Monochrome Asset Management’s ETF began trading today on Cboe Australia under the ticker ‘IETH,’ after the launch of the Monochrome Ethereum ETF (IETH) yesterday as Australia’s first exchange-traded fund (ETF) that provides direct access to Ethereum.
Investors can find IETH available on most Australian brokerage platforms. Before investing, it’s important to review the Product Disclosure Statement (PDS) and Target Market Determination (TMD).
This launch follows the successful introduction of Monochrome’s Bitcoin ETF, further allowing Australian investors to gain exposure to Ethereum through a direct-holding ETF structure.
Key Features of the Monochrome Ethereum ETF (IETH):
- Portfolio Transfer: Investors can transfer Bitcoin or Ethereum from crypto platforms, decentralized wallets, and cold wallets directly into the IBTC or IETH ETFs. This makes IETH and its companion IBTC Australia’s first dual-access crypto ETFs, providing seamless access to both digital assets.
- Support or all Digital Currency Exchanges: IETH supports transfers from various exchanges, offering flexibility to investors.
- Zero Transfer Fees: Investors can benefit from zero transfer fees, making transactions more cost-effective.
- No Capital Gains Tax (CGT) Implications: The structure of the ETF means there are no CGT implications for transfers, providing additional tax efficiency for investors.
By 2:00 PM local time, the fund had already achieved total net assets of $176,600 (approximately 262,500 Australian dollars), indicating a positive reception from the market. The Monochrome Ethereum ETF features a management fee of 0.50% and allows in-kind applications and redemptions, meaning investors can transact using either cash or Ether.
Notably, BitGo and Gemini serve as the crypto custodians for the ETF, ensuring robust security for the assets, while State Street Australia is the fund administrator.
Also Read: Bitcoin ETFs’ Total Inflows Surpass the $50 Billion Mark
