Fidelity US Equity Research Enhanced UCITS ETF Acc Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.

Product Fidelity US Equity Research Enhanced UCITS ETF Acc Management Company: FIL Investment Management (Luxembourg) Central Bank of Ireland (CBI) is responsible for supervising FIL S.A., Ireland Branch

Investment Management (Luxembourg) S.A., Ireland Branch in ISIN: IE00BKSBGS44(WKN: A2P0ZN)relation to this key information document. www.fidelity.luThis PRIIP is authorised in Ireland. Call +352 250 4041 for further information.FIL Investment Management (Luxembourg) S.A., Ireland Branch is FIL Investment Management (Luxembourg) S.A., Ireland Branch is a

the Irish branch of FIL Investment Management (Luxembourg) S.A., member of the Fidelity group of companies

which is authorised in Luxembourg and regulated by Commissionde Surveillance du Secteur Financier (CSSF).Publication date: 18/02/2025

What is this product? Type

characteristics. Used for: investment selection, risk monitoring, Shares of a sub-fund of Fidelity UCITS ICAV, an Undertaking forperformance and carbon footprint comparison. Collective Investment in Transferable Securities (UCITS).

The fund has limited discretion in choosing investments relative to SFDR product category: Article 8 (promotes environmental, social

the Benchmark. It may invest in securities not included in the and governance ("ESG") characteristics) - ESG Tilt.Benchmark and in different proportions to the Benchmark in orderto take advantage of investment opportunities; however, the Term

Benchmark constituents are generally representative of the fund’s This fund is open-ended. The Management Company is not portfolio. This means that both the fund’s portfolio and entitled to terminate the fund unilaterally, however, the board of performance is unlikely to vary significantly from those of the directors of Fidelity UCITS ICAV may terminate the fund by way of

Benchmark. liquidation or merger. Base Currency: USDAdditional information: You may sell (redeem) some or all of your Objectives shares on any Valuation Day.As this is a non-distributing share class, dividends are re-invested. Objective: The fund aims to achieve long-term capital growth from

This key information document describes a sub-fund of Fidelity a portfolio primarily made up of equity securities of companies in UCITS ICAV. A separate pool of assets is invested and maintained the United States. for each sub-fund of Fidelity UCITS ICAV. The assets and liabilities Investment Policy: The fund invests primarily in equities of

of the fund are segregated from those of other sub-funds and companies domiciled, or exercising the predominant part of their

there is no cross-liability among the sub-funds. economic activity, in the United States. The fund aims to

For more information, please consult the prospectus and latest outperform the Benchmark by a target of 1% annualised grossreports and accounts which can be obtained free of charge in returns over a period of 5 years or more. The fund may use English and other main languages from FIL Investment derivatives for efficient portfolio management and currencyManagement (Luxembourg) S.A., Ireland Branch. These documents hedging purposes.

and details of the Remuneration Policy are available via Investment Process: The fund is actively managed and referenceswww.fidelityinternational.com. The Net Asset Value of the fund is the Benchmark (as defined below) as part of its investment available at the registered office of Fidelity UCITS ICAV, and at process. The fund uses a quantitative approach to deliver awww.fidelityinternational.com. Information regarding portfolio portfolio of investments that are usually focused on the highest

holdings and the indicative net asset value is available at conviction stock recommendations identified by the Investment

www.fidelityinternational.com. Manager’s research analysts. On an ongoing basis, the fund willDepositary: Brown Brothers Harriman Trustee Services (Ireland) consider a wide range of environmental and social characteristics

Limited. such as carbon intensity, carbon emissions, energy efficiency, water and waste management, biodiversity, product safety, supply

Intended retail investor chain, health and safety and human rights. The fund aims to achieve an ESG score of its portfolio greater than that of its This product may appeal to investors with a basic knowledge of Benchmark. For more information, see “Sustainable Investing Policy and no or limited experience of investing in funds, who plan to and ESG Integration” and the Sustainability Annex sections of the

hold their investment for a recommended holding period of at Prospectus.least 5 years, who seek capital growth over the recommended Benchmark: MSCI USA (Net Total Return) Index (the

holding period and income; and who understand the risk of losing “Benchmark”), an index that does not take into account ESG some or all the capital invested. 1/3 Fidelity US Equity Research Enhanced UCITS ETF Acc What are the risks and what could I get in return? Risk Indicator 1

23

456 7 Lower riskHigher risk

The risk indicator assumes you keep the product for 5 years.

