Strategy. Normally investing at least 80% of assets in securities included in the Fidelity Emerging Markets Value Focus IndexSM and in depositary receipts representing securities included in the index. The Fidelity Emerging Markets Value Focus Index SM is designed to reflect the performance of large and mid-cap stocks in emerging markets that have attractive valuation metrics. The universe of stocks for consideration in the index, which is intended to reflect the broader emerging markets equity market, consists of the largest emerging markets stocks based on float-adjusted market capitalization and certain liquidity and investability requirements. To determine whether a country qualifies as an emerging market, Fidelity uses both quantitative and qualitative inputs, including definitions provided by S&P Dow Jones Indices and certain … Show more… Normally investing at least 80% of assets in securities included in the Fidelity Emerging Markets Value Focus IndexSM and in depositary receipts representing securities included in the index. The Fidelity Emerging Markets Value Focus Index SM is designed to reflect the performance of large and mid-cap stocks in emerging markets that have attractive valuation metrics. The universe of stocks for consideration in the index, which is intended to reflect the broader emerging markets equity market, consists of the largest emerging markets stocks based on float-adjusted market capitalization and certain liquidity and investability requirements. To determine whether a country qualifies as an emerging market, Fidelity uses both quantitative and qualitative inputs, including definitions provided by S&P Dow Jones Indices and certain other inputs that include, but are not limited to, development of the market and exchange, market capitalization and liquidity, GDP per capita and sovereign debt rating. The Fidelity Emerging Markets Value Focus Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks with the exception of financials and real estate investment trusts (REITs) are ranked and given a composite score based on four measures of value: high free cash flow yield, low enterprise value to EBITDA (earnings before interest, taxes, depreciation and amortization), low price to book value and low price to earnings over the next 12 months. Financials and REITs are ranked and given a composite score based on three measures of value: high earnings yield (earnings divided by stock price), low price to book value, and low price to earnings over the next 12 months. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price-to-earnings (P/E) ratio, price-to-book (P/B) ratio, earnings growth, country weightings, and the effect of foreign taxes to attempt to replicate the returns of the Fidelity Emerging Markets Value Focus Index?. Lending securities to earn income for the fund. Show less