[July 16, 2019]

Fidelity® Continues to Deliver Industry-leading Value With Launch of New Index Funds

Fidelity Investments^®, one of the industry's largest and most experienced providers of both low-cost active and index products, today announced an expansion of its index fund offering. Fidelity, with more than $482 billion in index assets under managementⁱ, is expanding its index offering with the launch of five new mutual funds:

As is the case with Fidelity's 53 existing stock and bond index funds and 11 sector ETFs, the new funds have lower expense ratios than their comparable funds at Vanguard. The five new funds are available to individual investors, third-party financial advisors and workplace retirement plans.

"Fidelity's goal is to provide exceptional value, simplicity, and choice for our customers," said Colby Penzone, senior vice president of Investment Product at Fidelity. "We saw an opportunity to further expand our robust index fund lineup and bring our expertise into these areas of the market. Our scale and diversification put Fidelity in a unique position to help clients reach their financial goals."

In addition to Fidelity's ZERO index funds launched last year, Fidelity's full line up of index funds are some of the most competitively priced in the industry, with expense ratios as low as 0.015%. Fidelity's index funds also carry no investment minimums for individual who invest directly with Fidelity or through a financial advisor. Fidelity, which has managed index funds for over 30 years, is the industry's second largest index mutual fund provider. The firm's index mutual fund assets have increased 144% in the last three yearsⁱⁱ and are now approaching $500 billionⁱⁱⁱ.

About Fidelity Investments
Fidelity's mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $7.7 trillion, including managed assets of $2.8 trillion as of June 30, 2019, we focus on meeting the unique needs of a diverse set of customers: helping more than 30 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 financial advisory firms with investment and technology solutions to invest their own clients' money. Privately held for more than 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Please visit www.fidelity.com or advisor.fidelity.com for a prospectus or if available, a summary prospectus, containing this information.

Past performance is no guarantee of future results.

Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.

Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Value stocks can perform differently from other types of stocks and can continue to be undervalued by the market for long periods of time.

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

The fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the fund's performance could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers.

The performance of the fund and its index may vary somewhat due to factors such as fees and expenses of the fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from its index.

The securities of smaller, less well-known companies can be more volatile than those of larger companies.

Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks.

In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer- term securities). Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Lower-quality fixed income securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Certain funds normally seek to invest only in municipal securities generating income exempt from both federal income taxes and the federal alternative minimum tax, however, outcomes cannot be guaranteed, and the funds may sometimes generate income subject to these taxes. Generally tax- exempt municipal securities are not appropriate holdings for tax-advantaged accounts such as IRAs and 401(k) Fund shareholders may also receive taxable distributions attributable to a fund's sale of municipal bonds.

Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.

The third party trademarks appearing herein are the property of their respective owners.

Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem Street, Smithfield, RI 02917

National Financial Services LLC, Member NYSE, SIPC,
200 Seaport Boulevard, Boston, MA 02110

Fidelity Investments Institutional Services Company, Inc.,
500 Salem Street, Smithfield, RI 02917

892854.1.0

© 2019 FMR LLC. All rights reserved.

ⁱ Fidelity Investments, May 31, 2019
ⁱⁱ Simfund, May 2019
ⁱⁱⁱ Fidelity Investments, May 31, 2019

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