0001364924-12-000075.txt : 20120702 0001364924-12-000075.hdr.sgml : 20120702 20120702085224 ACCESSION NUMBER: 0001364924-12-000075 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120702 DATE AS OF CHANGE: 20120702 EFFECTIVENESS DATE: 20120702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity Rutland Square Trust II CENTRAL INDEX KEY: 0001364924 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-139427 FILM NUMBER: 12938580 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity Rutland Square Trust II CENTRAL INDEX KEY: 0001364924 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21991 FILM NUMBER: 12938581 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 0001364924 S000037394 Strategic Advisers Core Income Multi-Manager Fund C000115480 Strategic Advisers Core Income Multi-Manager Fund 0001364924 S000037395 Strategic Advisers Income Opportunities Fund of Funds C000115481 Strategic Advisers Income Opportunities Fund of Funds 485BPOS 1 main.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

 

REGISTRATION STATEMENT (No. 333-139427)

 

UNDER THE SECURITIES ACT OF 1933

[X]

 

Pre-Effective Amendment No. ____

[ ]

 

Post-Effective Amendment No. 29

[X]

and

REGISTRATION STATEMENT (No. 811-21991)

 

UNDER THE INVESTMENT COMPANY ACT OF 1940

[X]

 

Amendment No. 32

[X]

 

Fidelity Rutland Square Trust II

(Exact Name of Registrant as Specified in Charter)

 

82 Devonshire St., Boston, Massachusetts 02109

(Address Of Principal Executive Offices) (Zip Code)

 

Registrant's Telephone Number: 617-563-7000

 

 

 

 

 

Marc R. Bryant, Esq.

With copies to:

Secretary and Chief Legal Officer

Joseph R. Fleming, Esq.

82 Devonshire Street

Dechert LLP

Boston, Massachusetts 02109

200 Clarendon Street, 27th Floor

(Name and Address of Agent for Service)

Boston, MA 02116-5021

 

It is proposed that this filing will become effective

 

(X)

immediately upon filing pursuant to paragraph (b).

 

( )

on ( ) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.

 

( )

60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.

 

( )

on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.

 

( )

75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.

 

( )

on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.

 

If appropriate, check the following box:

 

( )

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXHIBIT INDEX

Exhibit
Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.PRE

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment Nos. 29 & 32 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 2nd day of July 2012.

 

Fidelity Rutland Square Trust II

 

By

/s/Kenneth B. Robins

 

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

 

Kenneth B. Robins, President

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

(Signature)

 

(Title)

(Date)

 

 

 

 

/s/Kenneth B. Robins

 

President and Treasurer

July 2, 2012

Kenneth B. Robins

 

(Principal Executive Officer)

 

 

 

 

 

 

 

 

 

/s/Nicholas E. Steck

 

Chief Financial Officer

July 2, 2012

Nicholas E. Steck

 

(Principal Financial Officer)

 

 

 

 

 

 

 

 

 

/s/Peter C. Aldrich

*

Trustee

July 2, 2012

Peter C. Aldrich

 

 

 

 

 

 

 

 

 

 

 

/s/Amy Butte Liebowitz

*

Trustee

July 2, 2012

Amy Butte Liebowitz

 

 

 

 

 

 

 

 

 

 

 

/s/Ralph F. Cox

*

Trustee

July 2, 2012

Ralph F. Cox

 

 

 

 

 

 

 

 

 

 

 

/s/Karen Kaplan

*

Trustee

July 2, 2012

Karen Kaplan

 

 

 

 

 

 

 

 

 

 

 

/s/Roger T. Servison

 

Trustee

July 2, 2012

Roger T. Servison

 

 

 

 

 

 

 

 

 

 

 

/s/Derek Young

 

Trustee

July 2, 2012

Derek Young

 

 

 

 

 

 

 

*

By:

/s/Joseph R. Fleming

 

 

Joseph R. Fleming, attorney in fact

POWER OF ATTORNEY

We, the undersigned Trustees of Fidelity Commonwealth Trust II and Fidelity Rutland Square Trust II (the "Trusts"), pursuant to the authority granted to the Trusts' Board of Trustees in Section 4.01(l) of Article IV of the Trusts' Trust Instruments dated September 25, 2006 and March 8, 2006, respectively, hereby constitute and appoint Thomas C. Bogle, Kathryn Cohen, Joseph R. Fleming, and Megan C. Johnson, each of them singly, our true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of the Trusts on Form N-1A, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in our names and on our behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, and all related requirements of the Securities and Exchange Commission. We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof. This power of attorney is effective for all documents filed on or after December 1, 2011.

