Fidelity Treasury Money Market Fund
FZFXX
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- Fidelity Treasury Money Market Fund (FZFXX), a series of Fidelity Newbury Street Trust, is a money market mutual fund that seeks a high level of current income consistent with the preservation of capital and liquidity. The fund normally invests at least 80% of its assets in U.S. Treasury securities, including Treasury bills and notes, and repurchase agreements collateralized by those securities; its portfolio as of May 2024 features significant allocations to Federal Reserve Bank of New York repurchase agreements (30.79%), FICC repos, and various U.S. Treasury bills and notes with maturities typically under one year. It maintains a stable net asset value of $1.00 per share, provides daily liquidity, and reports yields such as a 7-day SEC yield around 3.95%-4.32% as of mid-2025, with net assets exceeding $44 billion. Operated by Fidelity Management & Research Company LLC, the fund targets institutional and retail investors seeking low-risk, short-term cash management solutions, including brokerage cash sweeps and institutional portfolios; it holds top ratings including Moody's Aaa-mf and S&P AAAm. Fidelity Investments, headquartered in Boston, Massachusetts, manages the fund as part of its extensive lineup of government money market funds serving U.S.-based clients globally through brokerage platforms and institutional channels. The fund was inaugurated on April 6, 2015, with a gross expense ratio of 0.42%. In response to SEC money market fund reforms effective April 2, 2024, Fidelity adapted its government money market funds, including FZFXX, by removing redemption gates, decoupling liquidity fees from thresholds, and enhancing daily/weekly liquidity requirements while opting out of discretionary liquidity fees for Treasury funds; these changes aimed to improve resilience amid high short-term rates and record industry assets over $7 trillion. Amid competitive pressures in 2025, Fidelity restricted client investments in third-party money-market ETFs from rivals like BlackRock and Texas Capital to prioritize its proprietary funds, which manage approximately $1.5 trillion in money-market assets. The fund experienced net outflows of $2.721 billion over the prior year through mid-2025, reflecting broader industry shifts from prime to government strategies.