Meme coin investors have a new way to invest in Dogecoin. But it might not be what they think.

The launch of the first-ever Dogecoin ( DOGE 1.82% ) exchange-traded fund (ETF) kicked off to much fanfare on Sept. 18. On the first day of trading, nearly $17 million flowed into the ETF, and even longtime industry watchers were surprised at how much trading volume there was in the REX-Osprey DOGE ETF ( DOJE 2.92% ) .

But this meme coin ETF may not be what you think it is. Here's what you need to know.

All spot ETFs are not alike

The new Dogecoin ETF (trading under the ticker symbol "DOJE") kinda, sorta gives investors exposure to the spot price of Dogecoin. However, it does so in a way that, quite frankly, may confuse many people.

The spot Bitcoin ( BTC 1.13%

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