Monochrome Asset Management is getting ready to launch Australia's first spot Ether ETH $2,622.02 exchange-traded fund (ETF), called the Monochrome Ethereum ETF (IETH).
The fund will go live on Cboe at 10 AM local time on October 15 and will be available on most Australian brokerage platforms. It can easily work with crypto exchanges, decentralized wallets, and cold storage.
A standout feature of this ETF is that it allows in-kind Ethereum transfers, which can offer investors tax advantages.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Chainlink? LINK Explained Simply (ANIMATED)
The ETF is set up with a dual-access bare trust structure, which avoids triggering capital gains taxes. This allows long-term Ethereum holders to move their assets into the ETF without losing ownership.
IETH will mirror the CME CF Ether-Dollar Reference Rate for the Asia Pacific region. The management fee is set at 0.50%, with a discounted rate of 0.21% for accredited advisers.
The custody of IETH will be managed by BitGo and Gemini, while State Street Australia will take care of the fund's administration.
Monochrome introduced Australia's first spot Bitcoin BTC $65,656.96 ETF in August, which held 165 BTC as of October 10.
In other news, Bitwise has recently filed for an XRP ETF in the US.
