FETH on CBOE

Fidelity Ethereum Fund

American finance services company based in Boston, incorporated in Delaware2

In its 2026 annual report the company says: “Fidelity Ethereum Fund is a Delaware statutory trust formed on October 31, 2023.”4 Its shares trade on CBOE under the symbol FETH.2

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Last updated Oct 20, 2026.

Overview

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  • TickerFETH on CBOE2
  • IndustryFinance Services2
  • HeadquartersBoston, United States2
  • Incorporated inDE3
  • Business address245 Summer Street, V13E, Boston, Ma 022103
  • Filer categoryLarge accelerated filer3
  • Legal formFUND2
  • Kind of organizationFund2
  • LEI2549007OV0YIP1P7CE182
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC DELAWARE TRUST COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00020000462

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Fidelity Ethereum Fund (the “Trust”) is a Delaware statutory trust formed on October 31, 2023. The Trust issues common shares of beneficial interest (“Shares”), which represent fractional undivided beneficial interest in and ownership of the Trust. The Shares of the Trust are listed on the Cboe BZX Exchange, Inc. (“Cboe BZX” or the “Exchange”). FD Funds Management LLC (the “Sponsor”) is the sponsor of the Trust, CSC Delaware Trust Company (the “Trustee”) is the trustee of the Trust, State Street Bank and Trust Company (“State Street” or the “Transfer Agent”) is the Trust’s transfer agent (in such capacity, the “Transfer Agent”) and cash custodian (in such capacity, the “Cash Custodian”), and Fidelity Digital Assets, N.A. (formerly Fidelity Digital Asset Services, LLC) (“FDA” or the “Custodian”) is the custodian for the Trust, and will hold all of the Trust’s ether on the Trust’s behalf. …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Every line of the income statement as filed: the last 1 fiscal year, latest first.5

Period ending2025-12-31
Investment income$0
Sponsor fee$4.6M
Total Expenses Before Waiver$4.6M
Sponsor fee waived$0
Net Expenses$4.6M
Net Investment Income (Loss)-$4.6M
Net realized gain (loss) on investment in ether sold for redemptions-$544.9M
Net realized gain (loss) on investment in ether transferred to pay the Sponsor fee-$786.0K
Net change in unrealized appreciation (depreciation) on investment in ether$128.0M
Net Realized and Change in Unrealized Gain (Loss) on Investment in ether-$417.7M
Net increase (decrease) in net assets resulting from operations-$422.3M

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Timeline

  1. Aug 10, 20268-K Entered a material agreement; Bylaws or fiscal year changed; Other events8
  2. Feb 5, 20268-K Executive or director change9
  3. Jul 23, 20258-K Bylaws or fiscal year changed10
  4. Oct 31, 2023Founded Fidelity Ethereum Fund is founded2

Filings

47 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 3 major events, 35 other. The latest 20:

  1. Aug 21, 2026EFFECT EDGAR
  2. Aug 21, 2026424B3 EDGAR
  3. Aug 19, 2026S-3/A EDGAR
  4. Aug 11, 2026S-3/A EDGAR
  5. Aug 10, 20268-K EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Jul 24, 2026S-3/A EDGAR
  8. Jun 24, 2026S-3 EDGAR
  9. May 6, 202610-Q EDGAR
  10. Mar 26, 2026424I EDGAR
  11. Feb 25, 202610-K EDGAR
  12. Feb 5, 20268-K EDGAR
  13. Nov 7, 202510-Q EDGAR
  14. Aug 8, 202510-Q EDGAR
  15. Jul 31, 2025EFFECT EDGAR
  16. Jul 31, 2025424B3 EDGAR
  17. Jul 31, 2025CORRESP EDGAR
  18. Jul 23, 20258-K EDGAR
  19. Jul 21, 2025CORRESP EDGAR
  20. Jul 21, 2025POS AM EDGAR

