Fidelity ZERO Total Market Index Fund (FZROX)
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Zero expense ratio, zero minimum investment. Tracks Fidelity's proprietary U.S. total market index. Only available at Fidelity.
ALowest Cost
Available only at Fidelity. No minimum investment, no transaction fee.
FZROX is the cheapest index fund in existence at 0.00% — Fidelity absorbs all operating costs as a customer acquisition strategy. The fund tracks Fidelity's proprietary US Total Investable Market Index with near-zero tracking error since its 2018 launch. The only real downside is portability: you cannot transfer shares out of Fidelity without selling.
Pros
- 0.00% expense ratio — truly free to hold
- Mutual fund structure allows automatic investing in exact dollar amounts
- No minimum investment
Cons
- Fidelity-only: selling required if you change brokerages
- Proprietary index, not CRSP or Russell — minor methodology differences
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