The 21Shares Dogecoin ETF (ticker: TDOG) is a passively managed ETF that holds Dogecoin and trades on the Nasdaq. The Trust's sole purpose is to give investors exposure to Dogecoin's price without requiring them to directly buy, hold, or custody the cryptocurrency themselves — each share represents fractional ownership of the Dogecoin held by the Trust. The Trust targets retail and institutional investors who want Dogecoin exposure through a regulated brokerage account rather than a crypto exchange. The Trust is sponsored by 21Shares US, a subsidiary of 21co Holdings (now owned by FalconX), which has been issuing digital asset ETPs since 2018 and oversees approximately $7.56B in AUM across 67 digital asset products globally. The Trust charges a unitary sponsor fee of 0.50% of NAV per year, which is its only revenue source; out of this fee, the Sponsor covers all operating expenses including custody, administration, legal, and audit costs. AUM drives fee revenue, meaning Dogecoin price appreciation and investor inflows grow revenue, while price declines or outflows shrink it. The Trust does not actively trade Dogecoin, use leverage, or enter lending arrangements — it sells Dogecoin only to pay expenses or meet redemptions. Shares are created and redeemed in blocks of 10,000 exclusively through Authorized Participants, either in-kind or in cash, with Coinbase acting as Prime Broker. The Trust uses three custodians — Coinbase Custody, BitGo, and Anchorage Digital. The Trust was formed in April 2025 and seeded in September 2025, making it an early-stage product with limited operating history.