Fidelity ZERO Total Market Index Fund (FZROX) review

Fidelity ZERO Total Market Index Fund is the cheapest fund on this list. Its December 30, 2025 summary prospectus shows a 0.00% management fee, 0.00% other expenses and total annual operating expenses of 0.00%, and the cost example shows $0 in expenses on a $10,000 investment over 1, 3, 5 and 10 years. The fund normally invests at least 80% of assets in the Fidelity U.S. Total Investable Market Index, which covers large, mid and small US stocks, and there is no purchase minimum. Turnover was 3% in the most recent fiscal year. The catch is access: Fidelity says shares are available only to individual retail investors who buy through a Fidelity brokerage account, including retirement accounts and HSAs. If you ever move brokers, you would have to sell, which can create a tax bill in a taxable account. That is why it ranks just behind the two Vanguard ETFs, which you can hold anywhere.

Who it is for

Fidelity customers who want a total US market fund that costs nothing

Price

0.00% total annual operating expenses; $0 in costs per $10,000 over 10 years.

Total annual operating expenses 0.00 %
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Total annual operating expenses of 0.00% in the December 30, 2025 summary prospectus
• Tracks the Fidelity U.S. Total Investable Market Index of large, mid and small US stocks
• No purchase minimum for fund shares
• Portfolio turnover of 3% in the most recent fiscal year
• Available through Fidelity retail brokerage accounts, IRAs and HSAs

Strengths and weaknesses

• Strength: The only fund here with a 0.00% expense ratio
• Strength: No purchase minimum
• Strength: Covers large, mid and small US companies
• Weakness: Shares are available only to individual retail investors through a Fidelity brokerage account
• Weakness: Uses a Fidelity proprietary index rather than a widely published benchmark
• Weakness: The fund may impose a purchase maximum above a dollar threshold

Key facts

• Expense ratio: 0.00%
• Index: Fidelity U.S. Total Investable Market Index
• Minimum: No purchase minimum
• Where to buy: Fidelity brokerage accounts only

Where it ranks

Fidelity ZERO Total Market Index Fund (FZROX) is No. 2 in our Best Index Funds verdict.