WITNESS our hands on this first day of December, 2011.

/s/Peter C. Aldrich

/s/Amy Butte Liebowitz

Peter C. Aldrich

 

 

Amy Butte Liebowitz

/s/Ralph F. Cox

/s/Karen Kaplan

Ralph F. Cox

 

 

Karen Kaplan

EX-101.PRE 3 frst-20120615_pre.xml EX-101.INS 4 frst-20120615.xml 0001364924 frst:S000037394Member 2011-06-19 2012-06-18 0001364924 frst:S000037395Member 2011-06-19 2012-06-18 0001364924 2011-06-19 2012-06-18 0001364924 frst:C000115481Member frst:S000037395Member 2011-06-19 2012-06-18 0001364924 frst:C000115480Member frst:S000037394Member 2011-06-19 2012-06-18 iso4217:USD pure <font style="FONT-FAMILY: Times New Roman" size="4"><b>Portfolio Turnover</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds, but it will incur transaction costs when it buys and sells other types of securities (including non-affiliated exchange traded funds) directly (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font> <ul type="disc"><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing primarily in investment&#45;grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Investing up to 30% of assets in high yield and emerging market debt securities.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Investing in domestic and foreign issuers.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives &#45; such as swaps (interest rate, total return, and credit default) and futures contracts &#45; and forward&#45;settling securities, to adjust the fund's risk exposure.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Implementing investment strategies by investing directly in securities through one or more managers (sub&#45;advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among affiliated fixed&#45;income funds (<i>i.e.,</i> Fidelity funds) and non&#45;affiliated fixed&#45;income funds that participate in Fidelity's FundsNetwork<sup>&#174;</sup>, and non&#45;affiliated exchange traded funds (ETFs) (underlying funds) and sub&#45;advisers.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among underlying funds and sub&#45;advisers to achieve portfolio characteristics similar to those of the Barclays<sup>&#174;</sup> U.S. Aggregate Bond Index.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among underlying funds and sub&#45;advisers to attempt to diversify its portfolio in terms of different market sectors and maturities.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among sub&#45;advisers considering factors including, but not limited to, a sub&#45;adviser's investment approach, the characteristics of a sub&#45;adviser's typical investment portfolio, and a sub&#45;adviser's performance patterns in different market environments.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3">Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security&#45;specific features, current and potential future valuation, and trading opportunities to select investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3"><i>Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub&#45;advisory agreements with one or more unaffiliated sub&#45;advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the ultimate responsibility to oversee the fund's sub&#45;advisers and recommend their hiring, termination, and replacement. In the event the Board of Trustees approves a sub&#45;advisory agreement with a new unaffiliated sub&#45;adviser, shareholders will be provided with information about the new sub&#45;adviser and sub&#45;advisory agreement.</i></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font> <ul type="disc"><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Investing in Other Funds.</i> Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives. </font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a debt security to decrease.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure.</i> Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Industry Exposure.</i> Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Prepayment.</i> The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Leverage Risk.</i> Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Investing in ETFs.</i> ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Quantitative Investing.</i> Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">You could lose money by investing in the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>Based on estimated amounts for the current fiscal year.</i></font> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersCoreIncomeMultiManagerFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersCoreIncomeMultiManagerFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund:</b><br/><b>Strategic Advisers<sup>&#174;</sup> Income Opportunities Fund of Funds</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks a high level of current income. The fund may also seek capital appreciation.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Shareholder fees</font><br><font size="-2">(fees paid directly from your investment)</font></b> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Annual fund operating expenses</font> <br /><font size="-2">(expenses that you pay each year as a % of the value of your investment)</font></b> <font style="FONT-FAMILY: Times New Roman" size="3"><i>Based on estimated amounts for the current fiscal year.</i></font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>July 31, 2013</i></font> <font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/> Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Portfolio Turnover</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds (or "turns over" its portfolio). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font> <ul type="disc"><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Potentially investing in non-income producing securities, including defaulted securities and common stocks.</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Investing in companies in troubled or uncertain financial condition.</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Investing in domestic and foreign issuers.</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Implementing investment strategies by investing indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among affiliated high yield funds (<i>i.e.,</i> Fidelity funds) and non-affiliated high yield funds that participate in Fidelity's FundsNetwork<sup>&#174;</sup>, and non-affiliated exchange traded funds (ETFs) (underlying funds).</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among underlying funds to achieve portfolio characteristics similar to those of The BofA Merrill Lynch<sup>SM</sup> US High Yield Constrained Index.</font></li><li style="margin-left: 5px"><font style="FONT-FAMILY: Times New Roman" size="3">Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font> <ul type="disc"><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Investing in Other Funds.</i> Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Stock Market Volatility.</i> Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a debt security to decrease.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure.</i> Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Industry Exposure.</i> Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Prepayment.</i> The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.</font></li><li style="margin-left:5px"><font style="FONT-FAMILY: Times New Roman" size="3"><i>Investing in ETFs.</i> ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">You could lose money by investing in the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Performance history will be available for the fund after the fund has been in operation for one calendar year.</font> 485BPOS Fidelity Rutland Square Trust II 0001364924 2012-06-15 2012-06-18 2012-06-18 false 2012-06-15 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b><br/><b>Strategic Advisers<sup>&#174;</sup> Core Income Multi-Manager Fund</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks a high level of current income.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual fund operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>July 31, 2013</i></font> <font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersIncomeOpportunitiesFundofFunds column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersIncomeOpportunitiesFundofFunds column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersCoreIncomeMultiManagerFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersIncomeOpportunitiesFundofFunds column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">Performance history will be available for the fund after the fund has been in operation for one calendar year.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font> 84 711 61 270 0 0.0034 0 0.0028 0.0036 0.0098 -0.0038 0.006 -0.0226 -0.01 0.003 0 0.0206 0.0072 0.0308 0.0082 Based on estimated amounts for the current fiscal year. Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.65% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.20% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees. Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.80% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.10% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees. 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Strategic Advisers Core Income Multi-Manager Fund
Fund Summary

