FIDELITY USD 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 USD CORP BOND RESEARCH ENHANCED PAB UCITS ETF a sub-fund of FIDELITY ICAV II FIDELITY USD CORP BOND RESEARCH ENHANCED PAB UCITS ETF INC-USD (ISIN: IE000JJQ6248 ) 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 Sub-Fund aims to achieve its investment Typically lower reward Typically higher reward objective on an active basis by investing in a portfolio primarily made up of USD denominated investment grade corporate debt securities of issuers globally. The fund is aligned with the Paris Agreement’s climate targets on greenhouse gas emission 1 2 3 4 56 7 reduction. The fund may use derivatives for efficient portfolio management and currency hedging purposes. Historical data may not be a reliable indication for the future. The risk category shown is not guaranteed and may change over time. Investment Process: The fund is actively managed and references the Solactive USD Corporate IG PAB Index (the “Benchmark”) as The lowest category does not mean a "risk free" investment. The part of its investment process. The reduction of carbon emission risk and reward profile is classified by the level of historical objective of the fund will be at least aligned with the Benchmark.fluctuation of the Net Asset Values of the share class, and within The fund assesses the ESG characteristics of more than 90% of its this classification, categories 1-2 indicate a low level of historical assets. The fund uses a combination of quantitative, fundamental fluctuations, 3-5 a medium level and 6-7 a high level. and sustainability research to select securities which are: (a) The value of your investment may fall as well as rise and you may weighted with a view to maximising portfolio return relative to the get back less than you originally invested. Benchmark; (b) at least aligned with the carbon emission The fund may invest in instruments denominated in currencies other performance of the Benchmark; and (c) sustainable investments. Forthan the fund base currency. Changes in currency exchange rates more information, see “Sustainable Investing Policy and ESG can therefore affect the value of your investment. Integration” and the Sustainability Annex 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: Income earned by the fund is reinvested in additional moderately. Consequently, both the expected return and the shares or paid to shareholders on request.potential risk of loss may be average. Benchmark: Solactive USD Corporate IG PAB Index, an index thatAdditional risks: none. takes into account ESG characteristics. Used for: alignment ofRecommended Holding Period: This product may appeal to reduction of carbon emission objective of the fund. The Benchmark investors who plan to hold their investment for a recommended tracks the performance of investment grade USD denominatedholding period of at least 3 years. 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 USD 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 shown here for this new class is an estimate Exit Charge 0.00% of the charges. 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 0.20% 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 Oct. 18, 2023. This shareclass was launched on Oct. 18, 2023.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.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.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 30-04-2026