Fidelity Institutional International Capital Appreciation Focused Model SMA

*Prior to 10/31/25, the Fidelity Institutional International Capital Appreciation Focused Model SMA was named Fidelity Advisor International Capital Appreciation SMA. The management and strategy have not changed.

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.

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

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. The strategy may not achieve its intended results and could underperform the market as a whole.

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.

DEFINITIONS AND IMPORTANT INFORMATION

MSCI ACWI (All Country World Index) ex USA Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large- and mid-cap stocks in developed and emerging markets, excluding the United States.  • It is not possible to invest directly in an index. All market indices are unmanaged. • Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company.