Fund Evaluator:

Fidelity® SAI Small-Mid Cap Momt Idx Overview

Fidelity® SAI Small-Mid Cap Momt Idx (FZFLX) is a passively managed U.S. Equity Mid-Cap Blend fund. Fidelity Investments launched the fund in 2015.

The investment seeks to provide investment results that correspond to the total return of stocks of small-to mid-capitalization United States companies. Normally investing at least 80% of assets in securities included in the Fidelity U.S. Small-Mid Cap Momentum Focus Index℠. The Fidelity U.S. Small-Mid Cap Momentum Focus Index℠ is designed to reflect a well-diversified portfolio that invests in companies based on price and earnings momentum metrics.

About Fidelity® SAI Small-Mid Cap Momt Idx (FZFLX)

There are 5 members of the management team with an average tenure of 9.11 years: Louis Bottari (2015), Payal Gupta (2019), Peter Matthew (2015), Navid Sohrabi (2019), Robert Regan (2016). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell SMID 500 USD index with a weighting of 100%. Fidelity® SAI Small-Mid Cap Momt Idx has 289 securities in its portfolio. The top 10 holdings constitute 12.8% 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® SAI Small-Mid Cap Momt Idx is part of the Equity global asset class and is within the U.S. Equity fund group. Fidelity® SAI Small-Mid Cap Momt Idx has 4.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.7%. There is 4.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity® SAI Small-Mid Cap Momt Idx has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $4 billion in total assets, which is above the $1 billion average for the Mid-Cap Blend 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.

FZFLX 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® SAI Small-Mid Cap Momt Idx expense ratio is low compared to funds in the Mid-Cap Blend category. Fidelity® SAI Small-Mid Cap Momt Idx has an expense ratio of 0.05%, 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® SAI Small-Mid Cap Momt Idx has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Blend category.

Recently, in the month of July 2026, Fidelity® SAI Small-Mid Cap Momt Idx returned -8.3%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of -1.8%. 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® SAI Small-Mid Cap Momt Idx has a trailing yield of 2.27%, which is above the 0.48% category average. The fund normally distributes its income none.

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® SAI Small-Mid Cap Momt Idx Grades

Year to date, the fund has returned 26.3%, 13.3 percentage points better than the category, which translates into a grade of A. The fund has returned 34.9% over the past year (grade of A), 17.8% over the past three years (grade of A) and 10.0% per year over the past five years (grade of A) and 12.5% per year over the past 10 years (grade of A).

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