Fidelity ZERO Total Market Index Fund
FZROX
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- Fidelity ZERO Total Market Index Fund (FZROX) is a no-load, open-end mutual fund that seeks to provide investment results corresponding to the total return of the Fidelity U.S. Total Investable Market Index, a float-adjusted market capitalization-weighted index reflecting the performance of the U.S. equity market including large-, mid-, and small-capitalization stocks; the fund normally invests at least 80% of assets in common stocks included in the index, with approximately 2,400 holdings diversified across sectors such as technology (around 34%), financial services (13%), consumer cyclical (11%), communication services (10%), and healthcare (9%). Offered by Fidelity Investments with a net expense ratio of 0.00%, no minimum investment requirement, and daily pricing, FZROX targets individual retail investors seeking broad, low-cost U.S. total market exposure through a brokerage account; it features low turnover (around 2-3%) and serves as a core equity holding complementing other Fidelity ZERO funds like FZILX (international), FNILX (large cap), and FZIPX (extended market). Launched on August 3, 2018, as part of Fidelity's pioneering ZERO Index Funds series—the first self-indexed zero expense ratio mutual funds for individual investors—the fund quickly amassed over $1 billion in assets within its first month and has grown to approximately $32 billion in total net assets. Headquartered in Boston, Massachusetts, Fidelity Investments, founded in 1946, manages the fund with a team led by portfolio managers Louis Bottari and Robert Regan since inception. No major strategic changes, acquisitions, partnerships, or new product launches specific to FZROX have occurred in the last 1-2 years, with the fund maintaining its core passive indexing strategy amid ongoing asset growth and performance tracking closely aligned with the broad U.S. market.