Fidelity All-International Equity 

This fund aims for capital appreciation by investing in an actively managed selection of Fidelity exchange-traded funds (ETFs) focused on international equities. Its underlying ETFs offer broad exposure to global stock markets, excluding North America, encompassing companies of all sizes and sectors. These ETFs also have the flexibility to allocate over 10% of their assets into additional Fidelity funds, known as third-tier funds. The fund has the option to utilize derivatives for both risk management and speculative purposes. During periods of market instability, it may temporarily allocate its assets, fully or partially, to cash or government-backed debt securities from the U.S. or Canada for protection. The sub-adviser possesses complete autonomy to modify the portfolio's composition at any time, and the portfolio undergoes rebalancing once a year.