Title: MR_GB_en_IE000PNL0242_YES_2026-03-31.pdf URL Source: https://api.fundinfo.com/document/d34e632157f12372f3bc535c28063220_183731/MR_GB_en_IE000PNL0242_YES_2026-03-31.pdf?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581 Published Time: 2026-04-13T03:03:42.000Z Number of Pages: 3 Markdown Content: > ret.en.gb.20260331.IE000PNL0242.pdf/1045394 # Fidelity US Fundamental Small-Mid Cap UCITS ETF Accumulation Shares # 31.03.2026 Monthly Factsheet Marketing Communication Important Information Funds are subject to charges and expenses. Charges and expenses reduce the potential growth of your investment. This means you could get back less than you paid in. The costs may increase or decrease as a result of currency and exchange rate fluctuations. Please refer to the Prospectus and KIID of the fund before making any final investment decisions. This semi-transparent active equity ETF is different to traditional ETFs which are fully transparent. Fully transparent active equity ETFs tell the public what assets they hold each day. This ETF will publish quarter end holdings within 30 business days of calendar quarter end. This may create additional risks for your investment. For example, you may have to pay more money or receive less money to trade the shares of these ETFs because some market participants may have less information. Please refer to the Prospectus and KIID of the fund before making any final investment decisions. Product Features • An actively managed, high conviction strategy • Combines the highest conviction ideas from multiple Fidelity portfolio managers into a single strategy • Invested in a diversified portfolio of U.S. companies that have small-to-mid market capitalisation • This is a semi-transparent ETF Fund facts Fund Asset Class: Equity Primary Ticker: FFSM Index Name: Russell 2500 Net of 30% Tax Index Fund Management Approach: Active Fund Base Currency: USD Share Class Base Currency: USD Share Class Inception: 02.09.25 ISIN: IE000PNL0242 Share Class Ongoing Charges: 0.43% Fund domicile: Ireland Fund Net Assets (m): USD 23.9093 Share Class Net Assets (m): USD 23.9093 Share Class Shares Outstanding: 4,300,000 Distribution type: Accumulating Fund legal structure: ICAV Number of Holdings: 193 Number of Issuers: 193 SFDR Classification: 6 Fund UCITS Compliant: Yes UCITS Eligible: Yes Fund Management Company: FIL Investment Management (Luxembourg) Sarl Fund Custodian: Brown Brothers Harriman Trustee Services (Ireland) Limited Fund Administrator & Transfer Agent: Brown Brothers Harriman Fund Administration Services As standard, Fidelity aims to meet all applicable tax reporting requirements for all of the Fidelity ETFs. Applications are made throughout the year depending on the time scale required by each applicable local tax authority of the relevant country that the fund is registered in. Dealing Information Exchange Trading Currency Ticker Bloomberg SEDOL Borsa Italiana EUR FFSM FFSM IM BVMJZM8 London Stock Exchange GBP FFS1 FFS1 LN BVMC6J1 London Stock Exchange USD FFSM FFSM LN BVMC6H9 SIX USD FFSM FFSM SE BVMJZN9 Xetra EUR FFSM FFSM GY BVMJZL7 Index Information Index Provider RUSSELL Calculation Agent RUSSELL Rebalance Frequency Monthly Index Ticker RU25N30U Index Objectives & Investment Policy The fund's objective is to provide investors with long term capital growth by actively investing in a portfolio primarily made up of equity securities of companies with small-to-mid market capitalisations domiciled, or exercising the predominant part of their economic activity, in the United States. For full details of the objectives please refer to the Key Information Document (KID) and the Prospectus. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Returns may increase or decrease as a result of currency fluctuations. Performance data is based on the net asset value (NAV) of the ETF with income reinvested, net of fees, which may not be the same as the market price of the ETF. Brokerage or transaction fees will apply. Data shown does not take into account any Initial Charge that may apply. Individual shareholders may realise returns that are different to the NAV performance Performance for 12 month periods in USD (%) Mar Mar 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 Fund - - - - - - - - - - Performance for calendar years in USD (%) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fund - - - - - - - - - - Cumulative performance in USD (rebased to 100) In line with regulatory requirements, performance data will be shown when this share class has been running for 12 months. Source of fund performance and volatility and risk measures is Fidelity. Performance is excluding initial charge. Share Class Risk and Reward Profile Lower risk Higher risk # 1 2 3 4 5 