Monochrome Asset Management is getting ready to launch Australia’s first spot Ether
ETH
$2,548.49
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.
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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
$64,957.91
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.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
