21Shares confirms fee structure for upcoming Dogecoin ETF launch
21Shares has taken steps to progress towards the launch of a spot Dogecoin ETF in the United States, providing new operational specifics and confirming the management fee through a recent amended regulatory filing. This development aims to bring transparency to the proposed TDOG fund’s structure in the midst of increasing competition among issuers gearing up for Dogecoin products. These updates come at a time when the DOGE market is demonstrating resurging strength, capturing investor interest in regulated investment opportunities.
In the latest S-1 amendment filed with the SEC, 21Shares officially disclosed a 0.50% sponsor fee for its forthcoming spot Dogecoin ETF. The company outlined that this fee, payable in Dogecoin on a weekly basis, will cover almost all operating expenses linked to the trust. Positioned at the midpoint of current spot crypto ETFs, the fee structure for TDOG provides a direct avenue for investors seeking regulated exposure to DOGE. Notably, any costs related to taxes, litigation, or indemnification may necessitate the trust to sell Dogecoin to fulfill these obligations as per the filing details.
The amended filing reiterated the previously filed delaying amendment, along with incorporating the earlier submission for effectiveness under 8(a). Key operational partners for the TDOG fund were also unveiled, with The Bank of New York Mellon designated as the administrator, cash custodian, and transfer agent. Custodial responsibilities for the trust’s assets will be shared between Anchorage Digital Bank and BitGo, while Coinbase Custody Trust Company will serve as the primary custodian. Additionally, 21Shares US LLC is set to be the seed capital investor, providing $1.5 million to purchase Dogecoin before or upon the ETF’s listing on the Nasdaq stock exchange. The trustee for the fund is Wilmington Trust NA, with Foreside Global Services tapped as the marketing agent and Cohen and Company handling the accounting responsibilities. Trading under the ticker symbol TDOG, the ETF will mirror the CF Dogecoin-Dollar US Settlement Price Index. Described as a straightforward spot product, the ETF will exclusively hold Dogecoin without employing leverage or active trading. It was also specified that transaction expenses for creations and redemptions will be the responsibility of authorized participants, subject to modifications following sponsor notification.
Amidst the evolving landscape of Dogecoin investment products, the emergence of competition is evident. Grayscale recently introduced its own spot Dogecoin ETF after converting its existing trust, while Bitwise is in the process of preparing the BWOW fund. These entities, along with 21Shares, are aiming to launch their Dogecoin ETFs later this month pending regulatory approval. The increased market activity surrounding these product developments highlights growing anticipation among investors for broader access to DOGE through regulated channels.
Alongside these developments, 21Shares has expanded its Dogecoin product range with the unveiling of a leveraged 2x Dogecoin ETF on November 20, catering to traders seeking amplified daily exposure to DOGE. The introduction of these investment vehicles coincided with a notable upsurge in Dogecoin’s performance throughout late November and early December. With DOGE trading near $0.15 at the time of reporting and registering an approximately 11% gain in a single day, supported by a trading volume exceeding $1.7 billion, the influx of retail traders and hedge funds gravitating towards higher-volatility assets has been evident as 2025 progresses.
