Fund Evaluator:

Fidelity Shrt-Term Trs Bd Index Overview

Fidelity Shrt-Term Trs Bd Index (FUMBX) is a passively managed Taxable Bond Short Government fund. Fidelity Investments launched the fund in 2017.

The investment seeks a high level of current income in a manner consistent with preservation of capital. The fund normally invests at least 80% of assets in securities included in the Bloomberg U.S. 1-5 Year Treasury Bond Index. It normally maintains a dollar-weighted average maturity that generally is expected to be three years or less, consistent with that of the index. The advisor uses statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg U.S. 1-5 Year Treasury Bond Index using a smaller number of securities.

About Fidelity Shrt-Term Trs Bd Index (FUMBX)

There are 3 members of the management team with an average tenure of 4.96 years: Brandon Bettencourt (2014), Mark Lande (2024), Van Eswara (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Treasury 1-5 Yr TR USD index with a weighting of 100%. Fidelity Shrt-Term Trs Bd Index has 117 securities in its portfolio. The top 10 holdings constitute 28.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Fidelity Shrt-Term Trs Bd Index is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Shrt-Term Trs Bd Index has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.4% (99.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Shrt-Term Trs Bd Index has 0.6% of the portfolio in cash.

Assets Under Management

The fund has $3 billion in total assets, which is above the $437 million average for the Short Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FUMBX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Shrt-Term Trs Bd Index expense ratio is low compared to funds in the Short Government category. Fidelity Shrt-Term Trs Bd Index has an expense ratio of 0.03%, which is 95% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Shrt-Term Trs Bd Index has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 217% for the Short Government category.

Recently, in the month of July 2026, Fidelity Shrt-Term Trs Bd Index returned -0.0%, which earned it a grade of B, as the Short Government category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Fidelity Shrt-Term Trs Bd Index has a trailing yield of 3.84%, which is above the 3.82% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Fidelity Shrt-Term Trs Bd Index Grades

Year to date, the fund has returned 0.3%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.8% over the past year (grade of D), 4.2% over the past three years (grade of C) and 1.3% per year over the past five years (grade of C) and 1.6% per year over the past 10 years (grade of C).

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