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Cryptocurrency News Articles
Monochrome Asset Management Debuts Australia's First Spot Ethereum Exchange-Traded Fund (ETF)
Oct 15, 2024 at 11:00 pm
The Monochrome Ethereum ETF (IETH) will begin trading on Monday, October 14. The fund will be available on most Australian brokerage platforms.
Australia's Monochrome Asset Management has launched the country's first spot Ethereum exchange-traded fund (ETF) on the Cboe exchange, following the approval of Ethereum ETFs in the U.S. market.
The Monochrome Ethereum ETF (IETH) will begin trading on Monday, Oct. 14, the firm announced during a private event in Sydney.
The fund will be available on most Australian brokerage platforms and will support transfers from crypto platforms, decentralized systems and cold storage wallets.
Tracking the CME CF Ether-Dollar Reference Rate, IETH will carry a management fee of 0.5%, with a lower fee of 0.21% for accredited advisers. BitGo and Gemini will handle custody services, while State Street Australia will serve as fund administrator.
The launch follows Monochrome's introduction of a spot Bitcoin ETF in June, which has attracted around $15 million (US$10.1 million) in investments — small compared to U.S. figures.
Monochrome CEO Jeff Yew highlighted the unique tax advantages of IETH's dual-access structure.
Today, we welcome $IETH to market.
The Monochrome Ethereum ETF is Australia's first ETF to hold ETH directly.
Like IBTC, IETH features an in-kind subscription and redemption facility, enabling investors to transfer their ETH in/out of IETH.
More info: https://t.co/7P4BC95R4C pic.twitter.com/Ef6BOR1ppg
— Jeff Yew (@jeffyew_) October 14,2024
The ETF will allow in-kind Ethereum subscriptions and redemptions, which could save investors from paying capital gains tax if the ownership remains unchanged throughout the process.
This structure provides investors with direct entitlement to their Ethereum, ensuring that any trustee actions are on behalf of the client and offering a way to avoid tax liabilities during transfers, Yew explained.
According to the CEO, this feature sets the ETF apart from U.S. crypto ETFs, which are not managed within the same time zone and lack in-kind support.
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