Fidelity Ethereum Fund

Fidelity Ethereum Fund is an exchange-traded product that enables investors to gain exposure to ether, the native token of the Ethereum blockchain, without directly purchasing or holding the digital asset. The fund tracks ether's performance using a volume-weighted median price methodology based on spot market data from major cryptocurrency exchanges, holding ether directly and calculating its net asset value daily. The Trust operates as a passively managed investment vehicle with a 0.25% annual sponsor fee, generating revenue from holdings while the sponsor covers most operational expenses including custody, administration, and regulatory compliance; investors can transact through authorized participants who create and redeem shares in large blocks, or trade existing shares on the exchange where prices may fluctuate relative to net asset value.