What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-12 compared with 2026-05-08 · 38 added, 17 removed, 98 unchanged (36% of the section changed)

37 unchanged sentences

Results of Operations

For the three months ended March 31, 2026*

For the three months ended March 31, 2026

For the three and six months ended June 30, 2026*

For the three months ended June 30, 2026*

For the six months ended June 30, 2026*

Net investment loss

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Net assets in the above table are calculated in accordance with U.S.

GAAP based on the principal market price for Dogecoin that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.

During the three months ended March 31, 2026, the Trust's net assets decreased from $1,152,815 on December 31, 2025 to $604,292 on March 31, 2026.

GAAP based on the principal market price for Dogecoin that the Trust considered its principal market, as of 4:00 p.m.

EST on the valuation date.

Three months ended June 30, 2026*

During the three months ended June 30, 2026, the Trust's net assets decreased from $604,292 on March 31, 2026 to $473,547 on June 30, 2026.

The decrease in the Trust's net assets resulted primarily from dispositions of approximately (5,628) Dogecoin to pay the Sponsor Fee, with a value of $(857) from the Trust.

For the period, there were no additions of Dogecoin for the creation of Shares.

Net realized and change in unrealized loss on investment in Dogecoin for the three months ended June 30, 2026 was $(130,214), which included a realized loss of $(300) on the transfer of Dogecoin to pay the Sponsor Fee, and a change in unrealized depreciation on investment in Dogecoin of $(129,914).

Net realized and change in unrealized loss on investment in Dogecoin for the period resulted primarily from Dogecoin price depreciation from $0.092042 on March 31, 2026 to $0.072199 on June 30, 2026.

Net decrease in net assets resulting from operations for the three months ended June 30, 2026 was $(130,745), which consisted of the net realized and unrealized loss on investment in Dogecoin, less the Sponsor Fee of $(531).

Six months ended June 30, 2026*

During the six months ended June 30, 2026, the Trust's net assets decreased from $1,152,815 on December 31, 2025 to $473,547 on June 30, 2026.

The decrease in the Trust's net assets resulted primarily from dispositions of approximately (10,908) Dogecoin to pay the Sponsor Fee, and approximately (3,285,152) Dogecoin for the redemption of Shares, with a value of $(408,101) from the Trust.

For the period, there were no additions of Dogecoin for the creation of Shares.

Net realized and change in unrealized loss on investment in Dogecoin for the three months ended March 31, 2026 was $(140,868), which included a realized loss of $(231) on the transfer of Dogecoin to pay the Sponsor Fee, a realized loss of $(93,255) on the sale of Dogecoin to meet redemptions, and a change in unrealized depreciation on investment in Dogecoin of $(47,382).

Net realized and change in unrealized loss on investment in Dogecoin for the period resulted primarily from Dogecoin price depreciation from $0.116546 on December 31, 2025 to $0.092042 on March 31, 2026.

Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $(141,552), which consisted of the net realized and unrealized loss on investment in Dogecoin, less the Sponsor Fee of $(684).

Net realized and change in unrealized loss on investment in Dogecoin for the six months ended June 30, 2026 was $(271,082), which included a realized loss of $(531) on the transfer of Dogecoin to pay the Sponsor Fee, a realized loss of $(93,255) on the sale of Dogecoin to meet redemptions, and a change in unrealized depreciation on investment in Dogecoin of $(177,296).

Net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $(272,297), which consisted of the net realized and unrealized loss on investment in Dogecoin, less the Sponsor Fee of $(1,215).

* No comparative period information yet available as the Trust commenced operations on November 25, 2025.

As of March 31, 2026, the Trust held a net closing balance of 6,567,469.6487 Dogecoin with a total market value of $604,482 based on the DOGEUSD_NY price of $0.092042, used to determine the Trust's NAV.

As of June 30, 2026, the Trust held a net closing balance of 6,561,841.7808 Dogecoin with a total market value of $473,760 based on the DOGEUSD_NY price of $0.072199, used to determine the Trust's NAV.

The total market value of the Trust's Dogecoin held was $473,699 based on the price of Dogecoin (Lukka Prime Rate) in the principal market (Coinbase) of $0.072190, used to determine the Trust's Principal Market NAV.

17 unchanged sentences

Off-Balance Sheet Arrangements and Contractual Obligations

As of March 31, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust.

As of June 30, 2026, the Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Trust.

While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.

1 unchanged sentence

As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods since the Trust's holdings of Dogecoin will vary in the normal course of business operations.

No material changes have occurred during the six months ended June 30, 2026.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with U.S.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

Below is a summary of accounting policies on cash, investment valuation and investment company considerations.

There were no material estimates involving a significant level of estimation uncertainty that had or are reasonably likely to have had a material impact on the Trust’s financial condition used in the preparation of the financial statements.

In addition, please refer to Note 2 to the Financial Statements included in this report for further discussion of the Trust’s accounting policies.

Generally, the Trust does not intend to hold any cash.

Cash includes non-interest-bearing unrestricted cash with one institution.

Cash in a bank deposit account, at times, may exceed U.S.

federally insured limits.

The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

Investment Valuation - Principal Market Net Asset Value ("NAV")

2 unchanged sentences

ASC 820-10 determines fair value to be the price that would be received for Dogecoin in a current sale, which assumes an orderly transaction between market participants on the measurement date.

ASC 820-10 requires the Trust to assume that Dogecoin is sold in its

principal market to market participants or, in the absence of a principal market, the most advantageous market.

ASC 820-10 requires the Trust to assume that Dogecoin is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market.

Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.

8 unchanged sentences

sorts these Digital Asset Markets from high to low by market-based volume and level of activity of Dogecoin traded on each Digital Asset Market.

For the period ended March 31, 2026, this sort was performed for Digital Asset Markets for the period mid-February through mid-March 2026.

For the six months ended June 30, 2026, this sort was performed for Digital Asset Markets for the period mid-May through mid-June 2026.

Third, Lukka, Inc.

3 unchanged sentences

then selects a Digital Asset Market as its principal market based on the highest market-based volume level of activity and price stability in comparison to the other Digital Asset Markets on the list.

As of March 31, 2026, Lukka, Inc.

As of June 30, 2026, Lukka, Inc.

included Binance, Bitfinex, Bitflyer, Bitstamp, Bullish, Bybit, Coinbase, Crypto.com, Gate.io, Gemini, HitBTC, Huobi, itBit, Kraken, KuCoin, LMAX, MEXC Global, OKX and Poloniex as its primary Exchange Markets in consideration.

At March 31, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s assets as of March 31, 2026, was Coinbase with a price of $0.09204.

At June 30, 2026, the principal market and the principal market price for Dogecoin, which is composed of the majority of the Trust’s assets as of June 30, 2026, was Coinbase with a price of $0.072190.

The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust's determination of its principal market.

The cost basis of the Dogecoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Dogecoin at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis of the Dogecoin received by the Trust in connection with a creation order is recorded by the Trust at the fair value of Dogecoin at 4:00 p.m.

EST on the creation date for financial reporting purposes.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

3 unchanged sentences

The Trust uses fair value as its method of accounting for Dogecoin in accordance with its classification as an investment company for accounting purposes.

The Trust is not a registered investment

company under the Investment Company Act of 1940.

The Trust is not a registered investment company under the Investment Company Act of 1940.

GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis