The Fidelity Ethereum Fund is a passively managed exchange-traded product (ETP) that holds ether, the native token of the Ethereum blockchain. The Trust's sole purpose is to track the price of ether, as measured by the Fidelity Ethereum Reference Rate, adjusted for fees. Investors buy shares through a standard brokerage account, gaining ether price exposure without directly purchasing, storing, or managing ether themselves. Fidelity Digital Assets, an affiliated national trust bank, holds all of the Trust's ether in custody. The Trust does not stake its ether, does not invest in derivatives, and does not pursue any active management strategy. The Trust charges a single annual Sponsor Fee of 0.25% of ether holdings, which covers all routine operating expenses, making it the all-in cost to investors. Revenue scales directly with the market value of ether holdings. Shares are created and redeemed in blocks of 25,000 shares by Authorized Participants — registered broker-dealers and financial institutions — either in-kind or in cash. An arbitrage mechanism keeps the share price aligned to NAV. Retail investors access the Trust through secondary market trading on the Cboe BZX Exchange. Ether is the functional token of the Ethereum network, used to pay fees for computation powering smart contracts, decentralized finance (DeFi) applications, and other programmable transactions. Approximately 120.69M ether were in circulation as of December 31, 2025.