21Shares Dogecoin ETF

Overview

The Trust is the 21Shares Dogecoin ETF (TDOG), a Maryland statutory trust formed April 1, 2025. It was originally named Jura Pentium Trust 10 and was renamed 21Shares Dogecoin ETF on April 7, 2025. The Trust is a passive exchange-traded fund designed to track the price of Dogecoin (DOGE).

Investment objective and strategy

• Objective: Seek to track the performance of Dogecoin as measured by the CF Dogecoin‑Dollar US Settlement Price Index (the Pricing Benchmark), adjusted for the Trust’s expenses and liabilities.
• Benchmark administrator: CF Benchmarks Ltd.
• Holdings: The Trust holds Dogecoin and does not invest in futures or other derivatives.
• Valuation: Shares are valued daily at 4:00 p.m. ET based on the Pricing Benchmark. NAV per Share = Trust NAV / outstanding Shares. For financial statements, Principal Market NAV (fair value based on the price in the Trust’s principal market at 4:00 p.m. ET) is used.
• Tax treatment: The Trust is a grantor trust for U.S. federal income tax purposes. Shareholders are treated as owning pro rata shares of the Trust’s Dogecoin; income and gains pass through to shareholders. A sale of Dogecoin by the Trust (for example, to pay expenses) is a taxable event to shareholders.

Sponsor and management

• Sponsor: 21Shares US LLC, a wholly owned subsidiary of Jura Pentium Inc., part of the 21Shares Group.
• Ultimate parent: In November 2025, 21co Holdings Limited (FalconX) became the ultimate parent of the Sponsor.
• Trustee: Wilmington Trust, N.A.
• Service providers:
  • Administrator / Transfer Agent / Cash Custodian: Bank of New York Mellon (BNY Mellon).
  • Dogecoin Custodians: Coinbase Custody Trust Company, LLC; BitGo Bank & Trust, N.A.; Anchorage Digital Bank N.A.
  • Prime Broker: Coinbase, Inc. (affiliate of the Dogecoin Custodians) for trading and related services.
  • Marketing and marketing compliance: Foreside Global Services, LLC and related providers.
• The Sponsor does not actively manage the Dogecoin holdings; the Trust operates as a passive vehicle.

Creation and redemption

• Creation and redemption occur continuously in blocks of 10,000 Shares (a Basket) or multiples thereof on the NAV date.
• Authorized Participants (APs): Registered broker‑dealers that have signed agreements with the Sponsor and Administrator; APs can create or redeem Creation Baskets in cash or in‑kind (Dogecoin).
• Cash vs. in‑kind: Both cash and in‑kind creation/redemption are available. Cash redemptions can involve operational considerations and potential price slippage.
• The Sponsor may add or terminate Dogecoin custodians and prime brokers; changes are disclosed via prospectus supplement or Form 8‑K as applicable.

Fees, expenses, and capitalization

• Sponsor fee: A unitary sponsor fee equal to 0.50% of the Trust’s NAV. The Sponsor Fee accrues daily and is payable in Dogecoin weekly in arrears.
• Sponsor‑paid expenses: The Sponsor pays ordinary operating expenses (except litigation and other extraordinary costs) from the Sponsor Fee. Ordinary course legal fees are capped at $100,000 per year (subject to potential reclassification as Additional Trust Expenses).
• The Trust pays the Sponsor Fee to the Sponsor; Dogecoin received as Sponsor Fee may be converted to cash at the Sponsor’s discretion.
• Other expenses include payments to service providers, marketing fees, administrator and custodian fees, trustee fees, listing fees, insurance, audit and regulatory fees, printing/mailing, website maintenance, and license fees.

Pricing, valuation, and principal markets

• The Pricing Benchmark price is used to calculate NAV and NAV per Share.
• For GAAP fair value under ASC 820, the Trust uses Principal Market NAV based on the price in the Trust’s principal market at 4:00 p.m. ET. NAV as published for investors is not GAAP, but Principal Market NAV is used for financial reporting.
• NAV and Principal Market NAV can differ if valuation inputs diverge. The Sponsor may change the Pricing Benchmark or valuation methodology with notice.

Seed capital and fiscal period

• Initial seed: On September 17, 2025, the Sponsor purchased 2 Initial Seed Shares at $50 per share (total proceeds $100).
• Fiscal year‑end: September 30.

Corporate context

• As of December 31, 2025, the 21Shares Group managed approximately $7.56 billion in assets under management and offered 67 digital asset‑related exchange‑traded products.
• The Sponsor is part of a broader family of digital asset ETF issuers with experience issuing and operating spot‑digital‑asset ETPs since 2018.

Custody, trading, and risk considerations

• Custody: Dogecoin held by the Custodians is stored in cold storage in segregated wallets. A portion may be temporarily held in a Trading Balance with the Prime Broker for creation/redemption activity.
• Insurance: Custodians maintain insurance coverage that is shared among customers; coverage may not cover all losses. The Trust’s assets are not FDIC or SIPC insured.
• Risk profile: The Trust is not registered under the Investment Company Act of 1940, is not a commodity pool, and is not a bank. Key risks include Dogecoin price volatility, regulatory risk, custody risk, cyber risk, and operational risk.
• Governance and leverage: The Trust is passive, does not employ leverage or derivatives, and typically does not convey voting rights. The Sponsor may terminate the Trust. Tax and regulatory risks apply.

Governance and regulatory notes

• The Sponsor has determined, under its policy, that Dogecoin is not offered or sold as a security under current circumstances; that determination is subject to regulatory change.
• The Trust operates in a regulatory landscape for digital assets that is evolving, with potential developments from the SEC, CFTC, FinCEN, OFAC, and legislative changes that could affect the Trust and Dogecoin.

Key risk highlights

• Extreme price volatility of Dogecoin and potential for substantial loss.
• Custody and counterparty risks, including possible insolvency or bankruptcy of the Prime Broker or Custodians.
• Creation/redemption mechanics may fail or be limited, which can lead to premiums or discounts and reduced arbitrage efficiency.
• Regulatory status and the potential reclassification of Dogecoin could lead to termination or liquidation of the Trust.
• Technology and security risks, including cybersecurity incidents, network disruptions, forks, airdrops, and other protocol events.
• Concentration risk: the Trust is concentrated in Dogecoin and relies on the integrity of Dogecoin spot markets and the Pricing Benchmark.

Summary

The 21Shares Dogecoin ETF is a passive, exchange‑traded fund that aims to track Dogecoin’s price using the CF Dogecoin‑Dollar US Settlement Price Index. It holds Dogecoin through multiple custodians, uses a sponsor‑fee funding model, and relies on a prime broker for liquidity and creation/redemption. The fund does not employ leverage or derivatives and is intended for investors seeking exposure to Dogecoin’s price movements through an exchange‑traded vehicle, subject to the risks described above.