Fidelity Ethereum Fund

Fidelity Ethereum Fund is a Delaware statutory trust that issues exchange-traded shares giving investors exposure to ether without directly holding the digital asset. The fund is passively managed, tracks an ether reference rate, and stores all ether with Fidelity Digital Assets as custodian.

— Fidelity Ethereum Fund
%
Exchange-traded ether exposure100% Shares designed to track the market price of ether through a regulated brokerage product.
Custody and administration0% Custody, transfer agent, trustee, and sponsor services supporting the trust structure.

The fund is bought by investors who want ether exposure through a traditional brokerage account rather than by holding...

  • Retail brokerage investorsprimary

    Buy shares for convenient ether exposure without managing wallets, keys, or on-chain transfers.

  • Institutional allocatorsprimary

    Use the fund as a regulated ether exposure sleeve inside portfolios and trading books.

  • Authorized participantssecondary

    Create and redeem baskets to arbitrage price gaps and maintain market efficiency.

  • Market makers and trading firmssecondary

    Provide liquidity in the listed shares and hedge exposure using ether markets.

The trust is organized in Delaware and trades on the Cboe BZX Exchange in the United States...

  • •Delaware statutory trust organized in the United States
  • •Listed and traded on Cboe BZX in the U.S.
  • •Custody and transfer services are U.S.-based
  • •Ether pricing references global spot markets
  • •U.S. regulation is the main operating jurisdiction

The trust’s strategy is simple: provide passive, exchange-listed exposure to ether while minimizing the frictions of...

01
Maintain accurate ether trackingshort-term

Tracking quality is the core value proposition and drives investor confidence.

02
Preserve custody and operational integrityshort-term

Secure storage and reliable administration are essential for a crypto ETP.

03
Expand investor access through exchange listingmedium-term

Exchange trading lowers access barriers for both retail and institutional buyers.

The fund is exposed to ether price volatility, which can quickly reduce NAV and market value because the trust holds...

critical

Ether price volatility

The trust holds ether directly, so share value moves with the underlying asset.

Scope
NAV and market price can fall materially or to zero in extreme cases
Materiality
High
high

Regulatory change for digital assets

New U.S. laws or enforcement actions could restrict ether markets or raise compliance costs.

Scope
Could reduce liquidity, increase expenses, or impair the product's viability
Materiality
High
high

Custody and cyber security failure

The trust depends on a single custodian and cold-storage controls for ether safekeeping.

Scope
Loss, theft, or inaccessible assets would directly harm shareholders
Materiality
High
medium

AML/sanctions and illicit-activity exposure

Digital asset networks can be used for sanctioned or illicit transactions, increasing legal and banking risk.

Scope
Counterparties or service providers could cut off services
Materiality
Medium
medium

NAV and market price dislocation

Exchange-traded shares can trade at premiums or discounts to NAV.

Scope
Can affect investor returns even if ether is unchanged
Materiality
Medium
Fair value measurement of ether
Directly affects assets, NAV per share, and period-to-period comparability
Principal market determination
Can change reported fair value if market conditions or liquidity shift
Sponsor fee accrual
Reduces NAV and creates ongoing drag on shareholder returns
Share creation and redemption accounting
Affects per-share metrics and can drive quarter-to-quarter changes

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: 28/04/2026