6 7 For full risk details please consult the KID. 2 > ret.en.gb.20260331.IE000PNL0242.pdf/1045394 # Fidelity US Fundamental Small-Mid Cap UCITS ETF Accumulation Shares # 31.03.2026 Monthly Factsheet Top 10 Holdings (%) Security Names Fund Index Relative TECHNIPFMC PLC 2.0 0.4 1.6 LUMENTUM HLDGS INC 1.9 0.7 1.2 FABRINET 1.8 0.3 1.5 ADVANCED ENERGY INDUSTRIES INC 1.6 0.2 1.4 US FOODS HOLDING CORP 1.5 0.3 1.3 IES HOLDINGS INC 1.5 0.1 1.5 COMFORT SYSTEMS USA INC 1.5 0.7 0.8 SOMNIGROUP INTERNATIONAL INC 1.4 0.2 1.2 FIRSTCASH HOLDINGS INC 1.4 0.1 1.3 ATI INC 1.4 0.3 1.1 Sector Exposure (%) Fund Index Relative ■ Industrials 26.70 21.50 5.10 ■ Information Technology 14.90 15.00 0.00 ■ Financials 14.20 15.40 -1.20 ■ Consumer Discretionary 10.70 10.20 0.50 ■ Health Care 10.30 12.60 -2.30 ■ Energy 5.50 5.20 0.30 ■ Real Estate 5.30 6.00 -0.70 ■ Materials 4.50 5.50 -1.00 ■ Consumer Staples 4.10 3.10 1.00 ■ Utilities 2.80 3.00 -0.20 ■ Communication Services 0.70 2.60 -1.90 Geographic Exposure (%) Fund Index Relative ■ United States 96.40 97.90 -1.50 ■ Canada 2.10 0.50 1.60 ■ United Kingdom 0.50 0.30 0.20 ■ Israel 0.40 0.00 0.40 ■ Netherlands 0.10 0.00 0.10 ■ Belgium 0.10 0.10 0.00 ■ Ireland 0.00 0.00 0.00 ■ Norway 0.00 0.20 -0.20 ■ Brazil 0.00 0.20 -0.20 ■ Germany 0.00 0.10 -0.10 ■ Others 0.00 0.70 -0.70 Figures may not always sum to totals due to rounding. Glossary Annualised volatility: a measure of how variable returns for a fund or comparative market index have been around their historical average (also known as “standard deviation”). Two funds may produce the same return over a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk. The calculation is the standard deviation of 36 monthly returns presented as an annualised number. Volatility for funds and indices are calculated independently of each other. Relative volatility: a ratio calculated by comparing the annualised volatility of a fund to the annualised volatility of a comparative market index. A value greater than 1 indicates the fund has been more volatile than the index. A value less than 1 shows the fund has been less volatile than the index. A relative volatility of 1.2 means the fund has been 20% more volatile than the index, while a measure of 0.8 would mean the fund has been 20% less volatile than the index. Sharpe ratio: a measure of a fund’s risk-adjusted performance, taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund is generating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned less than the risk-free rate. The ratio is calculated by subtracting the risk-free return (such as cash) in the relevant currency from the fund’s return, then dividing the result by the fund’s volatility. It is calculated using annualised numbers. Annualised alpha: the difference between a fund’s expected return (based on its beta) and the fund’s actual return. A fund with a positive alpha has delivered more return than would be expected given its beta. Beta: a measure of a fund’s sensitivity to market movements (as represented by a market index). The beta of the market is 1.00 by definition. A beta of 1.10 shows that the fund could be expected to perform 10% better than the index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund could be expected to perform 15% worse than the market return during up markets and 15% better during down markets. Annualised tracking error: a measure showing how closely a fund follows the index to which it is being compared. It is the standard deviation of the fund’s excess returns. The higher the fund’s tracking error, the higher the variability of fund returns around the market index. Information ratio: a measure of a fund’s effectiveness in generating excess return for the level of risk taken. An information ratio of 0.5 shows the fund has delivered an annualised excess return equivalent to half the value of the tracking error. The ratio is calculated by taking the fund’s annualised excess return and dividing it by the fund’s tracking error. R²: a measure representing the degree to which a fund’s return can be explained by the returns of a comparative market index. A value of 1 signifies the fund and index are perfectly correlated. A measure of 0.5 means only 50% of the fund’s performance can be explained by the index. If the R² is 0.5 or lower, the fund’s beta (and therefore its alpha too) is not a reliable measure (due to a low correlation between fund and index). Ongoing charges: The ongoing charges figure represents the charges taken from the fund over a year. It is calculated at the fund's financial year end and may vary from year to year. For classes of funds with fixed ongoing charges, this may not vary from year to year. For new classes of funds or classes undergoing corporate actions (eg