Investors can now speculate on a dog-themed memecoin straight from their brokerage accounts. On Thursday morning, the U.S.’s first spot Dogecoin ETF went live on Cboe BZX, an exchange headquartered in Chicago. Spot funds give traders exposure to current asset prices—as opposed to futures or other derivatives.

Dogecoin is widely considered to be the first memecoin, or a cryptocurrency that references an online joke and doesn’t have underlying utility. Dogecoin derives its name from a popular meme that features a Shiba Inu dog and absurdist text, like “so amaze.”

The launch of a memecoin ETF illustrates the shift in the regulatory landscape over the past year in favor of the crypto industry—especially since blockchain advocates battled with the Securities and Exchange Commission for years

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