Monochrome Ethereum ETF (IETH) Review & Analysis

MER · Top 25%AUM · #470 of 5081Y Return · #425 of 426
What's new this monthData to 30 September 2026
  • +12.8% in September (total return), ahead of the median crypto ETF at +10.0%.
  • Investors withdrew a net $2.5m (-36.1% of the fund).
  • The unit price closed the month at $3.78, 47% below its 12-month high (range $2.20 to $7.12).

About IETH

IETH is a crypto ETF from Monochrome, listed on the TMX Australia exchange since October 2024. With $4.4m under management it is number 9 of 9 crypto ETFs by size. The management fee is 0.25% a year, about $25 on every $10,000 invested, cheaper than the typical crypto ETF at 0.45%.

Over the past year it returned −40.6%, against −31.6% for the median crypto ETF. With its focus on crypto, it is the kind of fund many investors use as a smaller satellite holding alongside a diversified core.

Compare IETHCheck overlapMonochrome website ↗

Compare IETH with

IETHvsIBTC
Monochrome Bitcoin ETF
Fee0.25%0.25%
1 year−40.6%−31.3%
5 yrs p.a.––
Size$4.4m$174m
Same holdingsNo holdings data
Full comparison →
IETHvsEETH
Global X 21Shares Ethereum ETF
Fee0.25%0.45%
1 year−40.6%−39.6%
5 yrs p.a.––
Size$4.4m$48m
Same holdingsNo holdings data
Full comparison →
IETHvsQETH
Betashares Ethereum ETF.
Fee0.25%0.45%
1 year−40.6%−39.7%
5 yrs p.a.––
Size$4.4m$37m
Same holdingsNo holdings data
Full comparison →
IETHvsVBTC
VanEck Bitcoin ETF
Fee0.25%0.45%
1 year−40.6%−31.1%
5 yrs p.a.––
Size$4.4m$328m
Same holdingsNo holdings data
Full comparison →
Stock CodeIETH
Fund ManagerMonochrome
Asset ClassCrypto
AUM$4.4m
MER (%)0.25%
Net flows (Sep)−$2.5m
Last Price$3.78
52-Week Range$2.20 – $7.12
Bid/Ask Spread0.36%
Listing Date15/10/2024
ExchangeTMX Australia
IndexNot yet in our data. See the PDS
Issuer websiteMonochrome ↗

Performance (% return)

-41%-23%-5%13%1M12.8%1Y-40.6%3Yn/a5Yn/a
1 month+12.8%
1 year−40.6%
3 years p.a.–
5 years p.a.–

$10,000 invested…

1 year ago$5,943

Value at 30 September 2026 with distributions reinvested, before tax and brokerage.

Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.

IETH at a glance: strengths and things to watch

👍 Strengths

  • Low cost. At 0.25% a year it is cheaper than 100% of crypto ETFs.

⚠️ Things to watch

  • Small fund. With $4.4m under management, it is more at risk of being closed or merged than larger funds, and trading can be thinner.
  • Money is flowing out. Investors withdrew a net $2.5m in September (56% of the fund).
  • Wider trading spread. 0.36% between the buy and sell price. Use a limit order.
  • Short track record. Listed in October 2024, so it hasn't been tested through a full market cycle.

Worked out from IETH's fees, size, flows, returns and trend against the 9 crypto ETFs in Australia, to 30 September 2026. General information, not a recommendation.

Joshua StegaetfadviserTrend check
Base since 10 Jul 2026

IETH is in a base. Here's why that matters.

IETH's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet. Its price is 44.0% below its 12-month high.

Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.

At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.

Get the weekly trend updates: try it free for 30 daysHow base and trend works →See every ETF's stage →Visit etfadviser.com.au →
Oct 25Jan 26Apr 26Jul 26Oct 26
UptrendBaseDowntrend

IETH weekly price, past 12 months, shaded by trend stage. Stage as at 7 November 2026, updated weekly. A technical label, not a recommendation.

Investment Focus

Themes & Sectors

Crypto

Portfolio Breakdown

Sector breakdown

  • Crypto100.0%

Holdings from the issuer's published portfolio. Compare IETH's holdings with other ETFs →

Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.

Similar ETFs

CodeNameSame holdingsMERAUM1Y3Y p.a.5Y p.a.
IBTCMonochrome Bitcoin ETF–0.25%$174m−31.3%––
EETHGlobal X 21Shares Ethereum ETF–0.45%$48m−39.6%+13.3%–
QETHBetashares Ethereum ETF.–0.45%$37m−39.7%––
VBTCVanEck Bitcoin ETF–0.45%$328m−31.1%––
EBTCGlobal X 21Shares Bitcoin ETF–0.45%$165m−31.2%+40.7%–
IBITiShares Bitcoin ETF–0.39%$63m–––

Same holdings is the share of IETH's money in companies the other ETF also holds, weighted by size. No other ETF shares much with IETH, so these are ETFs in the same category. See every ETF like IETH →

IETH vs its closest alternatives

What actually differs between IETH and the ETFs most like it. Data to 30 Sep 2026.

IBTC Monochrome Bitcoin ETF

  • Both charge the same fee (0.25%).
  • Over 1 year: IETH −40.6%, IBTC −31.3% (IBTC ahead by 9.3 percentage points).
  • IBTC is much larger ($174m vs $4.4m), which usually means tighter trading spreads.

Compare IETH and IBTC side by side →

EETH Global X 21Shares Ethereum ETF

  • IETH is cheaper (0.25% vs 0.45%), worth about $13,594 on $100,000 over 20 years.
  • Over 1 year: IETH −40.6%, EETH −39.6% (EETH ahead by 1.0 percentage points).
  • EETH is much larger ($48m vs $4.4m), which usually means tighter trading spreads.

Compare IETH and EETH side by side →

QETH Betashares Ethereum ETF.

  • IETH is cheaper (0.25% vs 0.45%), worth about $13,594 on $100,000 over 20 years.
  • Over 1 year: IETH −40.6%, QETH −39.7% (QETH ahead by 0.9 percentage points).
  • QETH is about 8 times larger ($37m vs $4.4m), which usually means tighter trading spreads.

Compare IETH and QETH side by side →

General information only. Past performance is not a reliable indicator of future performance.

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IETH FAQs

What is the fee for IETH?

IETH charges a management fee (MER) of 0.25% a year, according to the TMX Australia monthly funds report as at 30 September 2026.

How big is IETH?

IETH had $4.4m in funds under management as at 30 September 2026.

How has IETH performed?

IETH returned −40.6% over the year to 30 September 2026 (total return, including distributions). Past performance is not a reliable indicator of future performance.

Who manages IETH?

IETH is managed by Monochrome and has been listed since October 2024.

Disclaimer

This review is general information only and does not take into account your objectives, financial situation or needs. Consider the Monochrome product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.