Fidelity USD Corp Bond Research Enhanced 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 UCITS ETF a sub-fund of Fidelity UCITS II ICAV Fidelity USD Corp Bond Research Enhanced UCITS ETF Accumulation Shares (ISIN:IE000W24OG76) This fund is managed by FIL Investment Management (Luxembourg) S.à.r.l., Ireland Branch Objectives and Investment Policy Risk and Reward Profile Objective: The investment objective of the Sub-Fund is to achieve Lower RiskHigher Risk income and capital growth. Investment Policy: The Sub-Fund aims to achieve its investment objective on an active basis by investing in a portfolio primarilyTypically lower rewards Typically higher rewards made up of USD denominated investment grade corporate debt securities of issuers globally. Investment Process: The fund is actively managed and12 3 4 5 6 7 references the Bloomberg US Corporate Bond Index (the “Benchmark”) as part of its investment process. The InvestmentHistorical data may not be a reliable indication for the future. Manager aims to deliver attractive risk-adjusted returns by The risk category shown is not guaranteed and may change over optimising the level of return per unit of risk, or conversely, bytime. minimising risk for a given level of return. To achieve this, the The lowest category does not mean a "risk free" investment. Investment Manager applies a bottom-up security selection The risk and reward profile is classified by the level of historical approach based on fundamental and relative-value credit fluctuation of the Net Asset Values of the share class, and within analysis. A multi-factor model is used to assess corporate issuersthis classification, categories 1-2 indicate a low level of historical using financial data such as credit spreads, bond and equity fluctuations, 3-5 a medium level and 6-7 a high level. prices, and company fundamentals. Each issuer is allocated a The value of your investment may fall as well as rise and you factor score combining: (a) sentiment (e.g. equity volatility, credit may get back less than you originally invested. spreads), (b) fundamentals (e.g. profitability, debt servicingThe fund may invest in instruments denominated in currencies capacity, leverage), and (c) valuation (relative pricing versus other than the fund base currency. Changes in currency exchange peers). rates can therefore affect the value of your investment. The factor scores, along with bond-specific characteristics, This fund is categorised in risk class 4 because, in accordance transaction costs, and relative weights versus the Benchmark (by with the investment policy, the value of the investments may issuer, sector, country, duration, etc.), are used to construct a fluctuate moderately. Consequently, both the expected return and portfolio aimed at outperforming the Benchmark. the potential risk of loss may be average. The Investment Manager integrates ESG considerations into the Additional risks: none. security selection process and aims for the portfolio to achieve aRecommended holding period: This product may appeal to higher ESG score than the Benchmark. ESG data from Fidelity investors who plan to hold their investment for a recommended and external providers is assessed, and the manager promotes holding period of at least 3 years. good governance among investee companies. However, ESG factors may not be determinative in all investment decisions. For more information, see the “Sustainable Investing and ESG Integration” and Sustainability Annex sections of the Prospectus. Base Currency: USD Benchmark: Bloomberg US Corporate Bond Index, an index that takes into account ESG characteristics. Used for: performance comparison and portfolio construction reference. Distribution: As this is a non-distributing share class, dividends are reinvested. Fidelity USD Corp Bond Research Enhanced 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 investThis is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment Entry charge 0.00% 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 you It excludes: 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 0.20% collective investment undertaking. For more information about charges, including the possibility Charges taken from the fund under certain specific conditions 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 charges. The fund was launched on 7 October 2025.There is insufficient data to provide a useful indication of past performance to investors. This class was launched on 27 January 2026. 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. 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.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 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 16/01/2026.