While statblocks in Bestiary 157 and Monster Core 127 depict one at 2nd level, the creature description in both sources also describes many as being capable of reaching 9th level, and some as capable of reaching 20th level or higher.
Fey dragonets,1 also known as faerie dragons,2 are mischievous dragon-kin with colorful butterfly wings. They are fun-loving creatures and spend a good deal of their time preparing for, or playing, elaborate pranks and jokes. They often ally with fey, but they also partner with adventurers that they deem as suitably interesting or entertaining.312
A fey dragonet resembles a larger dragon in proportions and features, but is much smaller in size. Their wings are insectile in nature, resembling iridescent butterfly wings that adapt in coloration to their local environment as camouflage.12
Fey dragonets do not change in size as they grow in age or power, unlike traditional dragons. Instead, the sheen of their scales grows more luminous over time.12
Fey dragonets can fly on their wings and communicate in Common tongues, Draconic, and Fey, as well as via telepathy. Even a weak fey dragonet can wield arcane magic and turn invisible. A fey dragonet's breath can induce a stupefying euphoria in those exposed to it.1
Fey dragonets are good-natured, conflict-averse pranksters who prefer to keep their distance and flee from confrontation, using trickery and their magical mood-altering abilities if necessary. However, those bonded to companions become fierce and fearless protectors of their allies.12
Fey dragonets lair in places where the barriers between the Universe and First World are at their thinnest, and decorate their lairs with glittering small treasures or by pleasantly sculpting or trimming nearby foliage.12
Sometimes, as fey dragonets age, they become more connected to the First World and tap into its primal magical powers, sometimes to great extents, though the most powerful fey dragonets rarely venture beyond remote parts of the First World.12
Bands of fey dragonets live on the shores of Lake Silverstep in the Stolen Lands, alongside several fey.4
In Absalom, unscrupulous traders have pawned off kobold eggs by claiming them to be faerie dragon eggs.5
Faerie dragons often become familiars for kind-hearted or capricious spellcasters.6
A potion known as faerie dragon liqueur reproduces in its imbiber the fey dragonet's breath of euphoria-inducing gas.7 Bottles of this liqueur are part of the hoard of the underworld dragon Valashinaz.8
For additional as-yet unincorporated sources about this subject, see the Meta page.
Other dragonkind