Fidelity Government Money Market Fund
SPAXX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 245 Summer Street Boston MA United States of America 02210
- CIK
- 0000917286
- Similar Companies
- Business
- Fidelity Government Money Market Fund (SPAXX), a series of Fidelity Hereford Street Trust, seeks a high level of current income consistent with the preservation of capital and liquidity. The fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities and repurchase agreements that are fully collateralized by cash or such securities, and U.S. Government agency securities; it may also enter into reverse repurchase agreements collateralized by such securities. SPAXX maintains a stable $1.00 net asset value and serves as a core cash position for uninvested funds in Fidelity brokerage accounts, including brokerage, retirement, and Cash Management Accounts, providing daily liquidity with competitive yields tied to short-term government rates. The fund offers share classes tailored to retail and institutional investors, including classes suitable for brokerage sweeps, employer-sponsored retirement plans, and direct investments, with expense ratios around 0.42% and no minimum investment for standard taxable accounts. It operates within the money market fund segment of the asset management industry, targeting individual investors, financial advisors, retirement plan sponsors, and institutions seeking low-risk, liquid cash equivalents amid varying interest rate environments. Established in 1990 and managed from Fidelity's headquarters in Boston, Massachusetts, SPAXX benefits from the broader Fidelity Investments platform, founded in 1946, which oversees global operations across 11 countries. In mid-2024, Fidelity rolled out SPAXX as a selectable core position option for Cash Management Accounts, enabling uninvested cash to earn enhanced yields up to approximately 4.95% (7-day yield as of June 2024) compared to prior FDIC-insured bank sweeps at lower rates around 2.72%, without FDIC insurance but with SIPC protection through Fidelity Brokerage Services LLC. This strategic enhancement supports Fidelity's push for higher-yielding internal products amid elevated Federal Reserve rates, positioning SPAXX competitively against high-yield savings accounts and certificates of deposit.