Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Diversification and asset allocation do not ensure a profit or guarantee against loss.
The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics, which are based on risk-adjusted returns.
The Morningstar Analyst Rating is a subjective, forward-looking evaluation that considers a combination of qualitative and quantitative factors. Morningstar evaluates five key pillars when assessing a fund: Process, Performance, People, Parent, and Price. Gold is the highest of five Analyst Rating categories. For the full rating methodology, go to: https://s21.q4cdn.com/198919461/files/doc_downloads/2019/11/Morningstar_Analyst_Rating_for_Funds_Methodology_062019-(1)-(2).pdf
The Morningstar RatingTM for funds, or “star rating,” is calculated for funds with at least a three-year history. (Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes.) It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly excess performance (excluding the effect of sales charges, if any), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
2. The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds. Multiple share classes of a fund have a common portfolio but impose different expense structures. Fund ranking calculated quarterly or annually by Lipper Analytical Services.
Each fund is ranked within a universe of funds similar in investment objective.
Past performance is no guarantee of future results.