Monochrome Asset Management has just launched Australia’s first Ether-backed exchange-traded fund (ETF), with its assets reaching around $176,600. The Monochrome Ethereum ETF (IETH) started trading on Cboe Australia, a Sydney-based stock exchange, on Oct. 15. By 2:00 p.m. local time, it had gathered a total of 262,500 Australian dollars (roughly $176,600), according to Cboe Australia.
The fund charges a 0.50% management fee. It allows investors to make transactions either in cash or Ethereum, making it the only spot Ethereum ETF in Australia that offers this dual-access feature. Moreover, crypto custodians for the fund include BitGo and Gemini, with State Street Australia handling the administrative side.
Furthermore, Monochrome recently introduced its Ethereum ETF, building on the success of its Bitcoin ETF, which launched in June and has already attracted nearly $10.7 million (16 million AUD) in investments.
Australia’s growing crypto ETF market
Monochrome Asset Management CEO Jeff Yew mentioned last month that the main driver of growth for their Bitcoin ETF has been clients transferring their crypto from exchanges into the fund. He said:
Now more and more crypto that had been previously held on exchanges is now being funneled into a regular structure like an ETF.
Yew expressed confidence in the success of spot crypto ETFs in Australia, noting that the market is “on a very different path with ETFs, offering a larger opportunity to tap into.” Specifically, Australia saw its first spot Bitcoin ETF, launched by VanEck in June, now holding around $35 million (AUD 52 million) in assets.
Meanwhile, the United States is leading the world in crypto ETFs, with 11 spot Bitcoin funds collectively managing $19.3 billion in assets this year. Oct. 14 looks promising for these ETFs, as early data from Farside Investors shows they’re set to bring in a combined $556 million in net inflows.
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