U.S. Low Volatility Index Strategy

1. Tax-smart investing strategies, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, Strategic Advisers LLC (Strategic Advisers), primarily with respect to determining when assets in a client's account should be bought or sold. Assets contributed may be sold for a taxable gain or loss at any time. There are no guarantees as to the effectiveness of the tax-smart investing strategies applied in serving to reduce or minimize a client's overall tax liabilities, or as to the tax results that may be generated by a given transaction. Tax-smart investing strategies, including tax-loss harvesting, are applied in managing certain taxable accounts on a limited basis, at the discretion of the portfolio manager, Strategic …  See more
2. There is no minimum required to open an account; however, in order for us to invest your money according to the investment strategy you've chosen, your account balance must be at least $5,000. Until you reach that balance, any securities used to fund your account will be unmanaged, and any cash deposited into your account will be invested in your core money market fund. Your account may be closed if that balance is not reached. There is no minimum required to open an account; however, in order for us to invest your money according to the investment strategy you've chosen, your account balance must be at least …  See more
3. Tax savings will vary from client to client and past performance is no guarantee of future results; there is no guarantee that tax savings will cover the net advisory fee now or in the future. Factors that could impact the value of our tax-smart investing strategies include market conditions, the purchase date and cost basis of any securities used to fund an account, client-imposed investment restrictions, client tax rate, and any changes in tax regulation. This analysis is based on performance of all investment strategies offered in Fidelity Managed FidFolios^® and substantially similar strategies offered through Fidelity^® Strategic Disciplines from 08/01/2015 through 12/31/2023. The analysis includes identifying the total amount of capital gains tax savings for each individual client account, and the total amount of net advisory fees paid for each individual client account (accounts that did not pay a fee were excluded from the analysis). We estimate potential capital gains tax savings by multiplying each harvested tax loss by the relevant short- or long-term capital gains tax rate for each client account at the end of each year. Our analysis assumes that any losses realized are able to be offset against gains realized inside or outside of the client account during the year realized. However, all capital losses harvested in a single tax year may not result in a tax benefit for that year. Remaining unused capital losses may be carried forward to offset up to $3,000 of ordinary income per year.Tax savings will vary from client to client and past performance is no guarantee of future results; there is no guarantee that tax savings will cover the net advisory fee now or in the future. Factors that could impact the value of our tax-smart investing strategies …  See more
4. The advisory fee does not cover charges resulting from trades effected with or through broker-dealers other than Fidelity affiliates, mark-ups or mark-downs by broker-dealers, transfer taxes, exchange fees, regulatory fees, odd-lot differentials, handling charges, electronic fund and wire transfer fees, or any other charges imposed by law or otherwise applicable to a managed account. Investors will also incur underlying expenses, if any, associated with the investment vehicles selected for the account. The advisory fee does not cover charges resulting from trades effected with or through broker-dealers other than Fidelity affiliates, mark-ups or mark-downs by broker-dealers, transfer taxes, exchange fees, regulatory fees, odd-lot differentials, handling charges, electronic …  See more
5. Top Positions, Sectors, and Characteristics information provided compares information about the sample portfolio for the Fidelity Managed FidFolios^® U.S. Low Volatility Index Strategy and the strategy’s benchmark index, the Fidelity U.S. Low Volatility Focus Index^SM. This information is provided to help you understand the overall composition of the Sample Portfolio, which provides the basis for trading in all Fidelity Managed FidFolios^® U.S. Low Volatility Index Strategy accounts. Because each client account may hold only a subset of the securities held in the Sample Portfolio and may hold securities in different weights than the Sample Portfolio, the overall portfolio information for any one client account may differ, perhaps significantly, from the Sample Portfolio. Top Positions, Sectors, and Characteristics information provided compares information about the sample portfolio for the Fidelity Managed FidFolios^® U.S. Low Volatility Index Strategy and the …  See more
6. The composite returns represent the asset-weighted performance of the accounts in the Fidelity^® U.S. Low Volatility Index Strategy of Fidelity^® Strategic Disciplines and the asset-weighted performance of accounts in the U.S. Low Volatility Index Strategy of Fidelity Managed FidFolios^®. Returns for the Fidelity^® U.S. Low Volatility Index Strategy of Fidelity^® Strategic Disciplines were included in the composite beginning on July 1, 2024, and returns for the U.S. Low Volatility Index Strategy of Fidelity Managed FidFolios^® were included in the composite beginning on July 1, 2024, all on a pre-tax and after-tax basis. The U.S. Low Volatility Index Strategy of Fidelity Managed FidFolios^® accounts included in the composite are generally subject to a flat fee rate and can be higher than the breakpoint fee schedule for Fidelity^® U.S. Low Volatility Index Strategy of Fidelity^® Strategic Disciplines accounts. The composite returns represent the asset-weighted performance of the accounts in the Fidelity^® U.S. Low Volatility Index Strategy of Fidelity^® Strategic Disciplines and the asset-weighted performance of accounts in …  See more

