Fund Description

The fund invests at least 80% of its assets in securities included in the Fidelity U.S. Value Focus Index, which aims to reflect the performance of large- and mid-cap companies with attractive valuations. The index encompasses the largest 1,000 U.S. stocks based on market capitalization and certain liquidity criteria. It employs a proprietary methodology to rank stocks using four value measures: high free-cash-flow yield, low enterprise value to EBITDA, high book value to price, and high future earnings to price. Monthly rebalancing applies an optimization process within sector, security, and turnover constraints. The fund also engages in securities lending to generate income.