Fidelity Institutional Model SMAs

*Prior to 10/31/25, Fidelity Institutional Model Separately Managed Accounts (SMAs) were named Fidelity Advisor SMAs. The management and strategy have not changed.

^SMAs had "Focused" added to their name to denote single source investment strategies that are optimized versions of a source Fidelity mutual fund/ETF or FIAM strategy.

This document does not make an offer or solicitation to buy or sell any securities or services and is not investment advice.

Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. • Growth stocks can perform differently from other types of stocks and the market as a whole and can be more volatile than other types of stocks. • Securities selected using quantitative analysis can perform differently from the market as a whole or securities selected using only fundamental analysis. • The securities of smaller, less well-known companies can be more volatile than those of larger companies. • The health care industries are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations. The strategy may have additional volatility because of its narrow concentration in a specific industry. • Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. • There is no guarantee that a factor-based investing strategy will enhance performance or reduce risk. Before investing, make sure you understand how a factor investment strategy may differ from a more traditional index-based or actively managed approach. Depending on market conditions, factor-based investment may underperform compared to investments that seek to track a market-capitalization weighted index or investments that employ full active management. • The composite return of an index SMA is usually different from that of the index it tracks because of fees, expenses, and tracking error. • Securities selected using quantitative analysis can perform differently from the market as a whole or securities selected using only fundamental analysis • The strategy may not achieve its intended results and could underperform the market as a whole.

Diversification does not ensure a profit or guarantee against a loss.

It is not possible to invest directly in an index.

ETF refers to exchange traded fund. • SMA refers to separately managed account. • UMA refers to unified managed account.

The Fidelity Institutional Model SMAs (“Model SMAs”) are made available to financial intermediaries on a non-discretionary basis by Fidelity Institutional Wealth Adviser LLC (FIWA), a registered investment adviser, including intermediaries referred to FIWA by its affiliate Fidelity Distributors Company LLC (FDC), a registered broker-dealer that is compensated by FIWA for such services. Financial intermediaries compensate FIWA for utilizing the Model SMAs.

FDC and FIWA ("Fidelity") are not acting as a fiduciary or in any advisory capacity in providing this information to your clients. The information is designed to be utilized by you solely as a resource, along with other potential sources, in providing advisory services to your clients. You are solely responsible for determining whether the Model SMAs and the investments included in the Model SMAs are appropriate and suitable for you to base a recommendation on or to provide advice to any end investor about the potential use of the Model SMAs.

Fidelity does not have investment discretion and does not place trade orders for any of your clients' accounts. Information and other marketing materials provided to you by Fidelity concerning the Model SMAs are not indicative of your client's potential experience from utilizing one or more of the Model SMAs and will differ.

The Chartered Financial Analyst (CFA) designation is offered by the CFA Institute. To obtain the CFA charter, candidates must pass three exams demonstrating their competence, integrity, and extensive knowledge in accounting, ethical and professional standards, economics, portfolio management, and security analysis, and must also have at least 4,000 hours of qualifying work experience completed in a minimum of 36 months, among other requirements. CFA® is a trademark owned by CFA Institute.

1. Source: Fidelity Investments, as of 9/30/25. Data is unaudited. Research professionals include both analysts and associates.