Fidelity USD Digital Liquidity Fund-Acc

The issuer is Fidelity International Strategies Funds SPC, a Cayman exempted segregated portfolio company. It issues the shares for the account of USD Digital Liquidity Fund SP; that segregated portfolio contains the attributed assets and liabilities but is not a separate legal person.

FILQ-A is the Ethereum Class 1 ACC. Unlike Class 1 DIST, it makes no income distribution: net income is retained and reflected in the share price calculated each valuation day. The initial minimum is US$100,000 and the maximum stated TER is 0.50%.

A subscription adds the investor to Apex’s blockchain-integrated register and mints the corresponding token; redemption removes the position and burns the token. Legal title and beneficial ownership are recorded in that register, rather than in a separate paper ledger detached from Ethereum.

The register remains decisive when records disagree. Every wallet needs approval, and the Company does not recognize or update its register for an unauthorized transfer or class switch merely because a token call appeared on Ethereum. A recipient can therefore hold a token record without acquiring the fund interest.

Fidelity manages the investment portfolio. Sygnum’s Desygnate supplies tokenization and stablecoin settlement. J.P. Morgan provides administration, custody and approved NAV data. Apex performs onboarding, wallet approval and transfer-agent recordkeeping; Chainlink publishes the daily NAV and distribution metrics on-chain.

Each specialist solves part of the gap between fund operations and crypto markets. A holder consequently depends on portfolio valuation, approved NAV, oracle publication, register update and token mint or burn completing in sequence; an Ethereum balance alone cannot prove that every operational step has finished.

The prospectus permits orders to be submitted and generally received 24/7; it does not promise immediate processing, and scheduled operations can delay handling. While markets are closed the fund cannot sell investments. J.P. Morgan supplies an outside-hours credit facility, while Sygnum may supply credit or repos.

Stablecoin settlement is therefore bounded by available credit or repo capacity. Orders above that limit enter a first-in, first-out queue. Cash redemption proceeds are generally paid on the next business day, and in a stressed environment processing may wait until after the next NAV calculation.

The contract at 0x54a4fc78431f9201824643e99bec891bb7462a1d is a two-decimal UUPS proxy deployed on 27 April 2026. The observed trail includes an administrative mint on 21 August 2026 and a burn on 29 August 2026, rather than an open liquidity pool continuously setting price.

That is consistent with the prospectus: issued units follow subscriptions and redemptions, while daily NAV—not an AMM—sets economic value. The token is useful precisely because it remains a fund share with controlled issuance, even when a wallet displays it beside freely transferable cryptoassets.