Fund
Strategic Advisers® Core Income Multi-Manager Fund
Investment Objective
The fund seeks a high level of current income.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees
(fees paid directly from your investment)
Shareholder Fees (USD $)
Strategic Advisers Core Income Multi-Manager Fund
Class: Strategic Advisers Core Income Multi-Manager Fund
Shareholder fees (fees paid directly from your investment) none
Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
Annual Fund Operating Expenses
Strategic Advisers Core Income Multi-Manager Fund
Class: Strategic Advisers Core Income Multi-Manager Fund
Management fee (fluctuates based on the fund's allocation among underlying funds and sub-advisers) [1][2] 0.34%
Distribution and/or Service (12b-1) fees none
Other expenses [1] 0.28%
Acquired fund fees and expenses (fees and expenses of underlying funds) [1] 0.36%
Total annual fund operating expenses 0.98%
Fee waiver and/or expense reimbursement [2] 0.38%
Total annual fund operating expenses after fee waiver and/or expense reimbursement 0.60%
[1] Based on estimated amounts for the current fiscal year.
[2] Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.65% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.20% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees.
This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Expense Example (USD $)
Strategic Advisers Core Income Multi-Manager Fund
Class: Strategic Advisers Core Income Multi-Manager Fund
1 year 61
3 years 270
Portfolio Turnover
The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds, but it will incur transaction costs when it buys and sells other types of securities (including non-affiliated exchange traded funds) directly (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.
Principal Investment Strategies
  • Normally investing primarily in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.
  • Investing up to 30% of assets in high yield and emerging market debt securities.
  • Investing in domestic and foreign issuers.
  • Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
  • Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
  • Allocating assets among affiliated fixed-income funds (i.e., Fidelity funds) and non-affiliated fixed-income funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.
  • Allocating assets among underlying funds and sub-advisers to achieve portfolio characteristics similar to those of the Barclays® U.S. Aggregate Bond Index.
  • Allocating assets among underlying funds and sub-advisers to attempt to diversify its portfolio in terms of different market sectors and maturities.
  • Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.
  • Allocating assets among sub-advisers considering factors including, but not limited to, a sub-adviser's investment approach, the characteristics of a sub-adviser's typical investment portfolio, and a sub-adviser's performance patterns in different market environments.
  • Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the ultimate responsibility to oversee the fund's sub-advisers and recommend their hiring, termination, and replacement. In the event the Board of Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information about the new sub-adviser and sub-advisory agreement.
Principal Investment Risks
  • Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
  • Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
  • Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
  • Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
XML 12 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Fidelity Rutland Square Trust II
Prospectus Date rr_ProspectusDate Jun. 18, 2012
Strategic Advisers Core Income Multi-Manager Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary

