Fidelity Sustainable US Equity ETF (FSST US) – Investment Proposition

Fidelity Sustainable US Equity ETF (FSST) presents an actively managed, research-centric approach to U.S. equities that seeks long-term capital growth by investing in companies with attractive fundamentals and positive sustainability characteristics. The team evaluates business quality, competitive moats, and cash-flow durability while integrating environmental and social stewardship and governance practices into security selection and engagement. The result often tilts toward quality, profitability, and balance-sheet strength, though cyclicals and innovators with improving practices may appear when valuations compensate for risks. Sector and position sizing aim to manage concentration and volatility while preserving flexibility to adapt as corporate sustainability profiles and fundamentals evolve. Role: core U.S. equity holding with values alignment, factor-completion toward quality/defensiveness, and a satellite for mandates that embed sustainability in equity selection. Suitable investors: long-horizon growth allocators seeking ESG integration without thematic concentration, and institutions aligning portfolios with responsible-investing policies. Favored regimes include environments that reward stable cash generators and prudent governance; challenged during speculative, momentum-led rallies or commodity-driven surges. Key risk: sustainability constraints and active positioning can narrow the opportunity set, increasing tracking variability versus broad U.S. equity exposure.

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