Fidelity files a systematic macro fund the public cannot buy

The SEC recorded the paper at 10:09 a.m. Eastern on Friday, September 18. Fidelity Greenwood Street Trust asked to add a new alternatives fund that will not list on an exchange, will not print a fee, and will not be sold outside a Fidelity discretionary program.

The filing is Post-Effective Amendment No. 29 to the trust’s Form N-1A registration, and Amendment No. 31 under the Investment Company Act of 1940. Fidelity proposes it become effective on December 9 at 5:30 p.m. Eastern under Rule 485(a)(2), the slower post-effective path used when a registrant adds a new series. That date is Fidelity’s proposed clock, not a launch. The amendment can still be rewritten, delayed, or pulled. The new series is named Fidelity SAI Systematic Macro Fund.

A multi-asset risk-premia sleeve

The fund “seeks capital appreciation.” It would build a book of alternative risk premia, the filing’s term for systematic, rules-based strategies that try to harvest premia such as carry, liquidity, low beta, momentum, value, and volatility. The paper says those strategies can run long, short, or both, across commodities, currencies, developed and emerging-market equities, and fixed income, including credit, high yield, and rates.

The tools are derivatives: currency forwards, equity-index and sovereign-bond futures, commodity and currency futures, options on futures, and swaps, including credit-default, interest-rate, excess-return, and total-return swaps. Cash, Treasuries, and short-term investment-grade debt would sit underneath as collateral.

The adviser “expects the fund to have investment leverage, defined as market exposure in excess of the fund’s assets, as a result of the fund’s investments in derivatives.” Up to 25% of assets may go into Fidelity SAI Systematic Macro Fund Cayman Ltd., a wholly owned Cayman subsidiary that would hold commodity-linked derivatives, related collateral, commodity ETFs, and commodity ETNs. The subsidiary is unregistered. The filing says it is not subject to the investor protections of the 1940 Act.

Fidelity Diversifying Solutions LLC would manage the fund and the subsidiary, and is registered as a commodity pool operator and commodity trading advisor for both. The fund itself would be registered as a commodity pool.

Strategic Advisers clients only

Shares are “offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public.” Fidelity SAI, the paper says, is the product name for funds dedicated to programs affiliated with Strategic Advisers, Fidelity’s managed-account adviser. There is no purchase minimum and no minimum balance, because the shares are not being offered as a stand-alone product. They would be bought and sold at net asset value on days the New York Stock Exchange is open, and only by investors in those discretionary programs. Shares are generally limited to U.S. residents.

A Fidelity Wealth Services client does not choose this sleeve. Strategic Advisers has discretion to buy and sell funds in a Personalized Portfolios account without consent to each trade. Fidelity SAI Convertible Arbitrage Fund, already a series of Greenwood Street Trust, was owned entirely by Strategic Advisers Alternatives Fund and Strategic Advisers Fidelity Alternatives Fund as of its April 2026 statement of additional information. That is how an exclusive SAI sleeve in this trust reaches a managed-account client. The same trust already holds Fidelity’s liquid alternatives in two forms: listed ETFs and SAI funds that sit only inside a Fidelity managed account. This filing registers another SAI sleeve.

“Additional fees apply for discretionary investment programs,” the prospectus says. Those fees sit on top of the fund’s own expense line, which this paper leaves blank. Fidelity Wealth Services charges a gross advisory fee of 1.10% of average daily assets at the Advisory Services level, or 0.50% to 1.50% at the Wealth Management and Private Wealth Management levels, each reduced by a credit for compensation Fidelity retains from funds in the account. The net advisory fee does not include the underlying fund’s operating expenses. Until the management fee is filled in, the all-in cost of holding the sleeve inside those programs cannot be added up.

A blank fee and a date that can still move

The ticker line is a blank, and so is the fee table.

Shareholder fees: none. 12b-1 fees: none. Management fee, other expenses, and total annual operating expenses are printed as placeholders. The hypothetical $10,000 expense example is blank too. Until those lines are filled in, no one can price the sleeve against Fidelity’s listed managed-futures ETF BFFUT, which charges holders 0.80% after a 0.02 percentage point waiver on a 0.82% gross ratio that runs through May 31, 2027, or against anything else.

The filing names Dimitri Curtil as lead portfolio manager and Mayank Gupta as co-manager, both “since 2026,” the standard language for a fund that has not yet started. Curtil joined Fidelity in 2025 as head of multi-asset systematic research after serving as global head of multi-asset solutions and co-deputy chief investment officer at Newton Investment Management. Gupta has been a quantitative analyst at Fidelity since 2020.

Rule 485(a)(2) lets a new series become effective on the date the registrant names, unless the SEC steps in. Fidelity named December 9. Registrations get amended, and proposed dates slip. What the paper actually does, as of Monday, is put Fidelity’s systematic-macro machinery inside a wrapper with no ticker, no published fee, and no public buyer, and start a December 9 clock that can still move.