Fund
Strategic Advisers® Core Income Multi-Manager Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund seeks a high level of current income.
Expense [Heading] rr_ExpenseHeading Fee Table
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination July 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds, but it will incur transaction costs when it buys and sells other types of securities (including non-affiliated exchange traded funds) directly (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
  • Normally investing primarily in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.
  • Investing up to 30% of assets in high yield and emerging market debt securities.
  • Investing in domestic and foreign issuers.
  • Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
  • Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
  • Allocating assets among affiliated fixed-income funds (i.e., Fidelity funds) and non-affiliated fixed-income funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.
  • Allocating assets among underlying funds and sub-advisers to achieve portfolio characteristics similar to those of the Barclays® U.S. Aggregate Bond Index.
  • Allocating assets among underlying funds and sub-advisers to attempt to diversify its portfolio in terms of different market sectors and maturities.
  • Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.
  • Allocating assets among sub-advisers considering factors including, but not limited to, a sub-adviser's investment approach, the characteristics of a sub-adviser's typical investment portfolio, and a sub-adviser's performance patterns in different market environments.
  • Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the ultimate responsibility to oversee the fund's sub-advisers and recommend their hiring, termination, and replacement. In the event the Board of Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information about the new sub-adviser and sub-advisory agreement.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
  • Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
  • Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
  • Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
  • Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance history will be available for the fund after the fund has been in operation for one calendar year.
Strategic Advisers Core Income Multi-Manager Fund | Class: Strategic Advisers Core Income Multi-Manager Fund
 
Risk/Return: rr_RiskReturnAbstract  
Shareholder fees (fees paid directly from your investment) rr_ShareholderFeeOther none
Management fee (fluctuates based on the fund's allocation among underlying funds and sub-advisers) rr_ManagementFeesOverAssets 0.34% [1],[2]
Distribution and/or Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.28% [1]
Acquired fund fees and expenses (fees and expenses of underlying funds) rr_AcquiredFundFeesAndExpensesOverAssets 0.36% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 0.98%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.38% [2]
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.60%
1 year rr_ExpenseExampleYear01 61
3 years rr_ExpenseExampleYear03 270
[1] Based on estimated amounts for the current fiscal year.
[2] Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.65% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.20% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees.
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Strategic Advisers Income Opportunities Fund of Funds
Fund Summary

