Strategy. Normally investing at least 80% of assets in equity securities included in the Fidelity U.S. Quality Focus IndexSM. The Fidelity U.S. Quality Focus Index SM seeks to capture the performance of a broad range of U.S. equities that have attractive quality scores. The universe of equities for consideration in the index consists of the largest U.S. equities based on float-adjusted market cap and certain liquidity and investability requirements. The Fidelity U.S. Quality Focus Index SM is constructed using Fidelity rules-based priority index methodology. Equities are ranked within the investment universe and given a composite quality score. Quality scores for non-financial companies and non-real estate investment trusts are based on ten variables: high free cash flow margin, return on invested capital, … Show more… Normally investing at least 80% of assets in equity securities included in the Fidelity U.S. Quality Focus IndexSM. The Fidelity U.S. Quality Focus Index SM seeks to capture the performance of a broad range of U.S. equities that have attractive quality scores. The universe of equities for consideration in the index consists of the largest U.S. equities based on float-adjusted market cap and certain liquidity and investability requirements. The Fidelity U.S. Quality Focus Index SM is constructed using Fidelity rules-based priority index methodology. Equities are ranked within the investment universe and given a composite quality score. Quality scores for non-financial companies and non-real estate investment trusts are based on ten variables: high free cash flow margin, return on invested capital, gross profit margin, and return on equity; stable earnings growth, return on assets, free cash flow, and accruals; and low financial leverage and accruals. Financials and REITs are ranked using a composite score based on four measures of quality: high return on equity, stable earnings growth and return on equity, and low financial leverage. The index is rebalanced quarterly using an optimization process that seeks to select the highest ranked equities subject to certain sector, security and turnover constraints. Typically, there are between 90 and 150 index constituents. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. 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 taking into account 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. Quality Focus Index?. Lending securities to earn income for the fund. Show less