Fidelity USD 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 Corp Bond Research Enhanced PAB UCITS ETF a sub-fund of Fidelity UCITS II ICAV Fidelity USD Corp Bond Research Enhanced PAB UCITS ETF GBP Hedged Acc (ISIN:IE000X3MDCC5) 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 Sub-Fund aims to achieve its investment objective on an active basis by investing in a portfolio primarily made up of USD denominated investment grade corporate debt 12 3 4 5 6 7 securities of issuers globally. The fund is aligned with the Paris Agreement’s climate targets on Historical data may not be a reliable indication for the future. greenhouse gas emission reduction.The risk category shown is not guaranteed and may change over The fund may use derivatives for efficient portfolio management time. and currency hedging purposes.The lowest category does not mean a "risk free" investment. Investment Process: The fund is actively managed and The risk and reward profile is classified by the level of historical references the Solactive USD Corporate IG PAB Index (the fluctuation of the Net Asset Values of the share class, and within “Benchmark”) as part of its investment process. The reduction of this classification, categories 1-2 indicate a low level of historical carbon emission objective of the fund will be at least alignedfluctuations, 3-5 a medium level and 6-7 a high level. with the Benchmark. The fund assesses the ESG characteristics of The value of your investment may fall as well as rise and you more than 90% of its assets. The fund uses a combination of may get back less than you originally invested. quantitative, fundamental and sustainability research to select The fund may invest in instruments denominated in currencies securities which are: (a) weighted with a view to maximising other than the fund base currency. Changes in currency exchange portfolio return relative to the Benchmark; (b) at least aligned rates can therefore affect the value of your investment. with the carbon emission performance of the Benchmark; and (c)This fund is categorised in risk class 4 because, in accordance sustainable investments. For more information, see “Sustainable with the investment policy, the value of the investments may Investing Policy and ESG Integration” and the Sustainability fluctuate moderately. Consequently, both the expected return and Annex sections of the Prospectus. the potential risk of loss may be average. Base Currency: USD Benchmark: Solactive USD Corporate IG 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 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: As this is a non-distributing share class, dividends are reinvested. Fidelity USD 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 yearof an entry/exit charge paid by the fundwhen buying or selling units in another Ongoing charges 0.25%collective investment undertaking. Charges taken from the fund under certain specific conditions For more information about charges, including the possibility that swing pricing may apply, please consult the most recent Performance fee N/A Prospectus. *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 and the class were launched on 18 October 2023. The currency of the Fund is USD, while the currency of the Class is GBP. The return may increase or decrease as 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.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.