Australian asset management firm Monochrome has announced its application to list a new Ethereum exchange-traded fund (ETF) on Cboe Australia.
The announcement, made in a press release published on Thursday, September 5, 2024, reveals the company’s plans to introduce the Monochrome Ethereum ETF (IETH) in partnership with its Responsible Entity partner, Vasco Trustees Limited.
The proposed IETH aims to provide retail investors with a regulated opportunity to invest in Ethereum (ETH), the second-largest cryptocurrency by market capitalization. A key feature of the IETH fund is its dual access structure: it allows investors to make both cash and in-kind applications and redemptions.
According to Monochrome, the new Ethereum ETF will build on the success of its newly launched Bitcoin ETF (IBTC). The ETF was the first in Australia to hold Bitcoin directly.
Notably, Monochrome applied to transfer the Bitcoin ETF from the Australian Securities Exchange (ASX) to Cboe Australia in April 2024. IT claimed the move was to capitalize on the growing global investment landscape by leveraging Cboe Australia’s position as one of Cboe Global Markets’ worldwide global exchanges with more international exposure.
Pending regulatory approval, Monochrome anticipates IETH to be listed on Cboe Australia by the end of September 2024. The asset manager expects the ETF to be available across major brokerage platforms in the country.
However, the asset manager advised investors to conduct their due diligence. Cryptocurrencies remain volatile and high-risk, so prospective investors should carefully review the Product Disclosure Statement (PDS) and Target Market Determination (TMD) to assess if the investment aligns with their financial circumstances.
Meanwhile, Monochrome’s application comes amidst a slow and difficult period for spot in Ethereum ETFs globally. The nine funds tracking the spot price of Ethereum (ETH) in the U.S. have been struggling to attract new capital since their strong start in late July.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
