Bitwise Dogecoin ETF is a passively managed exchange-traded trust that holds Dogecoin in institutional custody and allows retail and institutional investors to gain direct exposure to the digital asset through traditional brokerage accounts. The Trust generates revenue through an annual sponsor fee on assets under management, which covers custodian fees, administrative services, regulatory compliance, and exchange listing costs. Authorized broker-dealers facilitate the creation and redemption of share baskets, enabling secondary market trading aligned to the underlying Dogecoin's net asset value through established arbitrage mechanisms.