21Shares Dogecoin ETF

The Trust is an exchange-traded fund that issues common shares of beneficial interest, called Shares, which represent fractional ownership in its net assets. These Shares trade on the Nasdaq Stock Market LLC under the ticker symbol "TDOG". The Trust's goal is to track the performance of Dogecoin, specifically as measured by the CF Dogecoin-Dollar US Settlement Price Index, after accounting for the Trust's expenses and other liabilities. This Pricing Benchmark, calculated by CF Benchmarks Ltd., is designed to show Dogecoin's performance in U.S. dollars. The Trust's Shares are valued daily based on this Pricing Benchmark. To achieve its objective, the Trust holds Dogecoin. Wilmington Trust, N.A., a Maryland trust company, serves as the Trustee. The Bank of New York Mellon acts as the Trust's Administrator, Transfer Agent, and Cash Custodian. Coinbase Custody Trust Company, LLC, BitGo Bank & Trust, N.A., and Anchorage Digital Bank N.A are the Dogecoin Custodians, holding all the Trust's Dogecoin. The Trust only buys or sells Dogecoin for the creation and redemption of Shares or to cover certain expenses, with these transactions facilitated by Coinbase, Inc. The Trust is not managed like a corporation or an active investment vehicle and does not have officers, directors, or employees. It is not registered as an investment company under the Investment Company Act of 1940 and does not hold or trade in commodity futures contracts.