Digital assets

Fidelity Charitable is the brand name for the Fidelity Investments^® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Fidelity Charitable is a registered service mark of FMR LLC, used by Fidelity Charitable under license.

Fidelity Digital Assets^SM is a subsidiary of Fidelity Investments^® and operates as a separate business dedicated to digital assets.

Fidelity Digital Assets is a service mark of FMR LLC.

1. This material may be distributed through the following Fidelity Investments® entities, none of whom offer direct exposure, clearing or custody of digital assets: Fidelity Distributors Company LLC; National Financial Services LLC or Fidelity Brokerage Services LLC (Member NYSE, SIPC); Fidelity Institutional Wealth Adviser LLC; and FIAM LLC. These resources are meant to be educational in nature, and not to endorse or recommend any cryptocurrency or investment strategy. Digital assets are speculative, highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors in digital assets could lose the entire value of their investment.
2. Fidelity Digital Assets^SM 2022 Institutional Investor Digital Assets Study. The blind survey was executed in association with Coalition Greenwich on behalf of Fidelity Digital Assets^SM, the Fidelity Center for Applied Technology^SM, and Fidelity Consulting and Strategic Insights between January 2, 2022 and June 24, 2022. The survey included 1,052 institutional investors in the U.S. (410), Europe (359) and Asia (283), including financial advisors, family offices, digital and traditional hedge funds, high-net-worth investors, pensions and defined benefit plans, and endowments and foundations.
3. Cerulli Associates, U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2018: Shifting Demographics of Private Wealth, November 2019.

FETH is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) nor is it a commodity pool under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of FETH do not have the protections associated with ownership of shares in a registered investment company nor are shareholders afforded the protections of investing in an CEA-regulated instrument or commodity pool.

Digital assets are highly volatile, and their market movements are very difficult to predict. Various market forces may impact their value including, but not limited to, supply and demand, investors’ faith and their willingness to purchase it using traditional currencies, investors’ expectations with respect to the rate of inflation, interest rates, currency exchange rates, an evolving legislative and regulatory environment in the U.S. and abroad, and other economic trends. Investors also face other risks, including significant and negative price swings, flash crashes, and fraud and cybersecurity risks. Digital assets may also be more susceptible to market manipulation than securities. 

The performance of the Fund will not reflect the specific return an investor would realize if the investor actually purchased ether. Investors in the Fund will not have any rights that ether holders have and will not have the right to receive any redemption proceeds in ether.

Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors in digital assets, including those who gain exposure to the price of digital assets through an exchange-traded product, could lose the entire value of their investment. Supply and demand changes rapidly and is affected by a variety
of factors, including regulation and general economic trends. Digital asset exchanges may suffer from operational issues, such as delayed execution. Digital asset exchanges have been closed due to fraud, failure, or security breaches. Assets that reside on an exchange that shuts down or suffers a breach may be lost. Cryptocurrencies are created, issued, transmitted, and stored according to protocols run by computers in the network. It is possible digital asset protocols have undiscovered flaws, which could result in the loss of some or all assets. Advancements in quantum computing could break cryptocurrency cryptographic rules. There may also be network-scale attacks against cryptocurrency protocols, which result in the loss
of some or all of assets.

Alternative investment strategies may not be suitable for all investors and are not intended to be a complete investment program for any investor. Some of the risks associated with alternative investments are: Alternative investments maybe relatively illiquid. It may be difficult to determine the current market value of the asset. There may be limited historical risk and return data. A high degree of investment analysis maybe required before buying. Costs of purchase and sale may be relatively high.

Fidelity Institutional Wealth Adviser LLC ("FIWA")^® is a registered investment adviser and an indirect, wholly owned subsidiary of FMR LLC.

The Fidelity Ethereum Fund material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. Please read the prospectus carefully before you invest.

This product is for investors with a high risk tolerance and invests solely in ether, which is highly volatile and could become illiquid. Investors could lose their entire investment.