FIDELITY® ETHEREUM FUND S-1

Fidelity has filed a preliminary S-1 registration statement with the SEC for the Fidelity Ethereum Fund, an exchange-traded product that would hold ether and issue shares trading on the Cboe BZX Exchange. The Trust aims to track ether's performance as measured by the Fidelity Ethereum Reference Rate, adjusted for expenses and liabilities, with FDAS as custodian. Shares would be created and redeemed in baskets of 25,000 through Authorized Participants, and the Trust is not registered under the 1940 Act and is not a commodity pool. The filing states that the shares are speculative and that investors could lose their entire investment.