Market indexes are included for informational purposes and for context with respect to market conditions. All indexes are unmanaged, and performance of the indexes includes reinvestment of dividends and interest income, unless otherwise noted. Review the definitions of indexes for more information. Please note an investor cannot invest directly into an index. Therefore, the performance of securities indexes do not incorporate or otherwise reflect the fees and expenses typically associated with managed accounts or investment funds.

Information about the calculation of account and composite returns. Returns for periods of one year or less in duration are reported cumulative. Returns for periods greater than one year may be reported on either a cumulative or average annual basis. Calendar year returns reflect the cumulative rates of return for the 12-month period from January 1 to December 31, inclusively, of the year indicated.

Reported rates of return utilize a time-weighted calculation, which vastly reduces the impact of cash flows. Returns shown assume reinvestment of interest, dividends, and capital gains distributions. Assets valued in U.S. dollars. Performance for accounts managed without tax-smart investing techniques begins when assets are available in the account. Performance for accounts managed with tax-smart investing techniques (“tax-smart accounts”) begins after the Investment Manager reviews the account and deems it ready for investment in the chosen strategy.

Rates of return shown are net of the actual investment advisory fees paid for each account, and are net of any applicable fee credits, any underlying fund's own management fees and operating expenses, and for certain Fidelity Wealth Services accounts the fees attributable to separately managed account sleeves. Performance information presented for an investment advisory program offered by Fidelity Personal Workplace Advisors LLC (“FPWA”) includes performance for accounts enrolled in legacy programs previously offered and managed by FPWA’s affiliate, Strategic Advisers LLC, for periods prior to July 2018. Fees for these legacy programs differ from current fee schedules for FPWA’s programs, and fees for accounts enrolled in those legacy programs may have been higher or lower than FPWA’s current fees. Fee structures and the services offered have changed over time. Please consult a Fidelity financial advisor or the applicable investment advisory program’s current Program Fundamentals for current fee information. Additional information about our methodology for calculating pre- and after-tax performance return information is available at Fidelity.com/information in a document titled “About Performance.”

Assumptions used in calculating after-tax returns. After-tax rate of return measures the performance of an account, taking into consideration the impact of a client’s U.S. federal income taxes, based on the activity in the account. Strategic Advisers does not actively manage for alternative minimum taxes; state or local taxes; foreign taxes on non-U.S. investments; federal tax rules applicable to entities; or estate, gift, or generation-skipping transfer taxes. Strategic Advisers relies on information provided by clients in an effort to provide tax-sensitive investment management and does not offer tax advice. Any realized short-term or long-term capital gain or loss retains its short- or long-term characteristics in the after-tax calculation. The gain/loss for any account is applied in the month incurred and there is no carryforward. We assume that taxes are paid from outside the account. Taxes are recognized in the month in which they are incurred. This may inflate the value of some short-term losses if they are offset by long-term gains in subsequent months. After-Tax Returns do not take into account the tax consequences associated with income accrual, deductions with respect to debt obligations held in client accounts, or federal income tax limitations on capital losses. Withdrawals from client accounts during the performance period result in adjustments to take into account unrealized capital gains across all securities in such account, as well as the actual capital gains realized on the securities. Adjustments for reclassification of dividends from non-qualified to qualified status that occur in January of the subsequent year, are reflected in the prior December monthly returns. We assume that a client reclaims in full any excess foreign tax withheld and is able to take a U.S. foreign tax credit in an amount equal to any foreign taxes paid, which increases an account’s after-tax performance; the amount of the increase will depend on the total mix of foreign securities held and their applicable foreign tax rates, as well as the amount of distributions from those securities.

