TDOG: A New Dogecoin ETF Option

Key Takeaways

• TDOG is a proposed Dogecoin ETF from 21Shares that would offer DOGE exposure without direct ownership.

• It is not yet approved by the SEC and cannot trade until both the S-1 and 19b-4 filings are cleared.

• TDOG would be a physically backed trust, holding real Dogecoin with transparent valuation and cold custody.

• Investors should understand fees (paid in DOGE), intraday pricing variations, and the lack of on-chain utility.

• DOJE is currently the only listed Dogecoin ETF on Cboe, with a different structure and exposure strategy.

What Is TDOG?

TDOG is a proposed physically backed Dogecoin ETF from 21Shares, designed to let investors gain exposure to DOGE without needing to manage wallets or hold the memecoin directly. If approved, it would trade under the ticker TDOG on Nasdaq.

Source: 21Shares

Unlike synthetic products, this fund would hold actual Dogecoin, stored in cold custody via Coinbase Custody Trust Company. Shares would be issued and redeemed in cash, and priced based on a reputable Dogecoin benchmark.

How TDOG Works

• Backing: Each share is backed by actual Dogecoin held in custody.

• Pricing: The fund uses CF Benchmarks’ Dogecoin-Dollar US Settlement Price, updated daily.

• Intraday Value: An intraday indicative value (IIV) updates every 15 seconds during trading hours.

• Creation/Redemption: Performed in cash via authorized participants, who exchange cash for DOGE through a prime broker.

Fees Deducted In DOGE

One unique aspect of TDOG is that fees are paid in-kind, meaning DOGE is deducted from the fund to cover expenses. Over time, the amount of Dogecoin backing each share slowly declines.

Regulatory Status: Not Approved Yet

TDOG appearing on the DTCC list signals operational readiness, not regulatory approval.

Required SEC Approvals:

1. S-1 Registration Statement: Must be declared effective.

2. 19b-4 Filing with Nasdaq: Needs approval to list as a Commodity-Based Trust Share.

Until both filings are greenlit, TDOG won’t trade. Typically, DTCC listings are common for crypto funds prepping for launch, but they don’t imply SEC approval or market readiness.

Why Use A Dogecoin ETF Like TDOG?

TDOG offers a familiar, regulated format for investors who prefer the simplicity of brokerage accounts.

Source: X (@21Shares)

Pros:

• No need to manage wallets, keys, or crypto exchanges

• Cold storage custody by Coinbase Custody

• Institutional-grade pricing and valuation

• Transparent fee structure

Cons:

• DOGE per share declines over time due to in-kind fees

• Intraday price deviations from NAV may occur

• No on-chain utility (you can’t tip or spend DOGE from the ETF)

How To Buy TDOG (If/When Approved)

Once TDOG secures SEC approval, it will become tradable on Nasdaq. Here’s how to prepare:

Step-by-Step:

1. Check Broker Availability: Ensure your brokerage supports Nasdaq-listed ETFs.

2. Use Eligible Accounts: Standard taxable accounts usually qualify, but check any restrictions.

3. Place Orders Wisely: Use limit orders, especially in early trading sessions when liquidity may be thin.

4. Track Fees & NAV: Sponsor fees are deducted from the fund, and NAV is updated daily. Compare market price vs. NAV.

Until then, DOJE remains the only ETF offering DOGE exposure today.

FAQ

Is TDOG trading yet?

No. TDOG is listed on DTCC’s pre-launch list but still needs SEC approval to begin trading.

Does TDOG hold real Dogecoin?

Yes. It’s a physically backed trust, meaning it will hold actual DOGE in cold storage.

How are fees handled?

Fees are deducted in-kind—in Dogecoin—reducing the DOGE per share over time.

What’s the difference between TDOG and DOJE?

TDOG is a grantor trust that holds DOGE directly, while DOJE is a 1940-act ETF that may use a combination of instruments, including ETPs and a Cayman portfolio.

What happens if Dogecoin forks or gets airdrops?

TDOG’s prospectus states it disclaims forks and airdrops unless explicitly supported.