21Shares Dogecoin ETF

Previous wording

The Trust’s investment objective is to seek to track the performance of Dogecoin, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the performance of Dogecoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds Dogecoin at its Custodians and values its Shares daily based on the Pricing Benchmark. The Trust is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the Dogecoin held by the Trust.

Current wording

The Trust’s investment objective is to seek to track the performance of Dogecoin, as measured by the performance of the Pricing Benchmark, adjusted for the Trust’s expenses and other liabilities. CF Benchmarks Ltd. is the Pricing Benchmark Provider. The Pricing Benchmark is designed to reflect the performance of Dogecoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds Dogecoin at its Custodians and the Administrator values the Shares daily based on the Pricing Benchmark. The Trust is a passive investment vehicle and is not a leveraged product. The Sponsor does not actively manage the Dogecoin held by the Trust. On June 30, 2026, the Sponsor provided notice to the Pricing Benchmark Provider of the termination, effective August 31, 2026, of the licensing agreement between the Sponsor and the Pricing Benchmark Provider relating to the use of the Pricing Benchmark. The Sponsor intends to enter into a licensing agreement with FTSE on or about August 24, 2026, whereby FTSE will provide each of the Sponsor, the Trust, and their affiliates a non-exclusive, non-transferable, non-sub-licensable, worldwide license to access, view and use FTSE index data to develop, create, calculate, settle, maintain or support and market the Trust. Accordingly, the change in pricing benchmark provider is not expected to have a material impact on the Trust's net asset value, the fair value measurement of the Trust's Dogecoin, or the Trust's results of operations, and does not represent a change in accounting principle. The change will be applied prospectively from the date the successor benchmark becomes effective.

Previous wording

The Trust issues Shares only in Creation Baskets of 10,000 or multiples thereof. Creation Baskets are issued and redeemed in exchange for cash. Individual Shares will not be redeemed by the Trust but are listed and traded on the Exchange under the ticker symbol “TDOG”. The Trust issues Shares in Creation Baskets on a continuous basis at the applicable NAV per Share on the creation order date.

Current wording

The Trust issues Shares only in Creation Baskets of 10,000 or multiples thereof. Creation Baskets are issued and redeemed in exchange for cash or in-kind for Dogecoin. Individual Shares will not be redeemed by the Trust but are listed and traded on the Exchange under the ticker symbol “TDOG”. The Trust issues Shares in Creation Baskets on a continuous basis at the applicable NAV per Share on the creation order date.

Previous wording

The Trust pays the unitary Sponsor fee of 0.50% of the Trust’s NAV (the “Sponsor Fee”). The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in Dogecoin weekly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying a 0.50% annualized rate to the Trust’s NAV, and the amount of Dogecoin payable in respect of each daily accrual is determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

Current wording

The Trust pays the unitary Sponsor fee of 0.50% of the Trust’s NAV (the “Sponsor Fee”). The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor Fee accrues daily and is payable in Dogecoin weekly in arrears. The Administrator calculates the Sponsor Fee on a daily basis by applying an annualized rate to the Trust’s NAV, and the amount of Dogecoin payable in respect of each daily accrual is determined by reference to the Pricing Benchmark. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee.

Previous wording

The NAV of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each day other than a day when the Exchange is closed for regular trading (a “Business Day”) and is equal to the aggregate value of the Trust’s assets less its liabilities based on the Pricing Benchmark price. In determining the NAV of the Trust on any Business Day, the Administrator calculates the price of the Dogecoin held by the Trust as of 4:00 p.m. ET on such day. The Administrator also calculates the “NAV per Share” of the Trust, which equals the NAV of the Trust divided by the number of outstanding Shares.

Current wording

The NAV of the Trust is used by the Trust in its day-to-day operations to measure the net value of the Trust’s assets. The NAV is calculated on each Business Day and is equal to the aggregate value of the Trust’s assets less its liabilities based on the Pricing Benchmark price. In determining the NAV of the Trust on any Business Day, the Administrator calculates the price of the Dogecoin held by the Trust as of 4:00 p.m. ET on such day. The Administrator also calculates the “NAV per Share” of the Trust, which equals the NAV of the Trust divided by the number of outstanding Shares.

Previous wording

NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as substitutes for Principal Market and Principal Market NAV per Share, respectively.