We assume that losses are used to offset gains realized outside the account in the same month, and we add the imputed tax benefit of such a net loss to that month’s return. This can inflate the value of the losses to the extent that there are no items outside the account against which they can be applied, and after-tax returns may exceed pre-tax returns as a result of an imputed tax benefit received upon realization of tax losses. Our after-tax performance calculation methodology uses the full value of harvested tax losses without regard to any future taxes that would be owed on a subsequent sale of any new investment purchased following the harvesting of a tax loss. That assumption may not be appropriate in all client situations but is appropriate where (1) the new investment is donated (and not sold) by the client as part of a charitable gift, (2) the client passes away and leaves the investment to heirs, (3) the client’s long-term capital gains rate is 0% when they start withdrawing assets and realizing gains, (4) harvested losses exceed the amount of gains for the life of the account, or (5) where the proceeds from the sale of the original investment sold to harvest the loss are not reinvested. It is important to understand that the value of tax-loss harvesting for any particular client can only be determined by fully examining a client’s investment and tax decisions for the life the account and the client, which our methodology does not attempt to do. Clients and potential clients should speak with their tax advisors for more information about how our tax-loss harvesting approach could provide value under their specific circumstances.

Information about composite returns. The rates of return featured for accounts managed to a long-term asset allocation represent a composite of accounts managed with the same long-term asset allocation, investment approach and investment universe as applicable; rates of return featured for accounts managed with a single asset class strategy represent a composite of accounts managed to the applicable strategy. Accounts included in the composite utilize a time-weighted calculation, which vastly reduces the impact of cash flows. Composites are asset-weighted. An asset-weighted methodology takes into account the differing sizes of client accounts (i.e. considers accounts proportionately). Larger accounts may, by percentage, pay lower investment advisory fees than smaller accounts, thereby decreasing the investment advisory fee applicable to the composite and increasing the composite’s net-of-fee performance. For tax-smart accounts in Fidelity Wealth Services, composite results are based on the returns of the managed portion of the accounts; assets in a liquidity sleeve are excluded from composite performance.

Composites set minimum eligibility criteria for inclusion. Accounts with less than one full calendar month of returns and accounts subject to significant investment restrictions are excluded from composites. Accounts with a do-not-trade restriction are removed from the composite once the restriction has been applied to the account for thirty days. For periods prior to October 1, 2022, composite inclusion required a minimum investment level that reflected product-relative investment requirements. Effective October 1, 2022, product composites will reflect all accounts for which we produce a rate of return and that meet the aforementioned criteria. Non-fee paying accounts, if included in composite, will increase the net-of-fee performance. Certain products, like Fidelity Go, offer investment services where accounts under a certain asset level do not incur investment advisory fees. Employees do not incur investment advisory fees for certain products.

Information about after-tax composite benchmarks. Return information for an after-tax benchmark represents an asset-weighted composite of clients’ individual after-tax benchmark returns. Each client’s personal after-tax benchmark is composed of mutual funds (index funds where available) and ETFs in the same asset class percentages as the client’s investment strategy. The after-tax benchmark uses mutual funds and ETFs as investable alternatives to market indexes in order to provide a benchmark that takes into account the associated tax consequences of these investable alternatives. The after-tax benchmark returns implicitly take into account the net expense ratio of their component mutual funds because mutual funds report performance net of their expense. They assume reinvestment of dividends and capital gains, if applicable. The after-tax benchmark also takes into consideration the tax impact of rebalancing the benchmark portfolio, assuming the same tax rates as are applicable to each client’s account, as well as an adjustment for the level of unrealized gains in each account. The after-tax composite benchmark return is calculated assuming the use of the “average cost-basis method” for calculating the tax basis of mutual fund shares.

Additional Information. Changes in laws and regulations may have a material impact on pre- and/or after-tax investment results. Strategic Advisers LLC relies on information provided by clients in an effort to provide tax-smart investing techniques. Strategic Advisers LLC can make no guarantees as to the effectiveness of the tax-smart investing techniques applied in serving to reduce or minimize a client’s overall tax liabilities or as to the tax results that may be generated by a given transaction. Neither FPWA nor Strategic Advisers LLC provides tax or legal advice. Please consult your tax or legal professional for additional guidance. For more information about FPWA, Strategic Advisers LLC, or FPWA’s advisory offerings, including information about fees and investment risks, please visit our website at Fidelity.com.

The information contained herein includes information obtained from sources believed to be reliable, but we do not warrant or guarantee the timeliness or accuracy of the information as it has not been independently verified. It is made available on an "as is" basis without warranty.

This account type is a single asset class that offers a concentrated exposure. Please note, Fidelity recommends clients diversify and rebalance their investments across multiple asset classes, sectors, and issuers in an effort to reduce the investment risk associated with holding concentrated investments. Keep in mind however, that diversification and asset allocation do not ensure a profit or guarantee against loss. This account type is a single asset class that offers a concentrated exposure. Please note, Fidelity recommends clients diversify and rebalance their investments across multiple asset …  See more

Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risk, including the loss of principal. The securities of smaller, less well-known companies can be more volatile than those of larger companies

Past performance is no guarantee of future results.

