The Fund invests in Fidelity Insights Investment Trust (the underlying fund), which invests primarily in equity securities of companies anywhere in the world, with an emphasis on U.S. securities, whose value is believed to be not fully recognized by the public. The Fund uses a systematic currency hedging strategy, a quantitative model, which seeks to both mitigate the effect of the volatility of the U.S./Canadian dollar exchange rate and capitalize on expected changes in the value of the U.S. dollar relative to the Canadian dollar. The Fund may also have exposure to other foreign currencies (such as the Euro or the Yen), which are not hedged. The Fund’s exposure to other foreign currencies may change at any time and the Fund may choose to hedge these exposures in the future. It uses derivatives to implement this strategy.