NEW YORK, August 14, 2026, 05:02 EDT — U.S. cash markets remained shut while premarket trading saw heightened activity.
- FXAIX climbed 0.65%, reaching a net asset value of $271.20 after the S&P 500 hit a record high.
- With an expense ratio of 0.015%, a $100,000 investment incurs $15 in annual fees.
- As of June 30, the 10 largest holdings accounted for 36.39% of assets.
The Fidelity 500 Index Fund (MUTF:FXAIX) gained 0.65% to reach a net asset value of $271.20 on Thursday. Tracking the S&P 500’s record finish, the fund coincided with a spike in U.S. queries for “fidelity 500 index fund,” marking it as a leading finance trend early Friday. Google Finance; Google Trends
The fund’s chief benefit is quantifiable, though not consistent. Its expense ratio of 0.015% is half that of VOO and IVV, and less than one-sixth the 0.0945% fee charged by SPY.
For a $100,000 investment, annual fees amount to $15 with FXAIX, $30 with VOO or IVV, and $94.50 for SPY. The cost disparity between Fidelity and SPY becomes significant in the long term, while the difference compared to the lowest-cost ETFs is much narrower.
The S&P 500 climbed 0.65% to 7,798.99 on Thursday after July producer prices remained flat, with the gains attributed to broad factors. Traders saw a 63% chance that the Federal Reserve would hold rates steady in September. “The AI earnings-driven tech boom continues,” said Infrastructure Capital Advisors CEO Jay Hatfield. Reuters
| Fund | Latest value | August 13 change | Pricing method |
|---|---|---|---|
| Fidelity 500 Index Fund (MUTF:FXAIX) | $271.20 NAV | +0.65% | Calculated once daily following market close |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $777.88 close | +0.70% | Traded throughout the day on the exchange |
| Vanguard S&P 500 ETF NYSEARCA:VOO | $714.95 close | +0.67% | Traded intraday on exchanges |
| iShares Core S&P 500 ETF NYSEARCA:IVV | $781.47 close | +0.68% | Intraday trading available on the exchange |
The four products had returns within 0.05 percentage points on Thursday. Their structures varied more than performance. FXAIX is priced at the closing net asset value, while ETFs can change price during the trading session.
| Fund | Expense ratio | Annual fee on $100,000 | Illustrative value after 10 years |
|---|---|---|---|
| FXAIX | 0.015% | $15.00 | $196,440 |
| VOO | 0.030% | $30.00 | $196,164 |
| IVV | 0.030% | $30.00 | $196,164 |
| SPY | 0.0945% | $94.50 | $194,985 |
The decade figures presented are initial examples. They are based on a steady 7% yearly return prior to fees, stable expense ratios, yearly compounding, and exclude both taxes and transaction costs. With these assumptions, FXAIX ends roughly $1,455 higher than SPY. Compared to VOO or IVV, its lead is approximately $275.
Tracking has remained close. As of June 30, FXAIX lagged its benchmark by one basis point over both one and three years. A basis point equals one one-hundredth of a percentage point. The deviation was two basis points for both five- and ten-year periods.
| Annualized return as of June 30 | FXAIX | S&P 500 benchmark | Large-blend category |
|---|---|---|---|
| 1 year | 22.31% | 22.32% | 20.23% |
| 3 years | 20.60% | 20.61% | 18.52% |
| 5 years | 13.39% | 13.41% | 11.51% |
| 10 years | 15.49% | 15.51% | 14.04% |
A low tracking error does not eliminate concentration risk. As of June 30, Fidelity disclosed 508 holdings, with its top 10 positions comprising 36.39% of assets. By comparison, an iShares fund following the same index allocated 27.68% to its five largest corporate holdings.
Nvidia Corporation NASDAQ:NVDA, Apple Inc. NASDAQ:AAPL, Alphabet Inc. NASDAQ:GOOGL, Microsoft Corporation NASDAQ:MSFT and Amazon.com Inc. NASDAQ:AMZN comprised the five-stock proxy. Analysts favor these companies, with Apple standing out for receiving a less unanimous assessment.
| Top index exposure | Weight | Buy / Hold / Sell | Average target upside | Latest cited action |
|---|---|---|---|---|
| Nvidia NASDAQ:NVDA | 7.47% | 36 / 1 / 0 | 37.57% | Goldman Sachs reaffirmed Buy, $285 |
| Apple NASDAQ:AAPL | 6.55% | 15 / 11 / 4 | 8.31% | Jefferies cut to Sell, $263.66 |
| Alphabet (NASDAQ:GOOGL and GOOG) | 5.80% | 25 / 5 / 0 | 22.01% | Bank of America kept Buy, $430 |
| Microsoft NASDAQ:MSFT | 4.27% | 33 / 1 / 0 | 13.61% | JPMorgan kept Buy, $625 |
| Amazon NASDAQ:AMZN | 3.59% | 38 / 1 / 0 | 25.58% | Bank of America reaffirmed Buy, $320 |
The consensus holds steady but is narrowly focused. Nvidia accounts for more of the index’s weight than each of the lowest-ranked hundreds of members. Among the top five, Apple stands out, with four Sell ratings and an average target upside of 8.31%, highlighting the most pronounced divergence.
Risks: A downturn in the biggest technology shares would impact all S&P 500 index funds. FXAIX is not available for intraday trading. Projected costs over ten years could vary depending on returns, fees, taxes, or transaction costs.
The first challenge on Friday is whether the record holds up to the July retail-sales figures. FXAIX holders must wait until the fund determines its closing net asset value before seeing an updated price.
