What is TDOG and how does it work?
21Shares’ Dogecoin exchange-traded fund (ETF), TDOG, was recently listed on DTCC’s active and pre-launch list under the ticker TDOG. This list connects brokers and clearinghouses for potential trades, but does not indicate regulatory approval.
The proposed TDOG/21Shares Dogecoin (DOGE) trust aims to issue shares that are physically backed (i.e. directly own Dogecoin) and designed to track the price of DOGE (low fees).
The fund uses the multi-exchange Dogecoin price index to calculate daily net asset value (NAV). It also publishes intraday indicator values approximately every 15 seconds during market hours, allowing traders to measure how stock prices are matching the underlying assets.
Creation and redemption are typically done in cash.
Typically, an Authorized Participant (AP) hands over cash, after which the sponsor instructs its prime broker (Coinbase) to purchase DOGE or use its existing holdings, which transfers it to the Coinbase Custody Trust Company, which stores the coins on trust.
The reverse flow applies to redemption. Arbitrage by APs and market makers typically helps bring stock prices in line with NAV, but can result in small intraday premiums or discounts, especially when volatility is high or liquidity is limited.
Two things to note:
Because commissions are paid in kind, the amount of DOGE per share gradually decreases over time as sponsor commissions are deducted.
TDOG will not trade until both filings with the U.S. Securities and Exchange Commission are approved. Depository Trust and Clearing Corporation (DTCC) listing only indicates operational readiness and does not indicate regulatory approval.
Did you know? For TDOG, “pay in kind” means that sponsorship fees are deducted in DOGE rather than cash. As a result, the stock price will continue to track Dogecoin’s market value, but the amount of Dogecoin backing each stock will gradually decrease over time.
DTCC listing is not SEC approved
The presence of TDOG on the DTCC active and pre-launch pages means that production setup is in progress.
While brokers and clearing companies can map tickers and prepare their systems, pre-launch listings are not yet subject to DTCC processing and emergence does not permit exchange trading or regulatory approval.
TDOG still needs two formal green lights from the SEC.
Similar crypto funds have appeared on the DTCC prior to launch, so this step should be interpreted as operational readiness (rather than approval).
How TDOG tracks DOGE
If approved, the Trust will value its holdings using CF Benchmarks’ Dogecoin-Dollar US Settlement Price, a once-daily benchmark constructed from trades executed across multiple eligible DOGE-USD venues.
The system is designed to be replicable and tamper-resistant and is managed under the UK Benchmarking Regime. The Trust calculates a daily NAV based on that print. During the trading day, stock prices can fluctuate around NAV based on supply and demand.
There is one nuance. Price benchmarks do not include forks or airdrops. According to the prospectus, the trust disclaims airdropped assets and does not consider forked coins unless specifically supported and distributed.
In other words, do not expect any additional value from a fork or airdrop to be reflected in your fund.
Did you know? Many ETFs (and commodity trusts) are created and redeemed in large “creation units” handled by authorized participants, often tens of thousands of shares at a time. This “plumbing” allows you to keep the price close to NAV even when trading a single stock.
Buy TDOG vs. DOGE directly
Wouldn’t it be easier to buy DOGE directly? It depends.
If approved, TDOG will offer Dogecoin price exposure through regular brokerage accounts. This trust holds DOGE, values stocks from CF Benchmarks’ Dogecoin index once a day, and uses cash creation/redemption transferred through Coinbase (where Coinbase Custody holds the coins in cold storage).
As we’ve discussed, one structural wrinkle is important for those planning to own one. That means that DOGE per share will gradually decline over time because sponsorship fees are collected in DOGE. Shares may trade slightly above or below their daily NAV during market hours.
TDOG’s appeal lies in its convenience and infrastructure. You can trade it like any other ETF. No wallet or seed phrase required. Custody is institutional, valuation follows a published set of rules, and creation and redemption processes, along with market maker arbitrage, typically keep prices close to NAV. Fees are transparently disclosed and deducted from the fund’s assets, allowing investors to see all-in costs without having to deal with multiple providers.
The trade-off is the flip side of that convenience. Fees are paid in kind, so the amount of DOGE backing each stock gradually decreases over a longer holding period. Intraday premiums and discounts may also occur.
