| Investing involves risk, including risk of loss. | | Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. | | Investing in bonds involves risk, including interest rate risk, inflation risk, credit and default risk, call risk, and liquidity risk. | | Exchange-traded products (ETPs) are subject to market volatility and the risks of their underlying securities, which may include the risks associated with investing in smaller companies, foreign securities, commodities, and fixed income investments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. ETPs that target a small universe of securities, such as a specific region or market sector, are generally subject to greater market volatility, as well as to the specific risks associated with that sector, region, or other focus. ETPs that use derivatives, leverage, or complex investment strategies are subject to additional risks. The return of an index ETP is usually different from that of the index it tracks because of fees, expenses, and tracking error. An ETP may trade at a premium or discount to its net asset value (NAV) (or indicative value in the case of exchange-traded notes). The degree of liquidity can vary significantly from one ETP to another and losses may be magnified if no liquid market exists for the ETP's shares when attempting to sell them. Each ETP has a unique risk profile, detailed in its prospectus, offering circular, or similar material, which should be considered carefully when making investment decisions. | | Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. | | Past performance is no guarantee of future results. | | This email may be considered advertising under federal law. | | The trademarks and service marks appearing herein are the property of their respective owners. | | Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 | | | EMAIL REF# 6225845847.1719648 | | © 2019 FMR LLC. All rights reserved. | | | |
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