Fidelity Continues to Enhance Its Line-Up of Sustainable Investment Products With the Launch of Four New Broad ESG Funds

Fidelity Investments^® today announced the launch of four new Environmental, Social and Governance (ESG) funds -- Fidelity Sustainable International Equity Fund (FSYRX), Fidelity Sustainable Emerging Markets Equity Fund (FSYJX), Fidelity Sustainable Multi-Asset Fund (FYMRX), and Fidelity Sustainable High Yield ETF (FSYD). With the addition of these new funds, Fidelity now offers investors and advisors 15 actively-managed and index sustainable mutual funds and ETFs.

The new sustainable mutual funds and ETF will have no investment minimums and are available for individual investors and financial advisors to purchase commission-free through Fidelity's online brokerage platforms. More information about Fidelity's full suite of sustainable investing funds and resources can be found at www.fidelity.com/sustainable.

Each of the three new mutual funds and one ETF will use Fidelity's proprietary forward-looking and historical ESG ratings frameworks in addition to third-party ESG ratings to evaluate a company's or issuer's sustainable business practices.

"Fidelity's ESG ratings build on our legacy of active management and quantitative capabilities, leveraging our global experience in corporate engagement and fundamental analysis," said Pam Holding, Co-Head of Equity and Head of Sustainable Investing at Fidelity Investments. "The integration of our proprietary ESG ratings into these four new products will offer our customers building block solutions to help connect their financial goals to positive themes in the broader world."

Fidelity Sustainable International Equity Fund and Fidelity Emerging Markets Equity Fund will invest in companies with proven or improving sustainability practices, in developed and emerging markets, respectively. Fidelity Sustainable High Yield ETF will invest in high-yield debt securities of issuers that Fidelity believes have proven or improving sustainability practices, using a joint quantitative and fundamental ("quantamental") investment approach to identify bonds within that universe with strong return potential and low probability of default. Fidelity Sustainable Multi-Asset Fund will invest in Fidelity's actively managed and index sustainable funds and is designed for investors seeking a diversified fund with an emphasis on equities and long-term growth.

About Sustainable Investing at Fidelity

Fidelity's sustainable lineup includes thematic sustainable funds that focus on a specific ESG theme, and broad sustainable funds that include all three ESG themes, available at www.fidelity.com/sustainable. In addition to the newly launched funds, the lineup includes:

• Fidelity Climate Action Fund (FCAEX);
• Fidelity Environment & Alternative Energy Portfolio (FSLEX);
• Fidelity Environmental Bond Fund (FFEBX);
• Fidelity International Sustainability Index Fund (FNIDX)
• Fidelity Sustainability Bond Index Fund (FNDSX);
• Fidelity Sustainability U.S. Equity Fund (FSEBX);
• Fidelity Sustainability U.S. Equity ETF (FSST)¹;
• Fidelity U.S. Sustainability Index Fund (FITLX);
• Fidelity Water Sustainability Fund (FLOWX);
• Fidelity Women's Leadership Fund (FWOMX); Fidelity Women's Leadership ETF (FDWM)¹

¹ This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example: You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders. These additional risks may be even greater in bad or uncertain market conditions. The ETF will publish on its website each day a "Tracking Basket" designed to help trading in shares of the ETF. While the Tracking Basket includes some of the ETF's holdings, it is not the ETF's actual portfolio. The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance. For additional information regarding the unique attributes and risks of the ETF, see the disclosure in the Principal Investment Risks section of the prospectus.

Fidelity's broad index sustainable funds are diversified index funds that track benchmarks targeting high ESG-rated companies and/or bond issuers, designed for investors seeking a low-cost choice for their socially responsible investments.

Fidelity also offers separately managed accounts (SMAs) that can be customized by excluding certain companies or industries from the portfolio. In 2021, Fidelity introduced a technology solution, ESG Pro, which makes ESG investing more accessible for financial advisors through Fidelity's end-to-end solution that helps advisors include ESG investments in their portfolios and talk about ESG with their clients. Fidelity's Mutual Fund Evaluator enables investors to search for socially responsible mutual funds, among other factors.

Additionally, Fidelity provides education and thought leadership on sustainable investing for retail investors and advisors. Fidelity recently published a whitepaper on the market backdrop and Fidelity's approach to climate change investments, "Climate Change: Potential Investment Opportunities." More information on Fidelity's proprietary ESG ratings can be found in these whitepapers: "The beliefs and philosophical underpinnings of Fidelity's proprietary ESG Ratings" and "ESG ratings: Look closer."

Principal Investment Strategies for Fidelity's Four New Sustainable Funds

• Fidelity Sustainable International Equity Fund normally invests at least 80% of assets in equity securities of companies that FMR believes have proven or improving sustainability practices based on an evaluation of such companies' individual environmental, social, ESG profile.
• Fidelity Sustainable Emerging Markets Equity Fund normally invests at least 80% of assets in equity securities of companies in emerging markets, including equity investments that are tied economically to emerging markets, that FMR believes have proven or improving sustainability practices based on an evaluation of such companies' individual ESG profile.
• Fidelity Sustainable High Yield ETF normally invests at least 80% of the fund's assets in debt securities rated below investment grade (also referred to as high yield debt securities or junk bonds) of issuers that FMR believes have proven or improving sustainability practices based on an evaluation of such issuers' individual ESG profile.
• Fidelity Sustainable Multi-Asset Fund normally invests at least 80% of assets in Fidelity funds, including mutual funds and ETFs, that invest in securities of issuers that FMR believes have proven or improving sustainability practices based on an evaluation of such issuers' individual ESG profile and in Fidelity index funds that track ESG indices.

About Fidelity Investments

Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $11.8 trillion, including discretionary assets of $4.5 trillion as of December 31, 2021, we focus on meeting the unique needs of a diverse set of customers. Privately held for 75 years, Fidelity employs more than 57,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.

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Free commission offer applies to online purchases of Fidelity ETFs in a Fidelity retail account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal).

Zero account minimums apply to retail brokerage accounts only. Account minimums may apply to certain account types (e.g., managed accounts) and/or the purchase of some Fidelity mutual funds that have a minimum investment requirement. See Fidelity.com/commissions and/or the fund's prospectus for details.

Diversification and asset allocation do not ensure a profit or guarantee against loss.

ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs have management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.

Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market or economic developments. Investing in stock involves risks, including the loss of principal.

In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. While it may seem appealing to look at bonds that offer higher yields, investors should consider those higher yields to be a sign of potentially greater risk.

While environmental, social and corporate governance (ESG) factors are available to incorporate into our investment process across all Fidelity fund offerings, ESG assessments represent one of many pieces of research available to the portfolio managers and the degree to which it impacts a fund's holdings may vary fund by fund based on the portfolio manager's discretion. Investing based on ESG factors may cause a strategy to forgo certain investment opportunities available to strategies that do not use such criteria. Because of the subjective nature of sustainable investing, there can be no guarantee that ESG criteria used by Fidelity will reflect the beliefs or values of any particular client.

"Fidelity Managed Accounts" or "Fidelity managed accounts" refer to the discretionary investment management services provided through Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser. These services are provided for a fee. 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.

Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.

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