Fidelity 500 Index Fund (FXAIX) review

Fidelity 500 Index Fund is the cheapest way on this list to own the S&P 500. Its April 29, 2026 summary prospectus lists a 0.015% management fee, 0.000% other expenses and total annual operating expenses of 0.015%, half the cost of VOO and IVV. Fidelity's example puts total expenses on a $10,000 investment at $2 after 1 year and $19 after 10 years. The fund normally invests at least 80% of assets in stocks in the S&P 500 Index, has no purchase minimum and had 3% portfolio turnover in the most recent fiscal year. The prospectus shows a 17.86% return before taxes for 2025 and 14.81% a year over the 10 years to December 31, 2025. It ranks below the ETFs mainly on flexibility: as a mutual fund it prices once a day at the close, and it fits best inside a Fidelity account. If you are at Fidelity and want only the S&P 500, it is hard to beat on cost.

Who it is for

Fidelity customers who prefer the S&P 500 in a mutual fund

Price

0.015% total annual operating expenses; $19 per $10,000 over 10 years.

Total annual operating expenses 0.015 %
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Total annual operating expenses of 0.015% in the April 29, 2026 summary prospectus
• Normally invests at least 80% of assets in S&P 500 stocks
• No purchase minimum for fund shares
• Cost example of $2 after 1 year and $19 after 10 years on $10,000
• Portfolio turnover of 3% in the most recent fiscal year

Strengths and weaknesses

• Strength: Cheapest S&P 500 fund on this list at 0.015%
• Strength: No purchase minimum
• Strength: 17.86% return before taxes in 2025, per the prospectus
• Weakness: Mutual fund, so it prices once a day rather than trading during market hours
• Weakness: Large-cap US stocks only
• Weakness: Fidelity ZERO Total Market costs less and covers more of the market

Key facts

• Expense ratio: 0.015%
• Index: S&P 500 Index
• Minimum: No purchase minimum
• 10-year cost on $10,000: $19

Where it ranks

Fidelity 500 Index Fund (FXAIX) is No. 5 in our Best Index Funds verdict.