21Shares’ physically backed Dogecoin ETF began trading on the Nasdaq under the ticker TDOG. The product provides 1:1 exposure to Dogecoin with custody handled by a multi‑custodian setup and a 0.50% management fee.
The launch is notable because TDOG carries an exclusive endorsement from the Dogecoin Foundation via the House of Doge and is structured for in‑kind creations and redemptions; however, the issuer warns the fund is not registered under the Investment Company Act of 1940 and carries elevated risk.
TDOG is a physically backed spot ETF that holds Dogecoin on a one‑for‑one basis in institutional custody. The fund names Coinbase Custody Trust, Anchorage Digital Bank and BitGo as custodians, and uses the same in‑kind creation and redemption processes common to other spot crypto ETFs to help maintain liquidity and price efficiency.
21Shares launched TDOG in an exclusive partnership with the House of Doge, the corporate arm of the Dogecoin Foundation, and lists Brag House Holdings as a merger partner in the initiative. House of Doge leadership framed the ETF as a vehicle to broaden access to Dogecoin within regulated channels; Marco Margiotta, CEO of House of Doge, said the partnership helps advance mainstream accessibility for the asset.
Regulatory status, risks and product comparisons
Crucially, TDOG is not registered under the ’40 Act, a distinction the issuer highlights in its disclosures. That regulatory status means TDOG does not enjoy the same statutory investor protections as 40 Act‑registered ETFs and mutual funds, and the issuer explicitly warns that Dogecoin is unsuitable for investors who cannot bear the loss of their entire investment.
The ETF carries a 0.50% annual management fee. It should be distinguished from 21Shares’ leveraged product, the 2x Long Dogecoin ETF TXXD, which launched on 20 de nov. de 2025 and targets twice the daily performance of Dogecoin; TXXD’s leveraged design introduces a materially different risk and time‑decay profile compared with TDOG’s spot exposure.
For market participants, TDOG removes several operational barriers to Dogecoin exposure by offering brokerage‑account access and institutional custody, but it transfers custody and regulatory considerations from the retail investor to the fund wrapper. Investors and allocators will now watch ETF flows and secondary‑market price dynamics to judge whether a foundation‑endorsed spot vehicle can attract sustained demand.
