- Monochrome has filed for a spot ETH ETF with Cboe Australia.
- The firm expects a decision by the end of September.
- US Spot ETH ETFs saw outflows worth $37 million on September 4.
Monochrome Asset Management, an Australian firm authorized to provide institutional access to Bitcoin, has applied for a spot Ethereum exchange-traded fund (ETF) with Cboe Australia.
According to an announcement, if approved, the Ethereum ETF will trade under the ticker IETH on Cboe Australia and the firm also added that it expects an official confirmation before the end of the month and seeks to provide “retail investors regulated access to Ethereum.”
“Subject to quoting approval, Monochrome expects IETH to be quoted on Cboe Australia towards the end of September 2024 and will be available on major brokerage platforms.”
Monochrome’s Responsible Entity partner, Vasco Trustees Limited, will collaborate on the launch of IETH. The ETF will passively hold Ethereum, “offering retail investors a unique, regulated opportunity” to gain exposure to Ether (ETH), the native token of the Ethereum blockchain.
It is important to note that IETH is a dual-access fund which means that the investment product will allow “cash and in-kind applications and redemptions for investors,” read the announcement. If approved, the debut of the spot ETH ETF will follow the much-anticipated debut of spot BTC ETH in Australia in June this year.
Read also: Spotlight on Ethereum Spot ETFs: Fee Structures and Launch Details
Spot Ethereum ETF in the US
Spot Ethereum ETFs were approved in the United States in May but have underperformed expectations. According to the data from SoSoValue, a total of $562 million has left the American spot ETH ETFs with Grayscale’s ETHE bleeding $2.65 billion.
Read also: Ethereum ETFs Launch with Record-Breaking $1 Billion Trading Volume
On the other hand, BlackRock’s ETHA and Fidelity’s FETH have reported $1.01 billion and $397.81 million in inflows. However, the outflows from Grayscale’s Ethereum ETF have outweighed these inflows, and on September 4th, the sector saw outflows worth $37.51 million. Meanwhile, Grayscale’s Mini-ETH ETF secured $3 million in inflows.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