The 47 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Hbk Investments L P980,008$15.4M0.2%−146,131
Millennium Management LLC332,483$5.2M0.0%−3,362,630
Cetera Investment Advisers198,976$3.1M0.0%+79,943
Envestnet Asset Management Inc166,295$2.6M0.0%+141,314
KDK Private Wealth Management, LLC139,697$2.2M1.8%+2,357
Abundance Wealth Counselors104,248$1.6M0.1%+52,124
Thompson David Blair96,504$1.5M0.8%−2,348
Richard W. Paul & Associates, LLC95,021$1.5M0.5%+11,045
Jane Street Group, LLC90,661$1.4M0.0%−1,999,546
First Heartland Consultants, Inc.90,645$1.4M0.1%+170
Beam Wealth Advisors, Inc.87,964$1.4M0.3%+866
PYA Waltman Capital, LLC83,723$1.3M0.3%+3,591
Mml Investors Services, LLC81,972$1.3M0.0%+15,341
Jump Financial, LLC80,877$1.3M0.0%+69,030
Independent Financial Group, LLC80,054$1.3M0.0%+14,996
SMART Wealth LLC72,479$1.1M0.2%−1,359
United Capital Management of KS, Inc.61,218$963.6K0.1%−446,625
WESCAP Management Group, Inc.60,071$945.5K0.2%−95
Sanctuary Advisors, LLC56,716$892.7K0.0%+40,021
Financial Designs Corp51,125$804.7K0.4%+5,139
Sepio Capital, LP50,260$791.1K0.0%−2,775
Wealth Enhancement Advisory Services, LLC40,576$724.7K0.0%−3,441
Kaleidoscope Capital LP43,466$684.2K0.3%−651,885
Meitav Investment House Ltd42,456$668.3K0.0%+2,276
Cerity Partners LLC40,868$643.3K0.0%+5,336

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Fidelity Ethereum Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFidelity Ethereum Fund1
  • CIK0002000046
  • Employer ID (EIN)99-63425304
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address245 Summer Street, V13E, Boston, MA 022101
  • Phone800-343-35481
  • Shares outstanding47,375,000 as of Jul 31, 20267
  • Public float$1.3B as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMar 27, 20241
  • Filings47 in all: 10-Q (7), CORRESP (7), S-1/A (5), UPLOAD (5), 424B3 (3), 8-K (3), EFFECT (3), S-3/A (3)1
    All 16 form types

    10-K (2), 424I (2), POS AM (2), 8-A12B (1), CERT (1), FWP (1), S-1 (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Fidelity® Ethereum Fund SharesFETHCboe BZX Exchange, Inc.

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Fidelity Ethereum Fund names in Item 1A of its 10-K filed Feb 25, 2026: 76 risks under these headings, as written.4

