What is TDOG, and how does it work?
21Shares’ Dogecoin exchange-traded fund (ETF), TDOG, recently appeared on the DTCC’s Active and Pre-Launch list under the ticker TDOG. The listing connects brokers and clearing institutions in preparation for potential trading, but it does not indicate regulatory approval.
The proposed TDOG/21Shares Dogecoin (DOGE) trust is intended to be physically backed (i.e., holding Dogecoin directly) and to issue shares designed to track DOGE’s price (less fees).
The fund calculates its daily net asset value (NAV) using a multi-exchange Dogecoin price index. During market hours, it also publishes an intraday indicative value approximately every 15 seconds, allowing traders to gauge how the shares align with the underlying asset.
Creations and redemptions generally occur in cash.
Authorized participants (AP) typically deliver cash, after which the sponsor instructs the prime broker (Coinbase) to purchase DOGE or use existing holdings, transferring it to Coinbase Custody Trust Company, which safekeeps the coins for the trust.
The reverse flow applies to redemptions. Arbitrage by APs and market makers generally helps keep the share price aligned with NAV, though small intraday premiums or discounts may still occur, especially during periods of high volatility or limited liquidity.
Two points of note:
Fees are paid in kind, so the amount of DOGE per share will gradually decline over time as sponsor fees are deducted.
Until both US Securities and Exchange Commission filings are approved, TDOG will not trade. The Depository Trust and Clearing Corporation (DTCC) listing only indicates operational readiness, not regulatory clearance.
Did you know? For TDOG, “pay in kind” means the sponsor fee is deducted in DOGE rather than cash. As a result, the amount of Dogecoin backing each share gradually decreases over time, even though the share price continues to track Dogecoin’s market value.
DTCC listing is not SEC approval
Seeing TDOG on DTCC’s Active and Pre-Launch page simply means the operational setup is underway.
Brokers and clearing firms can map the ticker and prepare their systems, but pre-launch listings aren’t yet eligible for DTCC processing, and the appearance doesn’t authorize exchange trading or signal regulatory approval.
TDOG still needs two formal green lights from the SEC:
Similar crypto funds have shown up on DTCC ahead of launch, which is why this step should be read as operational readiness (not approval).
How TDOG would track DOGE
If approved, the trust would value its holdings using CF Benchmarks’ Dogecoin-Dollar US Settlement Price (a once-daily benchmark built from executed trades across multiple qualifying DOGE-USD venues).
The system is designed to be replicable and resistant to manipulation, and it’s administered under the UK benchmark regime. The trust calculates its daily NAV based on that print: During the trading day, the share price can fluctuate around NAV based on supply and demand.
One nuance: The pricing benchmark doesn’t include forks or airdrops. According to the prospectus, the trust disclaims any airdropped assets and won’t account for forked coins unless specifically supported and distributed.
In short, don’t expect extra value from forks or airdrops to be reflected in the fund.
Did you know? Many ETFs (and commodity trusts) create and redeem in large “creation units” handled by authorized participants, often tens of thousands of shares at a time. That “plumbing” is what helps keep prices near NAV, even though you trade single shares.
TDOG vs. buying DOGE directly
Wouldn’t it just be easier to buy DOGE directly? It depends.
If approved, TDOG would offer Dogecoin price exposure through a regular brokerage account. The trust holds DOGE, values the shares off CF Benchmarks’ once-daily Dogecoin index and uses cash creations/redemptions routed through Coinbase (with Coinbase Custody holding coins in cold storage).
As explored, one structural wrinkle matters for anyone planning to hold: The sponsor fee is taken in DOGE, so the DOGE-per-share gradually drifts down over time. Shares can also trade a touch above or below daily NAV during market hours.
The appeal of TDOG lies in its convenience and infrastructure. It trades like any other ETF — no wallets or seed phrases required. Custody is institutional, valuation follows a published rule set, and the creation and redemption process, along with market-maker arbitrage, generally keeps prices close to NAV. The fee is disclosed transparently and deducted from the fund’s assets, allowing investors to see the all-in cost without dealing with multiple providers.
