Fidelity ZERO Total Market Index Fund
Figures last verified October 31, 2026
Tracks Fidelity's proprietary US Total Investable Market Index — about 2,700 stocks — at a 0.00% expense ratio.
The expense ratio is zero. Not low — zero. When Fidelity launched the ZERO funds in 2018 it was a marketing shot at Vanguard, and nearly eight years on, the funds have done what they promised: tracked the broad US market at no cost, with performance right on top of VTSAX and FSKAX. The free lunch, in this narrow case, is real.
How? Fidelity built its own index to avoid licensing fees, runs the fund as a loss-leader to win accounts, and earns revenue from securities lending and from everything else you eventually do at Fidelity. The proprietary index holds fewer small-caps than a true total-market fund, but the difference in behavior is negligible — total-market funds are 80% the same large caps regardless.
The one real string: ZERO funds exist only at Fidelity. Leave, and you must sell — a non-event in an IRA, a potential capital-gains bill in a taxable account. That's why the standard advice has hardened into a rule of thumb: FZROX in retirement accounts without hesitation; FSKAX or an ETF in taxable accounts for the exit option. Both answers are right.
Total-market indexing at literally zero cost, for money staying at Fidelity.
FZROX alternatives & comparable funds
If you’re weighing FZROX 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 |
|---|---|---|---|
| FZROX — Fidelity ZERO Total Market Index Fund | Fidelity | 0.00% | $0 |
| VTSAX — Vanguard Total Stock Marke… | Vanguard | 0.04% | $3,000 |
| FSKAX — Fidelity Total Market Index Fund | Fidelity | 0.015% | $0 |
| SWTSX — Schwab Total Stock Market Index Fund | Schwab | 0.03% | $0 |
| FNILX — Fidelity ZERO Large Cap Index Fund | Fidelity | 0.00% | $0 |
Head-to-head comparisons
Frequently asked questions
What is the expense ratio of FZROX?
FZROX (Fidelity ZERO Total 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 FZROX?
FZROX has no minimum initial investment — you can start with any amount.
What does FZROX invest in?
Tracks Fidelity's proprietary US Total Investable Market Index — about 2,700 stocks — at a 0.00% expense ratio. It falls in the total us market category and is an index fund.
What are good alternatives to FZROX?
The funds most often compared with FZROX are VTSAX, FSKAX, SWTSX — 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 FZROX 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.