FIDELITY GLOBAL HY CORP BOND RESEARCH ENHANCED PAB UCITS ETF Key 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 GLOBAL HY CORP BOND RESEARCH ENHANCED PAB UCITS ETF a sub-fund of FIDELITY ICAV II FIDELITY GLOBAL HY CORP BOND RESEARCH ENHANCED PAB UCITS ETF GBP HEDGED ACC (ISIN: IE000C17QP01 ) This fund is managed by FIL Investment Management (Luxembourg) S.A.R.L.Objectives and investment policy Risk and reward profile Objective: The fund aims to align with the Paris Agreement long- term global warming objectives by restricting the carbon emissionLower risk Higher risk exposure of its portfolio and to achieve income and capital growth. Investment Policy: The fund invests in a portfolio primarily made up Typically lower reward Typically higher reward of high-yielding, sub-investment grade corporate debt securities of issuers globally. The fund is aligned with the Paris Agreement’s climate targets on greenhouse gas emission reduction. The fund may use derivatives for efficient portfolio management and 1 2 3 4 56 7 currency hedging purposes. Historical data may not be a reliable indication for the future. The Investment Process: The fund is actively managed and references risk category shown is not guaranteed and may change over time. the Solactive Paris Aligned Global Corporate High Yield USD Index (the “Benchmark”) as part of its investment process. The reductionThe lowest category does not mean a "risk free" investment. The of carbon emission objective of the fund will be at least aligned risk and reward profile is classified by the level of historical with the Benchmark. The fund assesses the ESG characteristics of fluctuation of the Net Asset Values of the share class, and within more than 90% of its assets. The fund uses a combination of this classification, categories 1-2 indicate a low level of historical quantitative, fundamental and sustainability research to select fluctuations, 3-5 a medium level and 6-7 a high level. securities which are: (a) weighted with a view to maximising The value of your investment may fall as well as rise and you may portfolio return relative to the Benchmark; (b) at least aligned with get back less than you originally invested. the carbon emission performance of the Benchmark; and (c) The fund may invest in instruments denominated in currencies other sustainable investments. For more information, see “Sustainable than the fund base currency. Changes in currency exchange rates Investing Policy and ESG Integration” and the Sustainability Annexcan therefore affect the value of your investment. sections of the Prospectus. This fund is categorised in risk class 4 because, in accordance with Base Currency USD the investment policy, the value of the investments may fluctuate Distribution: As this is a non-distributing share class, dividends aremoderately. Consequently, both the expected return and the re-invested. potential risk of loss may be average. Benchmark: Solactive Paris Aligned Global Corporate High YieldAdditional risks: liquidity. USD Index, an index that takes into account ESG characteristics. Recommended Holding Period: This product may appeal to Used for: alignment of reduction of carbon emission objective of investors who plan to hold their investment for a recommended the fund. The Benchmark tracks the performance of high yield, sub-holding period of at least 3 years. investment grade 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. FIDELITY GLOBAL HY CORP BOND RESEARCH ENHANCED PAB UCITS ETF Charges for the 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 before it isinvested or before the proceeds of your investment are paid out. Entry Charge0.00%The ongoing charges figure is based on expenses for the year ending Exit Charge 0.00% 31/01/2025. This figure may vary from year to year. It excludes: •performance fees (where applicable); • portfolio transaction costs, The entry and exit charges shown are maximum figures. In except in the case of an entry/exit charge paid by the fund when buying some cases you might pay less - you can find this out from or selling units in another collective investment undertaking. your financial adviser / distributor. For more information about charges, including the possibility that swing Charges taken from the fund over a yearpricing may apply, please consult the most recent Prospectus.*Authorised participants dealing directly with the fund may pay an entry Ongoing Charge 0.40% charge up to 5% and an exit charge up to 3%. Although not chargeddirectly to investors who are not authorised participants, these charges Charges taken from the fund under certain specific may have an impact on brokerage fees, transaction fees and / or the conditions "bid-ask" spread. Performance fee N/A Past PerformancePast performance is not a guide to future performanceresults.If any, the past performance shown takes into accountthe ongoing charges with exception of any applicableentry/exit charges.The fund was launched on Nov. 7, 2022. This shareclass was launched on Nov. 7, 2022.The currency of the Fund is USD, while the currency ofthe Class is GBP. The return may increase or decreaseas a result of currency fluctuations. 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.à.r.l., Ireland Branch. These documents and details of the remuneration policy are available via www.fidelityinternational.com. FIL Investment Management (Luxembourg) S.à.r.l., 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.à.r.l., 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. The tax legislation in Ireland may have an impact on your personal tax position. For further details you should consult a tax advisor. The fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements. This fund is authorised in Ireland and regulated by Central Bank of Ireland (CBI). FIL Investment Management (Luxembourg) S.à.r.l., Ireland Branch is the Irish branch of FIL Investment Management (Luxembourg) S.à.r.l., which is authorised in Luxembourg and regulated by Commission de Surveillance du Secteur Financier (CSSF). This key investor information is accurate as at 30-04-2026