You will also be dependent on counterparties such as prime brokers, custodians, and index administrators, and you will lose on-chain utility as you will not be able to chip, spend, or interact with Dogecoin directly through the ETF.
Buying DOGE directly reverses these dynamics. You get full on-chain control and 24/7 utility, and your balance won’t be eroded by sponsorship fees.
Instead, you take on significant administrative responsibility and exchange/platform risk when you entrust your coins to a third party, along with the operational overhead associated with managing wallets, transfers, security settings, and fiat deposits and withdrawals. The better choice ultimately comes down to whether you value the simplicity of your brokerage account, or whether you value direct control or on-chain access.
Where TDOG lines up with DOJE
Dogecoin products are already being traded in the US. It’s Cboe BZX’s REX-Osprey DOGE ETF (DOJE).
This is a 1940 Act ETF that seeks to outperform DOGE by approximately 1x (before fees) and may hold a combination of spot Dogecoin exposure and products linked to DOGE. It is structured through a Cayman subsidiary (the “REX-Osprey DOGE Cayman Portfolio”) that holds crypto exposure in order to comply with U.S. regulations and, in some cases, maintain Regulated Investment Company (RIC) tax status.
The expense ratio is 1.50%. DOJE went public on September 18, 2025 and started with exposure to both Spot DOGE and 21Shares DOGE Exchange Traded Products (ETPs), although the exact composition may change over time.
If TDOG is approved, it will sit next to DOJE as a separate wrapper with a different mechanism.
Structure and venue: TDOG will be a Nasdaq-listed commodity-based trust that will directly hold DOGE and utilize cash generation and redemptions. DOJE is Cboe’s 1940 Act ETF, which combines spot DOGE and DOGE-linked ETPs within its purview.
Evaluation and portfolio: TDOG’s NAV is based on the once-daily Dogecoin dollar settlement price from CF Benchmarks. DOJE seeks exposure to Dogecoin through a diversified basket that may include non-US ETPs along with spot DOGE.
Fee: TDOG’s sponsorship fees have not yet been finalized in the preliminary application. DOJE discloses an expense ratio of 1.5%.
Finally, DOJE is now publicly available on Cboe, with a 1.5% fee and a flexible toolkit to mirror DOGE.
TDOG is still awaiting SEC approval to list on Nasdaq as a physically backed trust. Once this launches, U.S. investors will have two different paths to DOGE exposure: the grantor-trust model (TDOG) and the 1940 Act ETF (DOJE), each with its own fee profile, holding constraints, and operational trade-offs.
Did you know? Grantor trusts (such as TDOG) and 1940 Act ETFs (such as DOJE) are under different tax and portfolio rulebooks. Trusts pass through direct asset exposure, but ETFs can use baskets (and even Cayman submarines) to maintain RIC status.
How to purchase TDOG (if it is listed/if it is listed)
If regulators approve both items (S-1 registration and Nasdaq’s 19b-4 rule changes), TDOG will begin trading on the Nasdaq.
From there:
Find the ticker on your broker. Once companies complete mapping, TDOG will appear alongside other NASDAQ-listed ETFs. Availability may vary by broker and region, and some brokers impose additional checks on commodity-style crypto products.
Use the target account. Most standard brokerage accounts support ETFs, but some tax-advantaged or institutional accounts may have additional restrictions. Check eligibility, margin allowances, and firm-level limits before raising funds.
Please place your order carefully: Spreads may be wide and liquidity may be thin in early sessions. Prefer limit orders (as opposed to market orders) and be careful about opening and closing prices.
Understand costs: The total cost is the broker’s commission (often zero), the bid-ask spread, and the fund’s ongoing sponsorship fee (which is reflected in performance and not charged at checkout). The final prospectus will include exact fees and creation/redemption details.
After purchase: Trading is based on the standard US stock price cycle. You can track TDOG during market hours and compare its price to NAV updates reported by the issuer.
TDOG cannot be traded until approval is complete. For currently listed DOGE exposure, you can explore DOJE on Cboe through your broker. Availability, tax treatment, and suitability vary by jurisdiction and individual circumstances.
