Your Charisma score increases by 2, and your Dexterity increases by 1, but your strength score decreases by 2.

No one knows how long fairies live for due to how time works in the fey wild. All fairies are born at maturity and they physically stay young.

Most fairies fall under either chaotic due to their love of pranks. These fairies stray towards chaotic good as they help others in, for the most part, the way they think is best.

This part is copy and pasted from dand wiki. It seemed good to me and I didn't want to type this entire thing. These are just their rules for tiny races.

Your hit point dice decreases by 1 size.

Weapons

Tiny player races have special rules for weapons with the following properties:

• Tiny races do not benefit from the Light property, so these weapons cannot be used in the off-hand for two-weapon fighting. But they are still a one-handed weapon
• Versatile weapons must be wielded in two hands, and deal their basic damage rather than their versatile damage
• Tiny creatures have disadvantage on attack rolls with Two-handed weapons.
• Heavy weapons cannot be wielded by a Tiny races at all
• All other one-handed weapons must be wielded in two hands
• Tiny races do not benefit from the Finesse property, unless the weapon is also light

To support Tiny PCs who wish to engage in two-weapon or ranged fighting, a new weapon property – Undersized – can be used. A list of undersized weapons can be found on that page.

Other Equipment

Other equipment typically work the same as normal when shrunk down to an appropriate size for the character. Tiny equipment will weigh 1/8 of medium counterparts and cost 1/4 when made by tiny crafters. Getting a larger creature to make tiny equipment normally costs the same as normal sized equipment due to the difficulty in crafting something so small.

Spacing and Movement

Although they cannot deal as much damage with weapons, Tiny creatures enjoy some benefits due to their size. As a Tiny race, you can:

• Squeeze into smaller spaces – as small as 15 inches
• Make better use of cover – in general, where another PC would gain half cover or three-quarters cover, you gain three-quarters cover and total cover respectively. You can also gain half cover from objects that would otherwise be considered incidental, such as rocks or tree saplings
• Occupy the same space as another Tiny or larger creature.

Encumbrance

Per PHB p.176, note that a Tiny creature's carrying and lifting capacity is half the normal for their Strength.

However:

• The DM may ask you to make Strength (Athletics) checks to move through terrain that other PCs would consider difficult terrain (such as travelling up stairs); and otherwise incidental terrain may be difficult terrain for you. A mount or larger PC could carry you!

Fairies use magic to fly so their flight is special in a variety of ways. Fairies can hover and can more or less fly as long as their heart desires since they don't exert that much physical energy.

A fairy's flight is affected by dispel magic and anti-magic fields. If they are hit by dispel magic then they can't fly again until they take a short or long rest. If they enter an anti-magic field they are unable to fly within it, once they leave they can fly again.

Your magical fight and take you only so far and with so much weight. You can't fly higher than your flying speed, and you can't fly in heavy or medium armour.

Thanks to your eyes being accustomed to twilit darkness, you have superior vision in dark and dim Conditions. You can see in dim light within 60 feet of you as if it were bright light, and in Darkness as if it were dim light. You can't discern color in Darkness, only Shades of Gray.

You have advantage when being charmed and magic can't put you to sleep.

You may use your action to allow an ally within 20 feet of you to fly with a speed of 30 feet. This lasts for 1 minute and the target cannot ascend above 10 feet. You regain use of this trait after you finish a long rest.

You are considered both humanoid and fey.

Your small body is unable to perform feats of strength. You have disadvantage on strength checks.

You know both Common and Sylvan.