PART I . Summary 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 S...