21Shares Dogecoin ETF Begins FTSE Benchmark License; Sponsor Fee Timing Change

What Happened
21Shares US LLC (the Sponsor) entered into a Benchmark Licensing Agreement with FTSE International Limited on August 20, 2026, for use of the FTSE Dogecoin Index as the Trust’s pricing benchmark. Beginning August 27, 2026, the 21Shares Dogecoin ETF (TDOG) will value its shares and calculate NAV by reference to the FTSE Dogecoin Index instead of the CF Dogecoin‑Dollar US Settlement Price Index (the CF index license was terminated effective August 31, 2026). On August 26, 2026 the Trust also agreed to Amendment No. 1 to the Sponsor Agreement to change sponsor fee payment timing, and the Sponsor and Wilmington Trust executed a Third Amended and Restated Trust Agreement to reflect these changes and other ministerial updates.

Key Details

• Benchmark Licensing Agreement dated August 20, 2026: grants a non-exclusive, non-transferable worldwide license to use the FTSE Dogecoin Index; initial one-year term with automatic one-year renewals.
• NAV change effective August 27, 2026: Trust will reference the FTSE Dogecoin Index for valuing Shares.
• Sponsor fee timing change (Amendment No. 1, dated August 26, 2026): payment timing moved from weekly in arrears to at least quarterly in arrears; fees remain payable in Dogecoin.
• Trust Agreement (Third Amended and Restated Trust Agreement) dated August 26, 2026: updates reflect the index switch, fee timing change, and other technical clarifications; filing states these do not materially affect holders’ rights.

Why It Matters
For investors, the primary impact is an administrative change to the benchmark used to calculate TDOG’s NAV. A different index provider can slightly affect intraday and closing price references and tracking behavior versus the prior CF index, so investors who monitor tracking differences or index methodology may want to review FTSE’s index details. The sponsor fee change alters only the timing (not the amount) of payments and shifts payment frequency to quarterly, with fees still paid in Dogecoin; this is an operational/tax-payment timing issue rather than a change to investor economics. The Trust states the Trust Agreement updates are ministerial and do not materially change shareholder rights.