Prospectus by Investment Company - Form 497

Supplement to the

Fidelity® Equity Market Neutral Fund

Class A, Class M, Class C, Class I, and Class Z

May 23, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, the fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contract" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Hedged Equity Fund

Class A, Class M, Class C, Class I, and Class Z

March 30, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, the fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contract" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® SAI Alternative Risk Premia Commodity Strategy Fund and Fidelity® SAI Alternative Risk Premia Strategy Fund

September 28, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, each fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contracts" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Equity Market Neutral Fund

May 23, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, the fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contract" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Hedged Equity Fund

March 30, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, the fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contract" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Dynamic Buffered Equity ETF, Fidelity® Hedged Equity ETF, and Fidelity® Yield Enhanced Equity ETF

April 5, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, each fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contracts" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® SAI Convertible Arbitrage Fund

March 30, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, the fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contract" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Macro Opportunities Fund and Fidelity® Risk Parity Fund

Class A, Class M, Class C, Class I, and Class Z

March 30, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, each fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contracts" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

Supplement to the

Fidelity® Macro Opportunities Fund and Fidelity® Risk Parity Fund

March 30, 2024

STATEMENT OF ADDITIONAL INFORMATION

Effective December 1, 2024, each fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information replaces similar information found in the "Management Contracts" section.

FDS or an affiliate, and not the fund, pays the sub-advisers. Under the terms of the sub-advisory agreements, FDS or an affiliate pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.