The Top Positions represent the largest 10 holdings of the Sample Portfolio as of the date noted. Holdings are subject to change without notice, may not be representative of the Sample Portfolio's current or future holdings, and are not intended as recommendations of individual securities. There is no guarantee that any of these holdings will be included in any particular account. The Top Positions represent the largest 10 holdings of the Sample Portfolio as of the date noted. Holdings …  See more

All indexes are unmanaged, and performance of the indexes includes reinvestment of dividends and interest income, unless otherwise noted. Indexes are not illustrative of any particular investment, and it is not possible to invest directly in an index. Securities indices are not subject to fees and expenses typically associated with managed accounts or investment funds. All indexes are unmanaged, and performance of the indexes includes reinvestment of dividends and interest …  See more

The Fidelity U.S. Low Volatility Focus Index represents the performance of a broad range of U.S. equities that in the aggregate have lower volatility relative to the broader U.S. equity market. The Fidelity U.S. Low Volatility Focus Index represents the performance of a broad range of U.S. equities …  See more

Russell 1000 Index is a market capitalization-weighted index designed to measure the performance of the large-cap segment of the U.S. equity market.

The sector weightings use the Global Industry Classification Standard (GICS), which is based on information provided by Standard & Poor’s Financial Services LLC (S&P), an independent company not affiliated with Fidelity.

The portfolio characteristics provided are indicative of the characteristics the portfolio manager considers when managing the strategy. Due to Strategic Advisers' rebalancing and trading strategy, the securities held in your account may differ materially from the Sample Portfolio.

*Average securities per the Sample Portfolio.

Source: FactSet and Fidelity Investments Information.

Portfolio characteristics calculations do not reflect the impact of fees.

Definitions:
Dividend Yield refers to the annualized rate of return from dividends on a stock investment. It is calculated by dividing the annual dividends per share by the stock’s month end closing price. It does not take into account other forms of returns, such as those from capital gains.

3-Year Earnings per Share Growth is calculated by taking a corporation’s net income available for common stock divided by its number of shares of common stock outstanding over the previous three fiscal years.

Long-Term Debt to Capitalization Ratio is calculated by dividing a company’s total long-term debt outstanding by the total capitalization of the company (all debt plus all equity).

Predictive Beta is one measure of a portfolio’s sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of less (or more) than 1.0 indicates that the portfolio would have fluctuated less (or more) than the benchmark index. Predictive Beta is calculated utilizing available month-end portfolio and benchmark stock-level characteristics such as earnings /price ratio, market capitalization, and industry membership, amongst others, along with the historical variances and correlations of the returns associated with those characteristics. The calculation utilizes a data history of five years. The beta calculation is not based exclusively on historical returns. Predictive Beta is one measure of a portfolio’s sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of less (or more) than 1.0 indicates …  See more

Price/Earnings (P/E) Ratio refers to the price of a security at the close of the last day in the period divided by its last 12 months’ reported primary earnings per share (EPS).

Price/Book (P/B) Ratio refers to the price of a security at the close of the last day in the period divided by the latest quarter’s book value per share. Book value is the value at which an asset is carried on a company’s balance sheet.

Price/Sales Ratio is calculated by dividing a stock’s current price by its revenue per share for the trailing 12 months.

Fidelity Managed FidFolios^® and Fidelity^® Strategic Disciplines are advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser, for a fee. Fidelity Managed FidFolios^® includes the Environmental Focus Strategy, the U.S. Large Cap Index Strategy, the International Index Strategy, the U.S. Total Market Index Strategy, the U.S. Low Volatility Index Strategy, the Dividend Income Strategy, the U.S. Large Cap Strategy, and the International Strategy. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, FBS and NFS are Fidelity Investments companies.

FPWA has engaged Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company, to provide the day-to-day discretionary portfolio management of Fidelity Managed FidFolios^® accounts, including investment selection and trade execution, subject to FPWA’s oversight.

Effective March 31, 2025, Fidelity Personal and Workplace Advisors LLC (FPWA) will merge into Strategic Advisers LLC (Strategic Advisers). Any services provided or benefits received by FPWA as described above will, as of March 31, 2025, be provided and/or received by Strategic Advisers. FPWA and Strategic Advisers are Fidelity Investments companies.

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