Fidelity ZERO Extended Market Index Fund
Figures last verified October 31, 2026
Tracks Fidelity's proprietary US Extended Investable Market Index — mid and small caps outside the largest 500 — at 0.00%.
The fourth and least famous ZERO fund, FZIPX holds the US market's mid and small caps — everything below the giant companies — for nothing. Its designed use is as the completion piece: pair roughly 85% FNILX with 15% FZIPX and you've rebuilt FZROX with adjustable weights, still at a 0.00% blended cost.
On its own it's a mid/small-cap tilt, comparable to FSMAX or VEXAX, and the same advice applies as to all ZERO funds: keep it in tax-advantaged accounts where Fidelity-exclusivity costs you nothing. The deeper point of the ZERO lineup is what it proved — that index fund pricing was always headed to zero, and the real costs to watch were behavioral all along.
Free completion of FNILX into total-market coverage.
FZIPX alternatives & comparable funds
If you’re weighing FZIPX against the field, these are the funds most investors line it up against — same job, different provider, slightly different terms.
| Fund | Family | Expense Ratio | Minimum |
|---|---|---|---|
| FZIPX — Fidelity ZERO Extended Mar… | Fidelity | 0.00% | $0 |
| FSMAX — Fidelity Extended Market Index Fund | Fidelity | 0.035% | $0 |
| VEXAX — Vanguard Extended Market I… | Vanguard | 0.06% | $3,000 |
| FZROX — Fidelity ZERO Total Market Index Fund | Fidelity | 0.00% | $0 |
Frequently asked questions
What is the expense ratio of FZIPX?
FZIPX (Fidelity ZERO Extended Market Index Fund) has an expense ratio of 0.00%, which works out to roughly $0 per year for every $10,000 invested. That is a zero expense ratio — among the cheapest funds available anywhere.
What is the minimum investment for FZIPX?
FZIPX has no minimum initial investment — you can start with any amount.
What does FZIPX invest in?
Tracks Fidelity's proprietary US Extended Investable Market Index — mid and small caps outside the largest 500 — at 0.00%. It falls in the mid cap category and is an index fund.
What are good alternatives to FZIPX?
The funds most often compared with FZIPX are FSMAX, VEXAX, FZROX — broadly similar exposure from different providers, with small differences in fee, minimum, and portability that usually come down to which brokerage holds your account.
Expense ratio and minimum for FZIPX drawn from Fidelity fund documentation; last verified October 31, 2026. Figures change — confirm against the official prospectus before investing. This review is editorial opinion, not investment advice.