Important information

• This document may not be reproduced or circulated without prior permission. No statements or representations made in this document are legally binding on Fidelity or the recipient.
• Investors should note that the views expressed may no longer be current and may have already been acted upon.
• The value of investments and the income from them can go down as well as up so you may get back less than you invest.
• Overseas investments will be affected by movements in currency exchange rates. Investments in small and emerging markets can be more volatile than other more developed markets.
• There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.

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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. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made to Fidelity International.

Unless otherwise stated all products and services are provided by Fidelity International, and all views expressed are those of Fidelity International. The views expressed are as of the date of publication and are subject to change without notice. Fidelity, Fidelity International, the Fidelity International logo and the "F symbol" are trademarks of FIL Limited and are used with its permission. FIL stands for FIL Limited (FIL) and its respective affiliates.

This material may contain materials from third parties which are supplied by companies that are not affiliated with any Fidelity entity (Third-Party Content). Fidelity has not been involved in the preparation, adoption or editing of such third-party materials and does not explicitly or implicitly endorse or approve such content. Fidelity International is not responsible for any errors or omissions relating to specific information provided by third parties.

Any performance disclosure is not compliant with German regulations regarding retail clients and must therefore not be handed out to these.

For German Wholesale clients issued by FIL Investment Services GmbH, Kastanienhöhe 1, 61476 Kronberg im Taunus.

For German Institutional clients issued by FIL (Luxembourg) S.A., 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg.

For German Pension clients issued by FIL Finance Services GmbH,  Kastanienhöhe 1, 61476 Kronberg im Taunus.

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation in English in the section „Complaints handling policy“ (www.fidelity.lu) and in German in the section „Beschwerdemanagement“ (www.fidelity.de). The information above includes disclosure requirements of the fund’s management company according to Regulation (EU) 2019/1156.

Unless stated differently, information dated as of September 2025.

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