Fidelity Ethereum Fund FETH Strategy

The investment seeks to track the performance of ether, as measured by the performance of the Fidelity Ethereum Reference Rate, adjusted for the trust’s expenses and other liabilities. The index is constructed using ether price feeds from eligible ether spot markets and a volume-weighted median price methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. In seeking to achieve its investment objective, the trust will hold ether and will value its shares daily based on the same methodology used to calculate the index.