Current wording

NAV and NAV per Share are not measures calculated in accordance with GAAP and are not intended as substitutes for Principal Market NAV and Principal Market NAV per Share, respectively.

Previous wording

Although the six-month period covered by this report runs from October 1, 2025 through March 31, 2026, the Trust had no investment operations prior to January 21, 2026, and accordingly, the results of operations reflect activity from January 21, 2026 through March 31, 2026. The Trust’s NAV increased from 1,539,463 on January 21, 2026 to 1,855,458 on March 31, 2026, a 20.53% increase. The increase in the Trust's NAV resulted primarily from an increase in outstanding shares, which increased from 60,000 Shares on January 21, 2026 to 100,000 Shares on March 31,2026, as a result of 40,000 Shares being created. The increase in the Trust’s NAV was partially offset by a 25.84% decrease in the price of Dogecoin, which decreased from $0.12 on January 21, 2026 to $0.09 on March 31, 2026.

Current wording

Although the nine month period covered by this report runs from October 1, 2025 through June 30, 2026, the Trust had no investment operations prior to January 21, 2026, and accordingly the results of operations reflect activity from January 21, 2026 through June 30, 2026. The Trust’s NAV increased from $1,539,463 on January 21, 2026 to $2,761,536 on June 30, 2026, a 79.38% increase. The increase in the Trust’s NAV resulted primarily from an increase in Shares outstanding, from 60,000 Shares on January 21, 2026 to 190,000 Shares on June 30, 2026, reflecting 130,000 Shares (13 Creation Baskets) created during the period. The increase in the Trust’s NAV was partially offset by a 41.67% decrease in the price of Dogecoin, from $0.12 on January 21, 2026 to $0.07 on June 30, 2026. Although the Trust’s aggregate NAV increased as a result of Share creations, NAV per Share declined from $25.66 at commencement of investment operations to $14.53, a 43.37% decrease.

Previous wording

Net decrease in net assets resulting from operations for both periods was $(636,693), resulting from a net change in unrealized depreciation on investment in Dogecoin of $(634,598), a net realized loss of $(507) from Dogecoin sold to pay the Sponsor Fee, and a net investment loss of $(1,735), partially offset by a net change in unrealized appreciation on Sponsor Fee payable of $147. Other than the Sponsor Fee of $1,735, the Trust had no expenses during the period.

Current wording

Net decrease in net assets resulting from operations for the nine months ended June 30, 2026 was $(1,484,774), resulting from a net change in unrealized depreciation on investment in Dogecoin of $(1,477,880), a net realized loss of $(1,287) on Dogecoin sold to pay the Sponsor Fee, and a net investment loss of $(5,942), partially offset by a net change in unrealized appreciation on the Sponsor Fee payable of $20 and a net realized gain of $315 on in-kind liabilities paid. Except for the Sponsor Fee of $5,942, the Trust had no other expenses during the period.

Previous wording

The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the fee paid to the Sponsor at an annual rate of 0.50% of the Trust’s NAV. In exchange for the Sponsor Fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Trust, including but not limited to the following: fees charged by the Service Provider, the Administrator, the Custodians, the Transfer Agent and the Trustee, the Marketing Fee, the Exchange’s listing fees, typical maintenance and transaction fees of the Depository Trust Company (“DTC”), SEC registration fees, printing and mailing costs, website fees, tax reporting fees, audit fees, license fees and expenses, up to $100,000 per annum in ordinary legal fees and expenses. The Sponsor bears expenses in connection with the Trust’s organization and initial offering costs.

Current wording

The Trust is not aware of any trends, demands, commitments, events, or uncertainties that are reasonably likely to result in material changes to its liquidity needs. The Trust’s only ordinary recurring expense is the Sponsor Fee. In exchange for the Sponsor Fee, the Sponsor has agreed to assume the ordinary fees and expenses incurred by the Trust, including but not limited to the following: fees charged by the Service Provider, the Administrator, the Custodians, the Transfer Agent and the Trustee, the Marketing Fee, the Exchange’s listing fees, typical maintenance and transaction fees of the Depository Trust Company (“DTC”), SEC registration fees, printing and mailing costs, website fees, tax reporting fees, audit fees, license fees and expenses, up to $100,000 per annum in ordinary legal fees and expenses. The Sponsor bears expenses in connection with the Trust’s organization and initial offering costs.