0001364924 2011-04-29 2012-04-28 0001364924 frst3:S000030092Member 2011-04-29 2012-04-28 Fidelity Rutland Square Trust II Other 0001364924 2012-09-20 false 2012-02-28 2012-09-20 2012-04-28 <h2 align="left">Supplement to the<br/> Strategic Advisers^&reg; Emerging Markets Fund<br/> April 28, 2012<br/> Prospectus</h2> <p align="left">The following information supplements similar information under the heading &quot;Principal Investment Risks&quot; in the &quot;Fund Summary&quot; section on page 5. </p> <ul> <li><i>Multiple Sub-Adviser Risk.</i> Separate investment decisions and the resulting purchase and sale activities of the fund's sub-advisers might adversely affect the fund's performance or lead to disadvantageous tax consequences.</li> </ul> <h2 align="left">Supplement to the<br/> Strategic Advisers^&reg; Emerging Markets Fund<br/> April 28, 2012<br/> Prospectus</h2> <p align="left">The following information supplements similar information under the heading &quot;Principal Investment Risks&quot; in the &quot;Fund Summary&quot; section on page 5. </p> <ul> <li><i>Multiple Sub-Adviser Risk.</i> Separate investment decisions and the resulting purchase and sale activities of the fund's sub-advisers might adversely affect the fund's performance or lead to disadvantageous tax consequences.</li> </ul>