Grayscale Investments has launched the first spot Dogecoin exchange-traded fund (ETF) in the U.S., trading on the NYSE Arca under the ticker GDOG.

The fund will charge a 0.35% management fee, which has been waived until the ETF’s assets reach $1 billion or for the first three months of trading, whichever comes first.

This story is an excerpt from the Unchained Daily newsletter.

Bloomberg ETF analyst Erich Balchunas estimates that day-one trading volume for GDOG will sit at around $12 million. 

“They only gonna have two days with the market to themselves as BWOW from Bitwise is scheduled to launch Wednesday,” said Balchunas, referring to Bitwise’s spot DOGE ETF that is also set to begin trading this week.