Doge's ETF is indeed different from BTC/ETH's spot ETF, with the difference being: 1. differences in regulatory framework 1) BTC/ETH spot ETF: Based on the Securities Act of 1933, approved through Form S-1 registration statement and Rule 19b-4 (Exchange Rule Change). This requires the SEC to conduct a comprehensive review of the regulatory status, market manipulation risks, and custody standards of encrypted assets, resulting in long approval cycles (typically months to years). 2) Doge ETF: Based on the Investment Company Act of 1940 ('40 Act), similar to the registration of traditional mutual funds or ETFs (effectively amended through Form 485 (a)). This legal structure allows issuers to bypass the lengthy SEC review and exchange rule change process (i.e. 19b-4 filing) typically required for spot cryptocurrency ETFs, without the need for additional SEC approvals for specific assets, thereby accelerating listing. Utilizing the universal standards of the '40 Act, a review period of only 75 days is required 2. Differences in Holding Methods BTC/ETH spot ETFs hold underlying spot assets (BTC or ETH) and store them in a cold wallet through a qualified custodian (such as Coinbase Custody). The creation/redemption mechanism typically uses in kind exchange to ensure 1:1 tracking of asset prices. Doge ETF: does not directly hold Doge spot, but through a wholly-owned subsidiary in the Cayman Islands (holding DOGE or related derivatives such as futures and swaps), the fund mainly invests in these instruments (about 80% of assets), which complies with the US restrictions on domestic funds holding cryptocurrency assets, so only a portion of the funds may flow into spot The boost to the sentiment of the secondary market should be greater than the substantial financial benefits. What many people don't know is that REX Osprey also submitted and launched Sol's ETF in July, based on the 1940 Investment Company Act, with a management scale of nearly $200 million.