What it is
Monochrome runs IETH (Ethereum) and a companion Bitcoin product, IBTC, both listed on Cboe Australia. The bare-trust structure is the distinguishing design choice. Because the trustee’s actions are treated in law as the investor’s own actions, transferring ETH into the fund does not trigger a change in legal or beneficial ownership, avoiding a capital-gains event on entry that a conventional in-cash ETF structure would create. BitGo and Gemini provide custody. As of 31 March 2026, IETH’s AUM was reported around AUD 5 million, the smallest of the four Australian-listed spot ETH products by that measure, alongside Global X 21Shares (EETH), BetaShares (QETH), and VanEck (ETHV) (Stockspot, 29 Apr 2026).
Relevance to tokenisation
IETH is not confirmed as staking-enabled in current public disclosure; see Australia for the fuller ETH ETP shelf comparison and the open question this raises. Monochrome’s relevance is structural rather than about AUM scale, since the dual-access, in-kind bare-trust pattern is a design choice other APAC issuers evaluating a spot-crypto-ETP launch would want to study, independent of how large any single product’s book currently is.