Fidelity Ethereum Fund
FETH
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- Fidelity Ethereum Fund (FETH) is a passively managed exchange-traded product that seeks to track the performance of ether, as measured by the Fidelity Ethereum Reference Rate, adjusted for the Trust's expenses and other liabilities. The Fund holds ether directly as its sole asset; the Fidelity Ethereum Reference Rate is constructed using ether price feeds from eligible spot markets via a volume-weighted median price methodology calculated every 15 seconds. Sponsored by FD Funds Management LLC, a wholly owned subsidiary of FMR LLC, the Fund is custodied by Fidelity Digital Assets, National Association, and trades on the Cboe BZX Exchange, with shares available in brokerage, trust, and tax-advantaged accounts including IRAs in the United States. Launched on July 22, 2024, the Fund operates from the United States with headquarters aligned to Fidelity Investments in Boston, Massachusetts, targeting investors seeking high-risk exposure to ether without direct ownership rights or staking. The expense ratio stands at 0.25%, waived through January 1, 2025; as of September 30, 2025, portfolio assets exceed $3.1 billion with ether comprising 100% of holdings. In July 2025, the Fund amended its trust agreement via a Second Amended and Restated Trust Agreement to permit in-kind creation and redemption of shares. The Fund expanded Fidelity's digital assets lineup following the January 2024 launch of the Fidelity Wise Origin Bitcoin Fund (FBTC), reflecting strategic growth in spot cryptocurrency exchange-traded products amid regulatory approvals for ether ETPs. It emphasizes institutional-grade security through self-custody capabilities unique among issuers, while concentrating investment solely in ether to mirror its U.S. dollar-denominated performance without diversification offsets. No staking of ether occurs, and investors face heightened volatility, illiquidity, and market risks inherent to digital assets.