Fund:
Strategic Advisers® Income Opportunities Fund of Funds
Investment Objective
The fund seeks a high level of current income. The fund may also seek capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.
Shareholder fees
(fees paid directly from your investment)
Shareholder Fees
Strategic Advisers Income Opportunities Fund of Funds
Class: Strategic Advisers Income Opportunities Fund of Funds
Redemption fee on shares held less than 90 days (as a % of amount redeemed) 1.00%
Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
Annual Fund Operating Expenses
Strategic Advisers Income Opportunities Fund of Funds
Class: Strategic Advisers Income Opportunities Fund of Funds
Management fee [1] 0.30%
Distribution and/or Service (12b-1) fees none
Other expenses [2] 2.06%
Acquired fund fees and expenses (fees and expenses of underlying funds) [2] 0.72%
Total annual fund operating expenses 3.08%
Fee waiver and/or expense reimbursement [1] 2.26%
Total annual fund operating expenses after fee waiver and/or expense reimbursement 0.82%
[1] Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.80% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.10% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees.
[2] Based on estimated amounts for the current fiscal year.
This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Expense Example (USD $)
Strategic Advisers Income Opportunities Fund of Funds
Class: Strategic Advisers Income Opportunities Fund of Funds
1 year 84
3 years 711
Portfolio Turnover
The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds (or "turns over" its portfolio). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance.
Principal Investment Strategies
  • Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.
  • Potentially investing in non-income producing securities, including defaulted securities and common stocks.
  • Investing in companies in troubled or uncertain financial condition.
  • Investing in domestic and foreign issuers.
  • Implementing investment strategies by investing indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
  • Allocating assets among affiliated high yield funds (i.e., Fidelity funds) and non-affiliated high yield funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds).
  • Allocating assets among underlying funds to achieve portfolio characteristics similar to those of The BofA Merrill LynchSM US High Yield Constrained Index.
  • Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.
Principal Investment Risks
  • Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.
  • Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
  • Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
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Document and Entity Information
12 Months Ended
Jun. 18, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Jun. 15, 2012
Registrant Name Fidelity Rutland Square Trust II
Central Index Key 0001364924
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Document Creation Date Jun. 15, 2012
Document Effective Date Jun. 18, 2012
Prospectus Date Jun. 18, 2012
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Fidelity Rutland Square Trust II
Prospectus Date rr_ProspectusDate Jun. 18, 2012
Document Creation Date dei_DocumentCreationDate Jun. 15, 2012
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Fidelity Rutland Square Trust II
Prospectus Date rr_ProspectusDate Jun. 18, 2012
Strategic Advisers Income Opportunities Fund of Funds
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary

Fund:
Strategic Advisers® Income Opportunities Fund of Funds
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund seeks a high level of current income. The fund may also seek capital appreciation.
Expense [Heading] rr_ExpenseHeading Fee Table
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination July 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds (or "turns over" its portfolio). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Based on estimated amounts for the current fiscal year.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
  • Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.
  • Potentially investing in non-income producing securities, including defaulted securities and common stocks.
  • Investing in companies in troubled or uncertain financial condition.
  • Investing in domestic and foreign issuers.
  • Implementing investment strategies by investing indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
  • Allocating assets among affiliated high yield funds (i.e., Fidelity funds) and non-affiliated high yield funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds).
  • Allocating assets among underlying funds to achieve portfolio characteristics similar to those of The BofA Merrill LynchSM US High Yield Constrained Index.
  • Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio, asset size, and portfolio turnover.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
  • Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.
  • Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market can react differently to these developments.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.
  • Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
  • Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance history will be available for the fund after the fund has been in operation for one calendar year.
Strategic Advisers Income Opportunities Fund of Funds | Class: Strategic Advisers Income Opportunities Fund of Funds
 
Risk/Return: rr_RiskReturnAbstract  
Redemption fee on shares held less than 90 days (as a % of amount redeemed) rr_RedemptionFeeOverRedemption 1.00%
Management fee rr_ManagementFeesOverAssets 0.30% [1]
Distribution and/or Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 2.06% [2]
Acquired fund fees and expenses (fees and expenses of underlying funds) rr_AcquiredFundFeesAndExpensesOverAssets 0.72% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 3.08%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets 2.26% [1]
Total annual fund operating expenses after fee waiver and/or expense reimbursement rr_NetExpensesOverAssets 0.82%
1 year rr_ExpenseExampleYear01 84
3 years rr_ExpenseExampleYear03 711
[1] Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.80% of the fund's average daily net assets. Strategic Advisers has also contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.30% of the fund's average daily net assets. In addition, Strategic Advisers has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, sub-advisory fees, and acquired fund fees and expenses, if any), exceed 0.10% of its average net assets. These arrangements will remain in effect through July 31, 2013. Strategic Advisers may not discontinue or modify these arrangements without the approval of the Board of Trustees.
[2] Based on estimated amounts for the current fiscal year.
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