Monochrome Asset Management To Launch Australia's First Ethereum Spot ETF

According to Odaily, Monochrome Asset Management is set to introduce Australia's first Ethereum spot ETF on the Cboe exchange. The Monochrome Ethereum ETF (IETH) will commence trading on Monday. This follows the company's launch of a Bitcoin ETF (IBTC) in August 2023, which has reached a size of $10.1 million. The fund positions itself as the world's first to offer physical Ethereum subscriptions and redemptions. Monochrome's CEO, Jeff Yew, highlighted in an interview that this feature enhances tax efficiency. The dual-access bare trust structure is designed to prevent capital gains tax events, allowing long-term crypto industry participants to transfer Ethereum into the corresponding Monochrome ETF without triggering changes in legal and beneficial ownership. This structure also grants investors absolute rights over their allocated Ethereum.