Fidelity USD HY Corp Bond Research Enhanced PAB UCITS ETFKey Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Fidelity USD HY Corp Bond Research Enhanced PAB UCITS ETF a sub-fund of Fidelity UCITS II ICAV Fidelity USD HY Corp Bond Research Enhanced PAB UCITS ETF Inc (ISIN:IE000ARLR807) This fund is managed by FIL Investment Management (Luxembourg) S.A., Ireland Branch Objectives and Investment Policy Risk and Reward Profile Objective: The fund aims to align with the Paris AgreementLower Risk Higher Risk long-term global warming objectives by restricting the carbon emission exposure of its portfolio and to achieve income and capital growth. Typically lower rewards Typically higher rewards Investment Policy: The fund invests in a portfolio primarily made up of USD denominated high-yielding, sub-investment grade corporate debt securities of issuers globally. 12 3 4 5 6 7 The fund is aligned with the Paris Agreement’s climate targets on greenhouse gas emission reduction.Historical data may not be a reliable indication for the future. The fund may use derivatives for efficient portfolio management The risk category shown is not guaranteed and may change over and currency hedging purposes.time. Investment Process: The fund is actively managed and The lowest category does not mean a "risk free" investment. references the Solactive USD Corporate HY PAB Index (the The risk and reward profile is classified by the level of historical “Benchmark”) as part of its investment process. The reduction of fluctuation of the Net Asset Values of the share class, and within carbon emission objective of the fund will be at least alignedthis classification, categories 1-2 indicate a low level of historical with the Benchmark. The fund assesses the ESG characteristics of fluctuations, 3-5 a medium level and 6-7 a high level. more than 90% of its assets. The fund uses a combination of The value of your investment may fall as well as rise and you quantitative, fundamental and sustainability research to select may get back less than you originally invested. securities which are: (a) weighted with a view to maximising The fund may invest in instruments denominated in currencies portfolio return relative to the Benchmark; (b) at least aligned other than the fund base currency. Changes in currency exchange with the carbon emission performance of the Benchmark; and (c)rates can therefore affect the value of your investment. sustainable investments. For more information, see “Sustainable This fund is categorised in risk class 5 because, in accordance Investing Policy and ESG Integration” and the Sustainability with the investment policy, the value of the investments may Annex sections of the Prospectus. fluctuate somewhat sharply. Consequently, both the expected Base Currency: USD. return and the potential risk of loss may be above average. Benchmark: Solactive USD Corporate HY PAB Index, an index that takes into account ESG characteristics. Used for: alignment of reduction of carbon emission objective of the fund. The Benchmark tracks the performance of high yield, sub-investment grade USD denominated corporate debt securities publicly issued globally while at the same time aiming to align with the Paris Agreement’s climate targets on greenhouse gas emission reduction. As a result of complying with these targets and the minimum technical requirements for EU Paris-aligned benchmarks, the Benchmark will be labelled as an EU Paris Aligned Benchmark. In addition, the Benchmark excludes issuers based on their involvement in activities with significant externalities (tobacco, fossil fuels, controversial weapons etc.), breaches of international norms and with a significant negative impact on certain sustainable development goals. The governance practices of issuers are assessed as part of the Benchmark construction process with the exclusion of companies with verified failure to respect established norms. Further details regarding the Benchmark are available on the index provider’s website at www.solactive.com/indices. Distribution: Income earned by the fund is reinvested in additional shares or paid to shareholders on request. Fidelity USD HY Corp Bond Research Enhanced PAB UCITS ETFCharges for this fund The charges you pay are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest This is the maximum that might be taken out of your money Entry charge 0.00% before it is invested or before the proceeds of your investment are paid out. Exit charge 0.00% The ongoing charges figure shown here for this new class is an estimate of the charges. This figure may vary from year to year. The entry and exit charges shown are maximum figures. In some cases It excludes: you might pay less - you can find this out from your financial adviser / • performance fees (where applicable); distributor. • portfolio transaction costs, except in the case Charges taken from the fund over a year of an entry/exit charge paid by the fund when buying or selling units in another Ongoing charges 0.30% collective investment undertaking. Charges taken from the fund under certain specific conditionsFor more information about charges, including the possibility that swing pricing may apply, please consult the most recent Performance fee N/AProspectus. *Authorised participants dealing directly with the fund may pay an entry charge up to 5% and an exit charge up to 3%. Although not charged directly to investors who are not authorised participants, these charges may have an impact on brokerage fees, transaction fees and / or the "bid-ask" spread. Past Performance Past performance is not a guide to future performance results. If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit There is insufficient data to provide a useful indication of past performance to investors. charges. The fund and the class were launched on 22 October 2024. Past performance has been calculated in USD. Practical Information Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited. This key information document describes a sub-fund of Fidelity UCITS II ICAV (the “Fund”). The prospectus and periodic reports are prepared for the entire Fund. For more information, please consult the prospectus and latest reports and accounts which may be obtained free of charge in English from FIL Investment Management (Luxembourg) S.A., Ireland Branch. These documents and details of the remuneration policy are available via www.fidelityinternational.com. The tax legislation in Ireland may have an impact on your personal tax position. For further details you should consult a tax advisor. FIL Investment Management (Luxembourg) S.A., Ireland Branch may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the fund. The Net Asset Value of the fund is available at the registered office of FIL Investment Management (Luxembourg) S.A., Ireland Branch, and at www.fidelityinternational.com. The assets and liabilities of the fund are segregated by law from those of other sub-funds and there is no cross-liability among the sub-funds. You may have the right to switch from this share class into the same or possibly other share class types of another sub-fund of the Fund. Details on switching rules may be found in the Prospectus. This fund is authorised in Ireland and regulated by Central Bank of Ireland (CBI). FIL Investment Management (Luxembourg) S.A., Ireland Branch (to be redesignated as FIL Investment Management (Luxembourg) S.a.r.l, Ireland Branch on or around March 2025) is the Irish branch of FIL Investment Management (Luxembourg) S.A., which is authorised in Luxembourg and regulated by Commission de Surveillance du Secteur Financier (CSSF). This key investor information is accurate as at 18/02/2025.