amendment to annual management charge), the ongoing charges figure is estimated until the criteria are met for an actual ongoing charges figure to be published. The types of charges included in the ongoing charges figure are management fees, administration fees, custodian and depositary fees and transaction charges, shareholder reporting costs, regulatory registration fees, Directors fees (where applicable) and bank charges. It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. For more information about charges (including details of the fund's financial year end), please consult the charges section in the most recent Prospectus. Distribution Yield (%): The Distribution Yield reflects the amounts that may be expected to be distributed over the next twelve months as a percentage of the mid-market unit price of the fund as at the date shown and is based on a snapshot of the portfolio on that day. It includes the fund’s ongoing charges but does not include any preliminary charge and investors may be subject to tax on distributions. SFDR Classification: Shows the latest classification given to each fund as part of the EU Sustainable Finance Disclosure Regulation (SFDR). Article 9 funds have sustainable investment as their objective and promote environmental or social characteristics. Article 9(3) funds have a reduction in carbon emissions as their objective. Article 8 funds promotes environmental or social characteristics, but do not have a sustainable investment objective. Article 6 funds integrate sustainability risks (unless specified otherwise in the prospectus) into investment analysis and decision-making, without the funds promoting environmental or social characteristics or having sustainable investments as their objective. 3 > ret.en.gb.20260331.IE000PNL0242.pdf/1045394 # Fidelity US Fundamental Small-Mid Cap UCITS ETF Accumulation Shares # 31.03.2026 Monthly Factsheet Important Information This information must not be reproduced or circulated without prior permission. Fidelity only offers information on products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client. Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited. No statements or representations made in this document are legally binding on Fidelity or the recipient. Any proposal is subject to contract terms being agreed. Fidelity UCITS ICAV is registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 and is authorised by the Central Bank of Ireland as a UCITS. The Index which the sub-fund of the Fidelity UCITS ICAV is tracking comprises the equity securities of the relevant companies. For more information on the Index, please refer to the publicly available index methodology. FIL Investment Management (Luxembourg) S.A.R.L. reserves the right to terminate the arrangements made for the marketing of the sub-fund and/ or its shares in accordance with Article 93a of Directive 2009/65/EC and Article 32a of Directive 2011/61/EU. Prior notice of this cessation will be made in Luxembourg. Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. This share class is registered and distributed in the following locations: Austria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Slovakia, Spain, Sweden, Switzerland, United Kingdom. We recommend that you obtain detailed information before taking any investment decision on the basis of the current prospectus and KID (key information document), along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors, from your financial advisor or from the branch of your bank and from our European Service Centre in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier). Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on your local Fidelity website which can be accessed via the following link https://www.fidelityinternational.com (Products & services) by selecting your country of residence. All documentation and information will be in the local or an accepted European language of the country selected. United Kingdom : Investments should be made on the basis of the KIID (key investor information document) which is available at www.fidelity.co.uk The scheme is authorised overseas but not in the UK. The Financial Ombudsman Service (FOS) is unlikely to be able to consider complaints related to the scheme, its operator or its depositary. Any claims for losses relating to the operator and the depositary of the scheme are unlikely to be covered under the Financial Services Compensation Scheme (FSCS). Prospective investors should consider getting financial advice before deciding to invest and should see the Prospectus of the scheme for more information. Issued in the UK by FIL Pensions Management, authorised and regulated by the Financial Conduct Authority. CL24071401 GB_English 68810 T6b