

这种将在未来几个月内投放市场的新工具将为投资者提供轻松，方便地访问在美国批准的加密ETF全景中仍然缺乏资产的可能性。

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名为Vaneck BNB Trust，将是一个完全披露和被动管理的信托，旨在密切跟踪BNB的价格，该基金的运营费用净额。该信托将直接持有BNB代币，不会使用任何衍生工具，杠杆或主动管理策略。

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.

资产的监护权将委托给受监管的数字资产保管人，该资产将使私钥保持在热钱包和冷藏中，并采用高级安全措施，保险和资产隔离。

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.

该基金的价格将根据MarketVector Indexes GmbH（Vaneck的分支机构）构建和维护的指数每天计算，该索引根据专有报告选择了五个主要BNB交易平台，该报告评估了诸如监管合规性，安全性，安全性和数据质量等参数。

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

基金股票将在美国主要的证券交易所进行交易，零售和机构投资者都可以使用。

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将根据名为授权参与者（AP）的专业运营商根据“实物”或“现金”结构进行操作。这些实体将能够在代表一定数量的BNB的块（篮子）中创建或兑换ETF股票。创造或赎回可以通过两种方式发生：

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.

然后将ETF股票分发给公众并在二级市场上进行交易。由于需求，供应和市场状况，与资产净值（NAV）相比，市场价格可能有所不同。

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的独特要素之一是，如果将列出的交易所获得必要的监管批准（Staging Staging Congulatory批准），那么将来有可能激活放入活动。在这种情况下，该基金将能够使用持有的BNB代币的一部分来通过可信赖的Staking提供者在BNB中获得奖励，这也隶属于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.

潜在的积分奖励可以被视为基金的收入，从而影响收益和税收。但是，该基金不打算获得或认识到叉或空投产生的附带权利，因此，该权利将自动排除在NAV的确定之外。

What is BNB token?

什么是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是由领先的加密货币交易所Binance创建的数字资产，并于2017年在初始硬币产品（ICO）（ICO）上推出。它用于BNB链，这是一个支持智能合约，DAPP和其他分散应用程序的区块链网络。

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在生态系统中具有多种功能：它用于在链上支付交易费用，参与网络的分散治理，并可以放置以确保链条并获得烘焙奖励。

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

代币的最高供应量为2亿个单位，目前按市值占据了前十名加密货币。

Why an ETF on BNB?

为什么要在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.

尽管存在几个比特币和以太坊ETF，但尚未获得除比特币或以太坊以外的资产的批准。 S-1形式的归档代表了数字融资演变的转折点。

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.

如果获得SEC的批准，Vaneck BNB ETF将是第一个向BNB代币直接接触的监管基金，为美国投资者提供投资期权。

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

该倡议还强调了加密货币领域的传统金融机构的兴趣日益增加。

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的申请是在加密货币市场正在过渡期，新法规以及对可访问投资产品的需求不断增长的时候。