The actual risk can vary significantly if you cash in at the early stage and you may get back less.The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. Additional risks: none. This product does not include any protection from future market performance so you could lose some or all of your investment. If FIL Investment Management (Luxembourg) S.A., Ireland Branch is not able to pay you what is owed, you could lose your entire investment. Performance scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product or a suitable benchmark over the last 10 years. Markets could develop very differently in the future. Recommended holding period: 5 years Example investment : USD 10,000

If you exit after 1 year

If you exit after 5 years Scenarios Minimum

There is no minimum guaranteed return. You could lose some or all of your investment. StressWhat you might get back after costs4,460 USD

3,050 USD

Average return each year-55.4%

-21.1% Unfavourable

What you might get back after costs7,910 USD 12,800 USD

Average return each year-20.9%

5.1% Moderate

What you might get back after costs

11,540 USD

19,050 USD

Average return each year 15.4%

13.8% FavourableWhat you might get back after costs

15,760 USD

23,330 USD

Average return each year 57.6%

18.5% The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between 01/2024 and 01/2025. The moderate scenario occurred for an investment between 11/2015 and 11/2020. The favourable scenario occurred for an investment between 10/2016 and 10/2021.

What happens if FIL Investment Management (Luxembourg) S.A., Ireland Branch is unable to pay out? The assets and liabilities of this product are segregated from those of FIL Investment Management (Luxembourg) S.A., Ireland Branch. There is no cross-liability between these entities, and the product would not be liable if FIL Investment Management (Luxembourg) S.A., Ireland Branch or any delegated service provider were to fail or default. Shares of this product are traded on a stock market and settlement of such transactions are not affected by the position of FIL Investment Management (Luxembourg) S.A., Ireland Branch. This product does not participate in an investor compensation scheme. 2/3 Fidelity US Equity Research Enhanced UCITS ETF Acc What are the costs? The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time. Costs over Time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: • In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario. • USD 10,000 is invested.

If you exit after 1 year

If you exit after 5 years Total costs 21 USD 161 USD Annual cost impact (*)0.2%

0.2% each year

(*)This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 14.0% before costs and 13.8% after costs. Composition of Costs One-off costs upon entry or exit

If you exit after 1 year Entry costsWe do not charge an entry fee. 0 USD Exit costs We do not charge an exit fee for this product. 0 USD Ongoing costs taken each year Management fees and other

0.20% of the value of your investment per year. This is an estimate based

20 USD administrative or operating costs

on actual costs over the last year.0.01% of the value of your investment per year. This is an estimate of thecosts incurred when we buy and sell the underlying investments for the Transaction costs 1 USDproduct. The actual amount will vary depending on how much we buyand sell. Incidental costs taken under specific conditions Performance fees

There is no performance fee for this product.

0 USD *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.

How long should I hold it and can I take money out early? Recommended holding period: 5 years The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product. Order Processing: The shares are listed and traded on various stock exchanges. Investors who are not authorised participants can generally only buy or sell the shares on those stock exchanges at the then prevailing market price. In normal circumstances, authorised participants may buy and sell shares directly with the Fund, by submitting orders by 5:00 PM CET (4:00 PM Irish time) on the relevant Dealing Day. Such orders are ordinarily processed at the NAV for that Dealing Day.

How can I complain? If you wish to make a complaint about this product or the conduct of FIL Investment Management (Luxembourg) S.A., Ireland Branch please visit www.fidelityinternational.com. Alternatively, write to FIL Investment Management (Luxembourg) S.A., Ireland Branch, George’s Quay House, 43 Townsend Street, Dublin 2, Ireland or fidelity.ce.crm@fil.com. If you have a complaint about the person who advised you about this product, or who sold it to you please contact them for their complaints process.

Other relevant information You may find the prospectus, statutes, key investor documents, notices to investors, financial reports, and further information documents relating to the product including various published policies of the product on our website www.fidelityinternational.com. You may also request a copy of such documents at the registered office of FIL Investment Management (Luxembourg) S.A., Ireland Branch. (to be redesignated as FIL Investment Management (Luxembourg) S.a.r.l. on or around March 2025) Further information in respect of the past performance of the product including previous performance scenario calculations which are published monthly may be found at https://www.priipsdocuments.com/Fidelity/?isin=IE00BKSBGS44&lang=en&kid=yes. Performance informationofthe

product

forthe

past

4yearsisavailable at https://www.priipsdocuments.com/Fidelity/?isin=IE00BKSBGS44&lang=en&kid=yes. 3/3