Fidelity ZERO Funds: Complete List and Vanguard Equivalents (2026)

Fidelity launched its ZERO index mutual funds in August and September 2018. They charge a 0.00% expense ratio and have no minimum investment. Fidelity can offer them for free partly because each one tracks an index Fidelity built itself, so it pays no licensing fees to index providers like S&P or FTSE, and partly because the funds bring customers into Fidelity's ecosystem. The trade-off: ZERO funds can only be held in Fidelity accounts, and they pay their distributions once a year in December.

FZROX (ZERO Total Market Index) holds about 2,600 U.S. stocks of every size and is the most popular of the four. FNILX (ZERO Large Cap Index) holds about 500 of the largest U.S. companies, similar to an S&P 500 fund. FZIPX (ZERO Extended Market Index) holds about 2,100 U.S. mid and small caps, everything outside the largest companies. FZILX (ZERO International Index) holds about 2,200 large and mid-cap stocks across developed and emerging markets outside the U.S. Over the five years ending September 2026 they returned 12.79%, 13.49%, 7.72%, and 9.97% a year respectively.

FZROX is Fidelity's free answer to Vanguard's VTI and VTSAX; other close matches are iShares ITOT and Fidelity's own FSKAX (0.015%). FNILX lines up with S&P 500 funds such as VOO, IVV, and Fidelity's FXAIX (0.015%). FZIPX is closest to Vanguard's Extended Market ETF (VXF). FZILX corresponds to VXUS, IXUS, and Fidelity's FTIHX (0.06%). There is no ZERO bond fund; Fidelity's U.S. Bond Index Fund (FXNAX, 0.025%) is the usual equivalent of Vanguard's BND.

Two of the most common questions are mirror images. The Fidelity equivalent of VTI is FZROX (free) or FSKAX (0.015%); both own the whole U.S. market and have tracked VTI within a few tenths of a percent a year. Going the other way, the ETF equivalent of FXAIX is any S&P 500 ETF: VOO, IVV (both 0.03%), or SPYM (0.02%, formerly SPLG). The ETF versions are what you want if you need to move between brokerages without selling.

Because ZERO funds exist only at Fidelity, transferring your account to another broker means selling them first. In an IRA, Roth IRA, or HSA that sale is tax-free. In a taxable account it can trigger capital gains, and as mutual funds without an ETF share class, ZERO funds can also distribute capital gains you did not choose to realize. That is why many investors use ZERO funds in Fidelity retirement accounts and ETFs like VTI or ITOT in taxable accounts.

A classic three-fund portfolio at Fidelity is FZROX (U.S. stocks) + FZILX (international stocks) + FXNAX (bonds). A 60/30/10 split costs a blended 0.0025% a year, or $2.50 per $100,000. Rebalance once a year and the fund choice stops mattering; your savings rate and staying invested matter far more than the last few basis points.