Strategy. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Focus Index?. The Fidelity U.S. Value Focus Index SM is designed to reflect the performance of stocks of large- and mid-capitalization companies that have attractive valuations. The universe of stocks for consideration in the index, which is intended to reflect the broader equity market, consists of the largest 1,000 U.S. stocks based on market capitalization and certain liquidity and investability requirements. The Fidelity U.S. Value Focus Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks are ranked and given a composite score based on four measures of value: high free-cash-flow yield; low enterprise value to earnings before interest, taxes, depreciation and amortization; high … Show more… Normally investing at least 80% of assets in securities included in the Fidelity U.S. Value Focus Index?. The Fidelity U.S. Value Focus Index SM is designed to reflect the performance of stocks of large- and mid-capitalization companies that have attractive valuations. The universe of stocks for consideration in the index, which is intended to reflect the broader equity market, consists of the largest 1,000 U.S. stocks based on market capitalization and certain liquidity and investability requirements. The Fidelity U.S. Value Focus Index SM is constructed using Fidelity's rules-based proprietary index methodology. Stocks are ranked and given a composite score based on four measures of value: high free-cash-flow yield; low enterprise value to earnings before interest, taxes, depreciation and amortization; high book value to price; high future earnings to price. The index is rebalanced monthly using an optimization process that seeks to select the highest ranked stocks subject to certain sector, security and turnover constraints. Effective December 11, 2025, 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, and earnings growth to attempt to replicate the returns of the Fidelity U.S. Value Focus Index?. Lending securities to earn income for the fund. Show less