Fidelity All-American Equity ETF (FCAM.NE)

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This actively managed fund-of-funds endeavors to generate capital growth through its investments in a diverse collection of Fidelity exchange-traded funds that target U.S. equities. The underlying ETFs provide comprehensive access to the American stock market, covering companies irrespective of their size or sector. Furthermore, these constituent ETFs are permitted to commit over 10% of their capital to other Fidelity funds, which are referred to as third-tier holdings. The fund may employ derivatives for both risk mitigation and other strategic objectives. During periods of market downturns, it has the option to temporarily park some or all of its assets in cash or fixed-income securities backed by the U.S. or Canadian governments. The sub-adviser retains absolute discretion to alter the portfolio's makeup whenever necessary. The portfolio undergoes rebalancing on an annual basis.