21Shares Dogecoin ETF

What they do

The Trust holds Dogecoin through three custodians — Coinbase Custody Trust Company, BitGo Bank & Trust, and Anchorage Digital Bank — and issues common shares of beneficial interest in Creation Baskets of 10,000 or multiples thereof. It does not buy or sell Dogecoin except in connection with share creations and redemptions or to pay certain expenses, which are facilitated by Coinbase, Inc. as prime broker. The Trust has no officers, directors, or employees and is managed and controlled by the Sponsor, 21Shares US LLC; BNY Mellon serves as Administrator, Transfer Agent, and Cash Custodian.

Revenue drivers

• Dogecoin price exposure — The Trust's only asset and sole driver of NAV is the Dogecoin it holds, valued daily against the CF Dogecoin-Dollar US Settlement Price Index; the Trust seeks to track that benchmark adjusted for expenses and liabilities.
• Sponsor fee — The Sponsor charges a unitary 0.50% annual fee on the Trust's NAV, accrued daily and payable weekly in arrears in Dogecoin; this is the Trust's principal recurring cost and the Sponsor's compensation.
• Share creations and redemptions — The Trust issues and redeems Shares continuously in 10,000-share Creation Baskets for cash or in-kind Dogecoin, providing the mechanism through which assets grow or shrink.

Recent performance

As of June 30, 2026, the Trust reported total assets of $2.8 million, total liabilities of $215.00, and shareholder equity of $2.8 million. The Trust was formed on April 1, 2025, and changed its name from Jura Pentium Trust 10 to 21Shares Dogecoin ETF on April 7, 2025. No revenue or expense figures were disclosed in the XBRL data provided.

Strategy

The Trust is a passive investment vehicle that does not seek returns beyond tracking its pricing benchmark; the Sponsor does not actively manage the Dogecoin held. On June 30, 2026, the Sponsor notified the Pricing Benchmark Provider (CF Benchmarks Ltd.) of termination, effective August 31, 2026, of the licensing agreement for the Pricing Benchmark. The Sponsor intends to enter into a licensing agreement with FTSE on or about August 24, 2026, for a worldwide license to FTSE index data to develop, calculate, settle, maintain, support, and market the Trust. Management states the change in pricing benchmark provider is not expected to have a material impact on NAV, the fair value measurement of the Trust's Dogecoin, or results of operations, and will be applied prospectively from the date the successor benchmark becomes effective.

Risks

• Dogecoin price volatility — The value of the Shares relates directly to the highly volatile value of Dogecoin, and extreme volatility or further price declines could cause the Shares to lose all or substantially all of their value.
• Limited operating history — Dogecoin has a relatively limited history of existence and operations, which limits the data available to assess its performance and risks.
• Securities law treatment — A determination that Dogecoin is offered or sold as a 'security' may adversely affect the price of Dogecoin and the value of the Shares and could result in extraordinary, nonrecurring expenses to, or termination of, the Trust.
• Benchmark provider transition — The Trust's pricing benchmark will change from CF Benchmarks Ltd. to FTSE, and the Sponsor has stated the change is not expected to be material, but the successor benchmark will only apply prospectively from its effective date.

Outlook

Management states the change in pricing benchmark provider is not expected to have a material impact on the Trust's NAV, the fair value measurement of its Dogecoin, or its results of operations. The Trust intends to continue as a passive vehicle tracking Dogecoin, with the FTSE licensing agreement expected on or about August 24, 2026 and the benchmark change applied prospectively. The Trust is an emerging growth company under the Securities Act.