Fidelity All-international Equity

The fund-of-funds seeks capital growth through an actively managed portfolio of Fidelity ETFs that invests in international stocks. The underlying funds provide diversified exposure to the global ex-North America equity space, including companies of any market capitalization and industry. In addition, these ETFs may each invest more than 10% of their assets in other underlying Fidelity funds, referred to as third-tier funds. The fund may use derivatives for hedging and non-hedging purposes and temporarily invest all or a portion of its assets in cash or fixed income securities issued or guaranteed by the US or Canadian government and its agencies as protection during a market downturn. The fund’s sub-adviser has full discretion to change the portfolio composition at any time. The portfolio rebalances annually.