The trade-offs are the flip side of that convenience. Because fees are paid in kind, longer holding periods gradually reduce the amount of DOGE backing each share. Intraday premiums or discounts may also occur.
You also rely on counterparties, including the prime broker, custodian and index administrator, and you lose onchain utility since you can’t tip, spend or interact with Dogecoin directly through an ETF.
Buying DOGE directly flips those dynamics. You gain full onchain control and 24/7 utility, with no sponsor fee eroding your balance.
In return, you take on key management responsibilities or exchange and platform risk if you leave coins with a third party, along with the operational overhead of managing wallets, transfers, security setups and fiat onramps. The better choice ultimately depends on what you value more: brokerage-account simplicity or direct control and onchain access.
Where TDOG fits alongside DOJE
There’s already a US Dogecoin product trading: the REX-Osprey DOGE ETF (DOJE) on Cboe BZX.
It’s a 1940-act ETF that aims to deliver roughly 1x DOGE performance (before fees) and may hold a combination of spot Dogecoin exposure and DOGE-linked instruments. To comply with US regulations and possibly maintain Regulated Investment Company (RIC) tax status, it’s structured via a Cayman subsidiary (the “REX-Osprey DOGE Cayman Portfolio”) that holds the cryptocurrency exposures.
The expense ratio is 1.50%. DOJE listed on Sept. 18, 2025, and launched with exposure to both spot DOGE and the 21Shares DOGE exchange-traded product (ETP), though the exact mix can change over time.
If TDOG is approved, it would sit beside DOJE as a different wrapper with different mechanics:
Structure and venue: TDOG would be a commodity-based trust that holds DOGE directly and lists on Nasdaq, using cash creations and redemptions. DOJE is a 1940-act ETF on Cboe that combines spot DOGE with DOGE-linked ETPs within its mandate.
Valuation and portfolio: TDOG’s NAV would be based on CF Benchmarks’ once-daily Dogecoin-dollar settlement price. DOJE seeks Dogecoin exposure through a diversified basket that may include non-US ETPs along with spot DOGE.
Fees: TDOG’s sponsor fee is not yet final in the preliminary filings; DOJE discloses a 1.5% expense ratio.
Ultimately, DOJE is live today on Cboe with a published 1.5% fee and a flexible toolkit to mirror DOGE.
TDOG is still awaiting SEC approvals to list as a physically backed trust on Nasdaq. If it launches, US investors will have two distinct paths to DOGE exposure, a grantor-trust model (TDOG) and a 1940-act ETF (DOJE), each with its own fee profile, holding constraints and operational trade-offs.
Did you know? A grantor trust (like TDOG would be) and a 1940-act ETF (like DOJE) sit under different tax and portfolio rulebooks: The trust passes through direct asset exposure, while the ETF can use baskets (and even a Cayman sub) to maintain RIC status.
How to buy TDOG (if/when it lists)
If regulators approve both pieces (the S-1 registration and Nasdaq’s 19b-4 rule change), TDOG will start trading on Nasdaq.
From there:
Find the ticker in your broker: Once firms finish mapping, “TDOG” will appear alongside other Nasdaq-listed ETFs. Availability can vary by broker and region, and some brokers place extra checks on commodity-style crypto products.
Use an eligible account: Most standard brokerage accounts support ETFs, but some tax-advantaged or institutional accounts may have additional restrictions. Confirm eligibility, margin permissions and any firm-level restrictions before funding.
Place the order with care: Early sessions can have wider spreads and thinner liquidity. Prefer limit orders (not market orders) and be cautious around the open and close.
Understand costs: Your total cost is the broker’s commission (often zero), the bid-ask spread, and the fund’s ongoing sponsor fee (reflected in performance, not charged at checkout). The final prospectus will show the exact fee and creation/redemption details.
After you buy: Trades settle on the standard US equity cycle. You can track TDOG during market hours and compare its price to issuer-reported NAV updates.
Until approvals are finalized, TDOG isn’t tradable. For listed DOGE exposure today, you can explore DOJE on Cboe through your broker. Availability, tax treatment and suitability depend on your jurisdiction and individual circumstances.