  • The trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of ether, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets such as ether are a relatively new asset class, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of ether.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.
  • It may be illegal now, or in the future, to acquire, own, hold, sell or use digital assets in one or more countries.
  • Risks Associated with Ether and the Ethereum Network
  • The Ethereum network and its native digital asset, ether, are a relatively new technological innovation with a limited operating history.
  • Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow and respond to challenges.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • If a malicious actor or botnet obtains control of more than 50% of the validating stake on the Ethereum network, or otherwise obtains control over the Ethereum network through its influence over core developers or otherwise, such actor or botnet could manipulate the Ethereum blockchain, which could adversely affect the value of the Shares or the ability of the Trust to operate.
  • Any name change and any associated rebranding initiative by the core developers of ether may not be favorably received by the digital asset community, which could negatively impact the value of ether and the value of the Shares.
The other 65 risks
  • Smart contracts, including those relating to DeFi applications, are a new technology and their ongoing development and operation may result in problems, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either of which could have an adverse impact on the value of ether.
  • Validators may suffer losses due to staking, which could make the Ethereum network less attractive.
  • Proof-of-stake blockchains are a relatively recent innovation and have not been subject to as widespread use or adoption over as long of a period of time as proof-of-work blockchains.
  • Centralization concerns around a single person or entity controlling a large percentage of the validating stake.
  • Spot markets on which ether trades are relatively new and largely unregulated or may not be complying with existing regulations and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
  • Momentum pricing.
  • Irrevocable nature of blockchain-recorded transactions.
  • The loss or destruction of a private key required to access ether may be irreversible.
  • A disruption of the internet may affect Ethereum network operations, which may adversely affect the ether industry and an investment in the Trust.
  • Potential amendments to the Ethereum network’s protocols and software could, if accepted and authorized by the Ethereum network community, adversely affect an investment in the Trust.
  • The open-source structure of the Ethereum network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Ethereum network protocol. A failure to properly monitor and upgrade the Ethereum network protocol could damage the Ethereum network and an investment in the Trust.
  • Decentralized governance of the Ethereum network could have a negative impact on the performance of the Trust.
  • A temporary or permanent “fork” could adversely affect the value of the Shares.
  • The inability to recognize the economic benefit of a “fork” or an “air drop” could adversely impact an investment in the Trust.
  • Network Forks.
  • In the event of a hard fork of the Ethereum network that results in the spinoff of another network, the Sponsor will, as permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
  • Malicious actors may “double spend” ether by altering the formation of the blockchain.
  • Flaws in source code for digital asset networks could adversely affect the value of ether and other digital assets.
  • Mathematical or technological advances could undermine the Ethereum network’s consensus mechanism.
  • Competition from central bank digital currencies (“CBDCs”) could adversely affect the value of ether and other digital assets.
  • Prices of ether may be affected by stablecoins, the activities of stablecoin issuers and their regulatory treatment.
  • Competition from the emergence or growth of other digital assets or methods of investing in ether could have a negative impact on the price of ether and adversely affect the value of the Shares.
  • Large-scale sales or distributions could significantly reduce the price of ether and adversely affect the value of the Shares.
  • Congestion or delay in the Ethereum network may delay purchases, sales or transfers of ether by the Trust.
  • If the digital asset award or transaction fees for recording transactions on the Ethereum network are not sufficiently high to incentivize validators may demand high transaction fees, which could negatively impact the value of ether and the value of the Shares.
  • If the Ethereum network is used to facilitate illicit activities or evade sanctions, businesses that facilitate transactions in ether could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of ether and the value of the Shares.
  • Risks Associated with Investing in the Trust
  • Investment-Related Risks.
  • The NAV may not always correspond to the market price of ether.
  • Different from directly owning ether.
  • Index tracking risk.
  • Liquidity risk.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of ether.
  • An Authorized Participant’s, or its Authorized Participant Designee’s, buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.
  • The inability of Authorized Participants and market makers to hedge their ether exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
  • Arbitrage transactions intended to keep the price of Shares closely linked to the price of ether may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.
  • The use of cash creations and redemptions, to the extent used by Authorized Participants, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • The Authorized Participants serve in such capacity for several competing exchange-traded ether products, which could adversely affect the Trust’s operations and the secondary market for the Shares.
  • Security threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
  • The Trust’s risk management processes and policies may prove to not be adequate to prevent any loss of the Trust’s ether.
  • The Trust’s Custodian could become insolvent or become subject to a receivership or bankruptcy proceeding, which may result in a loss of or delay in access to Trust assets.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Trust could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.
  • The Trust is subject to risks due to its concentration of investments in a single asset class.
  • The lack of active trading markets for the Shares may result in losses on Shareholders’ investments at the time of disposition of Shares.
  • Several factors may affect the Trust’s ability to achieve its investment objective on a consistent basis.
  • The amount of ether represented by the Shares will decline over time.
  • The Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust’s ether.
  • Limited recourse.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • Unforeseeable risks.
  • The Sponsor’s policies and procedures may not fully mitigate the risk of conflicts of interest.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.
  • Risks Associated with the Index and Index Pricing
  • Right to change index.
  • Risks related to pricing.
  • Regulatory Risk
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or commodity pools under the Commodity Exchange Act.
  • Future and current regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.
  • Future regulations may require the Trust or the Sponsor to become registered, which may cause the Trust to liquidate.
  • The ongoing activities of the Trust may generate tax liabilities for Shareholders.
  • The tax treatment of ether and transactions involving ether for United States federal income tax purposes may change.
  • The tax treatment of ether and transactions involving ether for state and local tax purposes is not settled.
  • A hard “fork” of the Ethereum Blockchain could result in Shareholders incurring a tax liability.
  • The intended tax treatment of the Trust will limit the flexibility of the Trust’s investment decisions.
  • The Exchange on which the Shares are listed may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares.
  • The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.
  • The market infrastructure of the ether spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust.

Sources

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