Your Dexterity score increases by 2.

Your Charisma score increases by 1.

Although Fairy Elves reach physical maturity at about the same age as humans, they typically claim adulthood around the age of 100 and can live to be 750 years old.

Fairy Elves can be of any alignment but tend to lean more towards chaotic because of their playful nature. The vast majority are chaotic, but almost never evil. They love freedom, variety, and self-expression, so they lean strongly toward the gentler aspects of chaos. They value and protect others’ freedom as well as their own, and they are more often good than not. They value fun and fair play highly, though their definition of these values often differ from the norm.

Fairy Elves range from 5 to 6 feet tall and have slender builds. Their size is Medium. When they shift to Fairy form, they range from half a foot to a foot tall. Their size is Tiny in Fairy form.

Fairy Elves base walking speed is 30 feet. Their flying speed is 15 feet at a height of 10 feet. When in Fairy form, their walking speed decreases to 10 feet and their flying speed increases to 30 feet at a height of 30 feet.

You can speak, read, and write Common and Elvish. Elvish is fluid, with subtle intonations and intricate grammar. Elven literature is rich and varied, and their songs and poems are famous among other races. Many bards learn their language so they can add Elvish ballads to their repertoires.

Accustomed to twilit forests and the night sky, 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 on saving throws against being charmed, and magic can’t put you to sleep.

You have proficiency in the Perception skill.

You know the Dancing Lights cantrip. At level 3, you can cast Confusion once per day. At level 5, you can cast the Polymorph spell once per day.

Dancing Lights - You create up to four torch-sized lights within range, making them appear as torches, lanterns, or glowing orbs that hover in the air for the duration. You can also combine the four lights into one glowing vaguely humanoid form of Medium size. Whichever form you choose, each light sheds dim light in a 10-foot radius. As a bonus action on your turn, you can move the lights up to 60 feet to a new spot within range. A light must be within 20 feet of another light created by this spell, and a light winks out if it exceeds the spell's range.

Confusion - This spell assaults and twists creatures' minds, spawning delusions and provoking uncontrolled action. Each creature in a 10-foot-radius sphere centered on a point you choose within range must succeed on a Wisdom saving throw when you cast this spell or be affected by it. An affected target can't take reactions and must roll a d10 at the start of each of its turns to determine its behavior for that turn.

At the end of each of its turns, an affected target can make a Wisdom saving throw. If it succeeds, this effect ends for that target. When you cast this spell using a spell slot of 5th level or higher, the radius of the sphere increases by 5 feet for each slot level above 4th.

Polymorph - This spell transforms a creature that you can see within range into a new form. An unwilling creature must make a Wisdom saving throw to avoid the effect. The spell has no effect on a shapechanger or a creature with 0 hit points.
The transformation lasts for the duration, or until the target drops to 0 hit points or dies. The new form can be any beast whose challenge rating is equal to or less than the target's (or the target's level, if it doesn't have a challenge rating). The target's game statistics, including mental ability scores, are replaced by the statistics of the chosen beast. It retains its alignment and personality.
The target assumes the hit points of its new form. When it reverts to its normal form, the creature returns to the number of hit points it had before it transformed. If it reverts as a result of dropping to 0 hit points, any excess damage carries over to its normal form. As long as the excess damage doesn't reduce the creature's normal form to 0 hit points, it isn't knocked unconscious.
The creature is limited in the actions it can perform by the nature of its new form, and it can't speak, cast spells, or take any other action that requires hands or speech.
The target's gear melds into the new form. The creature can't activate, use, wield, or otherwise benefit from any of its equipment.

You know the Druidcraft cantrip.

Whispering to the spirits of nature, you create one of the following effects within range:

• You create a tiny, harmless sensory effect that predicts what the weather will be at your location for the next 24 hours. The effect might manifest as a golden orb for clear skies, a cloud for rain, falling snowflakes for snow, and so on. This effect persists for 1 round.
• You instantly make a flower blossom, a seed pod open, or a leaf bud bloom.
• You create an instantaneous, harmless sensory effect, such as falling leaves, a puff of wind, the sound of a small animal, or the faint odor of skunk. The effect must fit in a 5-foot cube.
• You instantly light or snuff out a candle, a torch, or a small campfire.

When in Fairy form, you have a disadvantage on Athletic checks. You also become proficient in the Sleight of Hand skill. Whenever you want to perform Sleight of Hand (trickery, planting something on someone, concealing something on your person, stealing from someone) you make a Dexterity check. 

At 3rd level, you can cast the levitate spell once and need to finish a long rest before you can cast it again. When you reach 5th level, you can also cast the fly spell once and need to finish a long rest before you can cast it. Charisma is your spellcasting ability for these spells.

To levitate an object you must concentrate for up to 10 minutes at a range of 60 feet. You can levitate the object up to 20 feet in the air. You can levitate anything under 500 pounds. If a creature is unwilling to be levitated, they must succeed on a Constitution saving throw. At the end of the 10 minutes, the object floats to the ground.

To give a creature the ability to fly, you must touch a willing creature who must then concentrate for up to 10 minutes. The target gains a flying speed of 60 feet for the duration. When the spell ends the target falls unless it can stop the fall. For each additional spell slot level, you can target one additional creature.

When in Fairy mode, you are proficient in the Stealth skill.

When in Fairy mode, you have a disadvantage on Strength checks.

You become impossible to see without the use of magic or a special sense. You are heavily obscured unless you make any noise. Attacks against you have disadvantage. Any attacks you do have advantage.