Monochrome Asset Management has launched the first-ever exchange-traded fund (ETF) in Australia that directly holds Ether (ETH), the cryptocurrency of the Ethereum network. The Monochrome Ethereum ETF (IETH) made its debut on October 15 on the Cboe Australia exchange, allowing investors in the region to gain direct exposure to Ether. By mid-afternoon, the fund had already accumulated $176,600 in net assets (262,500 Australian dollars). The IETH fund comes with a management fee of 0.50% and allows investors to carry out trades using either cash or Ether, making it a unique option in Australia. The fund is custodied by BitGo and Gemini, with administrative responsibilities handled by State Street Australia. Monochrome Asset Management previously launched its Monochrome Bitcoin ETF (IBTC) in June 2024, which has since amassed approximately $10.7 million in assets (16 million Australian dollars). Monochrome CEO Jeff Yew expects spot crypto ETFs to continue performing well in the Australian market, given the growing appetite for such products. The launch of the IETH ETF is part of the broader trend of increasing adoption of cryptocurrency ETFs worldwide. The United States currently leads in crypto ETFs, with 11 spot Bitcoin funds managing a total of $19.3 billion in assets this year.
