Relativities of fundamentality

S-dualities have been held to have radical implications for our metaphysics of fundamentality. In particular, it has been claimed that they make the fundamentality status of a physical object theory-relative in an important new way. But what physicists have had to say on the issue has not been clear or consistent, and in particular seems to be ambiguous between whether S-dualities demand an anti-realist interpretation of fundamentality talk or merely a revised realism. This paper is an attempt to bring some clarity to the matter. After showing that even antecedently familiar fundamentality claims are true only relative to a raft of metaphysical, physical, and mathematical assumptions, I argue that the relativity of fundamentality inherent in S-duality nevertheless represents something new, and that part of the reason for this is that it has both realist and anti-realist implications for fundamentality talk. I close by discussing the broader significance that S-dualities have for structuralist metaphysics and for fundamentality metaphysics more generally.